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Craig Wireless Systems Ltd. Announces Final Subsequent Closing of $80 million Sale of Canadian Spectrum and Receipt of $16.8 mi

^{Published on 2010-08-06 11:31:11 - Market Wire}
 

WINNIPEG, Aug. 6 /CNW/ - Craig Wireless Systems Ltd. ("Craig Wireless" or the "Company") (TSX: CWG) is pleased to announce that further to the press release of the Company dated August 5, 2010, the final closing phase of the sale (the "Sale") of the Company's Canadian spectrum assets to Inukshuk Wireless Partnership ("Inukshuk"), a partnership of affiliates of Rogers Communications and Bell Canada, has been completed today.

The portion of sale proceeds paid by Inukshuk to the Company at today's subsequent closing was $16.8 million of the aggregate Sale proceeds of $80 million, the balance of which has already been received by the Company.

"We are extremely pleased to announce that the final phase of the Canadian spectrum asset Sale has been completed" said T. Boyd Craig, Co-Chief Executive Officer of the Company. Mr. Craig added "With the completion of this transaction, the Company's financial situation has never been stronger, and we as an organization are excited to focus on our remaining markets and exploring other opportunities that align with our vision and experience."

About Craig Wireless Systems Ltd.:

Craig Wireless Systems 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 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.