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Craig Wireless Systems Ltd. Announces Sale of Canadian Spectrum for $80 Million
Posted: 26-Mar-2010 [Source: Craig Wireless]

[Craig Wireless sells spectrum assets to Inuskshuk for $80 million. Sale to include all spectrum licenses in Manitoba and British Columbia.]

Winnipeg and Vancouver -- Craig Wireless Systems Ltd. today announced that its operating subsidiaries in Canada have entered into a definitive agreement for the sale of the Company's Canadian spectrum assets to Inukshuk Wireless Partnership ("Inukshuk"), a partnership of affiliates of Rogers Communications and Bell Canada. Subject to completion of certain conditions, including obtaining all requisite regulatory approvals, Inukshuk will pay Craig Wireless $80 million for all of the Company's spectrum licenses in Manitoba and British Columbia.

"We are very pleased to be able to complete a deal with such great Canadian companies as Bell and Rogers," said Drew Craig, co-CEO of Craig Wireless. "This sale is very supportive of the Company's strategy to create value for shareholders through a portfolio of spectrum investments," added Boyd Craig, co-CEO.

The Canadian spectrum licenses to be sold represent approximately one quarter of the Company's total spectrum holdings. Following completion of the sale, Craig Wireless will continue to own spectrum, or operate on leased spectrum, in the United States, Greece, Norway, and New Zealand. The sale is anticipated to close in several phases as regulatory approvals are received by Craig Wireless. The closing of the sale transactions are not subject to the receipt of any additional approvals by Inukshuk.

Morrison Park Advisors acted as the exclusive financial advisor to Craig Wireless for the sale.

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