Craig reports net loss, decrease in assets

WINNIPEG – Craig Wireless reported a net loss and a decrease in total assets for their fiscal year ended August 31, 2008. Losses for 2008 were $7,761,677, compared to a $9,384,525 loss for the previous year. Total assets decreased by $12.3 million during the year, due to the repayment of bank indebtedness, payment of share issuance costs and funding of operating expenses, the company reported. Excluding stock based compensation expense, selling, general and administration expenses increased in fiscal 2008 due to an increase in network build-out activity, higher consulting and professional fees due to such build-outs, public reporting requirements, preparation...