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Last updated on April 17, 2014 at 11:05 EDT

Craig Wireless Announces Third Quarter Financial Results

July 13, 2012

RANCHO MIRAGE, CA, July 13, 2012 /CNW/ – Craig Wireless Systems Ltd. (“Craig Wireless” or the “Company“) (TSX: CWG), today released its condensed interim consolidated
financial results for the third quarter ended May 31, 2012.  All dollar
figures are reported in Canadian currency.

Highlights:

Consolidated Results

Including the recently acquired Woosh Wireless (NZ) Limited, revenues
were $3,848,441 during the quarter ended May 31, 2012.  Total assets
amounted to $39,570,033 and total shareholders’ equity was $34,633,162
at the quarter end.  The Company reported a net loss attributable to
shareholders of $3,402,527 ($0.07 per share) for the quarter ended May
31, 2012.  As at May 31, 2012 the Company had cash reserves of
approximately $11.3 million, working capital of $12.1 million and no
debt.

Coachella Valley Retail Store

The Company has successfully launched its first retail store in Palm
Springs, California in April 2012 to take advantage of its leading edge
4G Wimax network by providing very fast and well-priced 4G Internet
services to the residential market.

About Craig Wireless Systems Ltd.:

Craig Wireless and its affiliates (collectively, the “CWS Group“) offer a broad range of telecommunications services, including,
broadband internet access, business connectivity solutions, hosting,
security and telecommunications solutions. Through certain members of
the CWS Group, Craig Wireless holds or leases licenses for spectrum in
the 2.5 GHz, 2.6 GHz or 3.5 GHz bands in Riverside County in Southern
California, United States and in Greece. The CWS Group also has
spectrum interests in Norway and New Zealand. Spectrum in these ranges
is effective for delivery of point-to-multipoint signals, possesses
robust bandwidth capability and supports emerging 4G-based
applications, including portable and mobile applications.

The Toronto Stock Exchange does not accept responsibility for the
adequacy or accuracy of this release.

Notice on forward-looking statements
This release includes forward-looking statements regarding Craig
Wireless and its business. Such statements are based on management’s
current expectations. The forward looking events and circumstances
discussed in this release may not occur and actual results could differ
materially as a result of known and unknown risk factors and
uncertainties affecting Craig Wireless and its business. No
forward-looking statement can be guaranteed. Forward-looking statements
speak only as of the date on which they are made and Craig Wireless
does not undertake any obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events, or otherwise.

SOURCE Craig Wireless Systems Ltd.


Source: PR Newswire