RANCHO MIRAGE, CA, March 27, 2012 /PRNewswire/ - Craig Wireless Systems Ltd. ("Craig Wireless" or the "Company") (TSX: CWG) announces today that in connection with its acquisition of a 51% interest in Woosh Wireless Holdings Limited, the parent company of Woosh Wireless (NZ) Limited, the integration of the business of Woosh Wireless and its approximately 25,000 customers into the Craig Wireless operations framework has been substantially and successfully completed.
As previously announced on December 2, 2011, Woosh Wireless (NZ) Limited completed the acquisition of the business and substantially all of the related assets of Woosh Wireless Limited ("WWL") in accordance with the rights conferred under the New Zealand Personal Property Security Act, 1999 after acquiring certain secured advances owing by WWL to creditors. Closing on certain remaining spectrum rights still held by WWL is expected to occur at a later date in accordance with the agreement between the parties.
T. Boyd Craig stated "We are pleased with the integration of the Woosh Wireless business into the Craig Wireless organization, and look forward to continued expansion in the New Zealand marketplace".
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 services and 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: the risks of conducting business in a foreign country, and currency fluctuations. 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.