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Craig Wireless announces third quarter financial results

^{Published on 2009-07-14 15:14:17, Last Modified on 2009-07-14 15:14:24 - Market Wire}
 

 WINNIPEG, July 14 /CNW/ - Craig Wireless Systems Ltd. ("Craig Wireless" or the "Company") (TSX: CWG), today released its financial results for the three and nine month period ended May 31, 2009. All dollar figures are reported in Canadian currency. Highlights: Revenue declined from $461,368 in the third quarter ended May 31, 2008 to $418,290 in the third quarter ended May 31, 2009 as the Company continued to shift its focus away from its current fixed-wireless digital television distribution business in British Columbia and Manitoba. The net loss for the third quarter ended May 31, 2009 was $4,418,788 compared to $2,466,397 for the third quarter ended May 31, 2008. The loss per share, basic and diluted for the third quarter ended May 31, 2009 was $0.09 per share compared to a loss of $0.05 per share for the third quarter ended May 31, 2008. The increase in the loss and loss per share is due in part to an increase in interest expense and amortization, and a decrease in other income due primarily to recording unrealized foreign exchange losses. The Company incurred interest expense during the third quarter ended May 31, 2009 on related party advances from T. Boyd Craig and J. D. Craig Holdings Inc., the terms of which, as previously announced, were extended during the third quarter ended May 31, 2009, to July 31, 2010. Amortization expense increased as the Company commenced amortization of the Company's spectrum license and network assets in Greece in Fiscal 2009. The detailed financial statements for the third quarter ended May 31, 2009, the management discussion and analysis of financial condition and results of operations in relation thereto and the Company's annual information form dated November 28, 2008 are all available for viewing on the SEDAR website at [ www.sedar.com ] 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, television programming delivery, 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 Manitoba, British Columbia, the Coachella Valley region, California, United States, Greece, Norway and New Zealand. Spectrum in these ranges is effective for delivery of point-to-multipoint signals, possesses robust bandwidth capability and supports emerging WiMAX-based and other fourth generation (4G) 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. 

For further information: J. Drew Craig, Co-Chief Executive Officer, Craig Wireless Systems Ltd., Tel: (416) 515-2222 ext. 2, email: [ craiginfo@craigwireless.com ]