RANCHO MIRAGE, CA, July 11, 2013 /CNW/ - Craig Wireless Systems Ltd. ("Craig Wireless" or the "Company") (TSX: CWG), today released its financial results for third quarter ended May 31, 2013. All dollar figures are reported in Canadian currency.
New Zealand spectrum
During the quarter, the Company concluded the acquisition of spectrum management rights for an additional 35 MHz in the 2.3 GHz range in New Zealand from Kordia Limited. Also, following final approval by the regulator in New Zealand, the Company completed the transfer of the remaining spectrum management rights over a further 35 MHz of 2.3 GHz spectrum, representing the final stage of the transaction involving the acquisition of assets of Railway St Industries Limited (formerly Woosh Wireless Limited). These two 4G spectrum acquisitions support the Company's focus and commitment to the New Zealand market.
Revenues were $3,389,103 during the quarter ended May 31, 2013. Total assets amounted to $26,234,564 and total shareholders' equity was $22,087,293 at the quarter end. The Company reported a net loss attributable to shareholders of $2,272,252 ($0.04 per share) for the quarter ended May 31, 2013.
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 2.3 GHz, 2.5 GHz, 2.6 GHz or 3.5 GHz bands in New Zealand, Riverside County in Southern California, United States and in Greece. The CWS Group also has spectrum interests in Norway. 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. 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: 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.
SOURCE Craig Wireless Systems Ltd.