WINNIPEG – Craig Wireless this week announced it has completed a $40 million private placement and that it has begin trading on the Toronto Stock Exchange.
"Today marks an important new chapter for Craig Wireless," said Boyd Craig, president and CEO, Craig Wireless Systems. "The funds raised from this transaction will enable the company to build out its WiMAX networks, pursue acquisitions, and acquire new spectrum licenses in high-growth markets around the world. WiMAX technology enables fast, simple, portable and reliable Internet communications at a lower cost than traditional broadband. It is the future of connectivity."
Boyd Craig is the brother of Drew Craig, the former CEO of Craig Media, which at one time was a mid-sized player in Canadian broadcasting with the A-Channels, and some other specialties.
With the anticipated explosion in WiMAX growth in the coming months, says the press release, Craig Wireless’ goal is to build its valuable spectrum holdings and build out its network to open up new customer opportunities.
Craig Wireless owns spectrum licenses in Canada, the U.S. and internationally which the company is using to build and operate next generation WiMAX wireless broadband networks. Beginning in 2008, WiMAX technology will be embedded in many consumer devices such as laptops, cell phones, PDA’s and other mobile devices.
However, manufacturers are still awaiting WiMAX standards before launching true mass production.
"The opportunity for Craig Wireless is tremendous, given the new market realities that are just around the corner," added Drew Craig, executive director, Craig Wireless Systems. "This is why it was so important for the company to complete this listing and begin building out its networks and looking for new licensed spectrum opportunities."
The company and its affiliates offer a range of telecommunications services, including, broadband Internet access, television programming delivery, business connectivity solutions, hosting, security and telecommunications solutions. All of these services are delivered over government licensed spectrum. Craig Wireless Systems holds or leases licenses for spectrum in the 2.5 GHz or 3.5 GHz bands in Manitoba, British Columbia, the Coachella Valley region of California, United States and Greece. Spectrum in these ranges possesses robust bandwidth capability and supports emerging WiMAX-based applications, including portable and mobile applications.
