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Craig Wireless Announces Annual Results
(Canada Newswire Via Acquire Media NewsEdge)
RANCHO MIRAGE, CA, Nov. 29, 2012 /CNW/ - Craig Wireless Systems Ltd. ("Craig Wireless" or the "Company") (TSX: CWG), today released its financial results for year ended
August 31, 2012. All dollar figures are reported in Canadiancurrency.
Consolidated Results
Including the recently acquired Woosh Wireless (NZ) Limited, revenues
were $11,363,687 for the year ended August 31, 2012. Total assets
amounted to $33,063,503 and total shareholders' equity was $28,134,768
at the year end. The Company reported a net loss attributable to
shareholders of $14,013,181 ($0.27 per share) for the year ended August
31, 2012, including one-time asset impairment charges of $7,157,103
primarily relating to a write-down of certain assets of its subsidiary
in Greece, partially offset by an expected recovery of income taxes of
$4,279,448. As at August 31, 2012 the Company had cash reserves of
approximately $8.9 million and working capital of approximately $9.8
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 interests 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
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 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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