Craig Wireless Announces Third Quarter Financial Results

Jul 13, 2012, 12:24 ET from Craig Wireless Systems Ltd.

RANCHO MIRAGE, CA, July 13, 2012 /CNW/ - Craig Wireless Systems Ltd. ("Craig Wireless" or the "Company") (TSX: CWG), today released its condensed interim consolidated financial results for the third quarter ended May 31, 2012.  All dollar figures are reported in Canadian currency.


Consolidated Results

Including the recently acquired Woosh Wireless (NZ) Limited, revenues were $3,848,441 during the quarter ended May 31, 2012.  Total assets amounted to $39,570,033 and total shareholders' equity was $34,633,162 at the quarter end.  The Company reported a net loss attributable to shareholders of $3,402,527 ($0.07 per share) for the quarter ended May 31, 2012.  As at May 31, 2012 the Company had cash reserves of approximately $11.3 million, working capital of $12.1 million and no debt.

Coachella Valley Retail Store

The Company has successfully launched its first retail store in Palm Springs, California in April 2012 to take advantage of its leading edge 4G Wimax network by providing very fast and well-priced 4G Internet services to the residential market.

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 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.

SOURCE Craig Wireless Systems Ltd.