Craig Wireless announces first quarter financial results
(Canada Newswire Via Acquire Media NewsEdge)
RANCHO MIRAGE, CA, Jan. 14, 2013 /CNW/ - Craig Wireless Systems Ltd. ("Craig Wireless" or the "Company") (TSX: CWG), today released its financial results for first quarter
ended November 30, 2012. All dollar figures are reported in Canadiancurrency.
During the quarter, on September 24, 2012, the Company acquired from
treasury additional common shares of Woosh Wireless Holdings Limited
increasing the Company's equity ownership of Woosh Wireless Holdings
Limited from 51% to 75%.
Including the recently acquired Woosh Wireless Holdings Limited,
revenues were $3,485,965 during the quarter ended November 30, 2012.
Total assets amounted to $30,807,200 and total shareholders' equity was
$25,941,414 at the quarter end. The Company reported a net loss
attributable to shareholders of $2,344,633 ($0.05 per share) for the
quarter ended November 30, 2012. As at November 30, 2012 the Company
had cash reserves of approximately $5.8 million.
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 spectrum interest and operations in
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
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. Not to limit
the generality of the foregoing, the forward-looking information set
forth in this news release is subject to various risks and other
factors including the following: the realization of income tax refunds
on a timely basis; availability of funding; the risks of conducting
business in a foreign country; currency fluctuations; in addition to
those risks enumerated under the heading "Risk Factors" in the
Company's AIF, available on SEDAR at www.SEDAR.com. 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.
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