Craig Wireless Announces Normal Course Issuer Bid (cnw)
RANCHO MIRAGE, CA, Feb. 23, 2012 /CNW/ - Craig Wireless Systems Ltd. ("Craig Wireless" or the "Company") (TSX: CWG) announced today that the Toronto Stock Exchange (the "TSX") has authorized a normal course issuer bid by the Company for up to 2,388,290 subordinate voting shares from February 29, 2012 to February 28, 2013 (unless earlier terminated), representing up to 5% of its 47,765,814 subordinate voting shares issued and outstanding as at February 22, 2012 (the "Issuer Bid"). Daily purchases will be limited to 6,990 subordinate voting shares, other than block purchase exceptions.
Craig Wireless believes that, at certain times, the market price of its subordinate voting shares may not reflect the value of its existing business and its future prospects and that the purchase of its subordinate voting shares would represent an effective use of its funds and would be in the best interests of the Company and its shareholders.
The Company has also entered into a pre-defined plan (the "Automatic Purchase Plan") with its designated broker to allow for the repurchase of subordinate voting shares at times throughout its Issuer Bid when it ordinarily would not be permitted to repurchase subordinate voting shares in the market due to its own internal trading black-out periods, insider trading rules or otherwise. Subject to certain parameters and restrictions, the Company's broker may purchase subordinate voting shares under the Automatic Purchase Plan during such times referred to above, provided that the broker is not, at such times, in possession of undisclosed material information about the Company.
Under the Issuer Bid, purchases will be made at market prices through the facilities of the TSX, in accordance with the requirements of the TSX. The subordinate voting shares purchased under the Issuer Bid will be cancelled.
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.
For further information:
Boyd Craig, Chief Executive Officer, Craig Wireless Systems Ltd., email: [email protected].