Craig Wireless Completes Acquisition of Remaining Spectrum Rights of Railway St Industries Limited In New Zealand
RANCHO MIRAGE, CA and AUCKLAND, New Zealand, March 14, 2013 /CNW/ - Craig Wireless Systems Ltd. ("Craig Wireless" or the "Company") (TSX: CWG) is pleased to announce that its subsidiary, Woosh Wireless (NZ) Ltd. ("Woosh"), has completed the acquisition of the remaining spectrum management rights (being management rights over 35 MHz of 2.3 GHz spectrum) previously held by Railway St Industries Limited (formerly Woosh Wireless Limited) ("Railway") in New Zealand. The transfer was completed and registered following final regulatory approval from the New Zealand Ministry of Business, Innovation and Employment. The acquisition of the spectrum management rights represents the final stage of the transaction involving the acquisition of assets of Railway which was previously announced on November 10, 2011 and December 2, 2011. Spectrum in the 2.3 GHz range is 4G compatible spectrum.
"We are pleased to complete the final phase of this transaction which we believe strongly positions Woosh to continue to develop its business presence in the New Zealand marketplace," said T. Boyd Craig, the Chief Executive Officer of Craig Wireless and Woosh.
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.
About Woosh Wireless (NZ) Ltd.
Woosh Wireless (NZ) Ltd. provides wireless broadband and calling services in New Zealand through its own independent wireless network, and fixed line broadband and landline services through wholesale partnerships. The wireless network includes 135 cell sites in Auckland, Wellington, Christchurch and the Southland region, providing service to more than 20,000 customers. Craig Wireless presently holds a 75% interest in Woosh Wireless (NZ) Ltd.
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.
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SOURCE Craig Wireless Systems Ltd.