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Statement from Craig Wireless Systems Ltd. regarding correspondence from Lannet Communications S.A.(Canada Newswire English Via Acquire Media NewsEdge) Attention Business Editors WINNIPEG, Dec. 4 /CNW/ - Craig Wireless Systems Ltd. ("Craig Wireless" or the "Company") (TSX: CWG) announced that they are in receipt of correspondence from Lannet Communications S.A. ("Lannet") advising of Lannet's intention to claim damages from the Company's Greek operating subsidiary, Craig Wireless Hellas S.A. ("CWS Hellas") related to a wholesale agreement between CWS Hellas and Lannet in Greece. The Company believes that the potential claim by Lannet is unfounded and without merit and it intends to vigorously contest and defend any claim brought against CWS Hellas. In spite of Lannet's publicly announced and widely known financial and operational difficulties, including its filing for bankruptcy protection and suspension from trading on the Athens Stock Exchange, CWS Hellas has continued to work diligently and in good faith to support Lannet by completing the operational WiMAX network that it agreed to build under the amended wholesale agreement. "We maintain that we have met our obligations under the amended wholesale agreement with Lannet" said Boyd Craig, Co-Executive Chairman and Co-Chief Executive Officer of the Company. "We are confounded as to why Lannet has proceeded in this manner, especially considering the flexibility and understanding that we have shown them to date. Frankly, we cannot understand why Lannet is expending resources on litigation as opposed to placing customers on the wireless WiMAX network that our Company has made available to it." continued Mr. Craig. Craig Wireless is presently seeking legal advice in connection with the potential claim by Lannet, and is considering all available options, including, without limitation, its own rights to counterclaim against Lannet for non-payment, and for defamation in connection with its recent statements. About Craig Wireless Systems Ltd. Craig Wireless Systems Ltd. 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 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. J. Drew Craig, Co-Chief Executive Officer, Craig Wireless Systems Ltd., Tel: (416) 515-2222 ext. 2, email: [email protected] Copyright ? 2008 Canada Newswire Ltd. All Rights Reserved. |