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Craig Wireless announces first quarter financial results and new $1.5 million financing

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/CNW/ – Craig Wireless Systems Ltd. (Craig Wireless or the Company) (TSX: CWG), today released its financial results for the first quarter ended November 30, 2009. All dollar figures are reported in Canadian currency. The Company also announced a new $1.5 Million loan from Manalta Investment Company Ltd.

First Quarter Results Highlights:

The Company is continuing to wind down its legacy pre-WiMAX operations in Winnipeg, Manitoba and Vancouver, British Columbia in preparation for the launch of its new WiMAX networks in Vancouver, British Columbia and Palm Springs, California. As a result, the Companys revenue from its Manitoba and British Columbia pre-WiMAX legacy operation declined from $404,636 in the fourth quarter ended August 31, 2009 to $383,720 in the first quarter ended November 30, 2009.

The net loss for the first quarter ended November 30, 2009 was $4,084,583 ($0.08 per share) compared to $3,216,100 ($0.07 per share) for the fourth quarter ended August 31, 2009.

The detailed financial statements for the first quarter ended November 30, 2009, the management discussion and analysis of financial condition and results of operations in relation thereto and the Companys annual information form dated November 27, 2009 are all available for viewing on the SEDAR website at www.sedar.com

New Financing Arrangement:

The Company has entered into a financing arrangement with Manalta Investment Company Ltd. (Manalta), a company controlled by Mr. T. Boyd Craig and Mr. J. Drew Craig, the Co-Chief Executive Officers of the Company, and the Companys majority shareholder. Pursuant to the arrangement with Manalta, Manalta has agreed to lend the sum of $1.5 million to the Company for a one year term (the Loan). Manalta has been issued warrants to acquire 750,000 subordinate voting shares of the Company (the Warrants) in connection with the Loan. Each Warrant is exerciseable for a period of 24 months into one subordinate voting share at an exercise price of $0.20, being the weighted-average trading price of the subordinate voting shares on the Toronto Stock Exchange (TSX) for the five trading days preceding the date of TSX conditional approval of the Loan transaction. The Loan is to be secured by a general security agreement issued by the Company and secured guarantees of certain of the subsidiaries of the Company.

The Loan was approved by the independent members of the Companys board of directors of the Company and the Companys Compensation, Corporate Governance and Nomination Committee.

We continue to be excited about the current markets in which the Company operates. The Loan from Manalta underscores our continued commitment to the Company and to the development of its spectrum assets and 4G strategy said T. Boyd Craig.

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, television programming delivery, 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 Manitoba and British Columbia, Canada, the Coachella Valley region, 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 WiMAX-based and other fourth generation (4G) applications, including portable and mobile applications. Additional information about Craig Wireless is available at www.craigwireless.com.

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 managements 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. 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.

La Fortuna Gold Project Argentina – Drilling to Start

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/CNW/ – Golden Peaks Resources Ltd. (TSX: GL) (the Company) is pleased to report that drill crews are mobilizing for the start of drilling on the La Fortuna Gold Project, Argentina.

Drilling will focus on extending the T-11 and G deposits and exploring for new zones of gold mineralization beneath, adjacent to and between the two deposits. The T-11 and G deposits are approximately 700 meters apart across strike, however, both deposits are hosted by the same large gold mineralizing system which is estimated to measure approximately 2 km(2).

The gold mineralization in the T-11 and G deposits is shallow. The deepest hole drilled to-date on the T-11 deposits tested the zone at approximately 200 meters vertical depth. The mineralization in the deposits is simple, gold with minor silver, and it contains no deleterious metals.

The current drill program has the potential of adding significant gold resources in this area.This area is particularly well mineralized and the Company believes a significant gold resource can be delineated here.

The drill contractor is Energold Drilling Corp., a publicly traded Canadian company based in Vancouver, British Columbia. The drill program will involve manually portable, low-environmental impact drills. This is an environmentally and socially sensitive approach to drilling and complements the development philosophy of the Companys modern mining practices on the La Fortuna Gold project.

This press release has been reviewed and approved by Dr. Kieran Downes, P.Geo., President of Golden Peaks Resources Ltd. and a Qualified Person as defined by National Instrument 43-101, under whose direction the exploration programs are being carried out.

The statements herein that are not historical facts are forward-looking statements. These statements address future events and conditions and so involve inherent risks and uncertainties, as disclosed under the heading Risk Factors in the companys periodic filings with Canadian securities regulators. Actual results could differ from those currently projected. The Company does not assume the obligation to update any forward-looking statement.

BRAID WINDING ITS WAY TO PLAYSTATION®NETWORK SOON

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Explore the human condition and manipulate time as our hero Tim leaps onto the PlayStation®Network in the lush, painterly world of Braid, a puzzle-platformer that takes you from a house in the city on a journey through a series of worlds to solve puzzles and rescue the princess. In each world, you have a different power to affect the way time behaves, including the ability to rewind, create parallel realities and utilize time dilation to overcome the many obstacles in your path. There is no filler in this game; every puzzle shows you something new and interesting about the game world.

Key Features:

• Untraditional platforming. You can never die and never lose, but challenge is always present and focused on solving puzzles, rather than forcing you to play and replay tricky jumps.
• Puzzle-rich environment. Travel through a series of worlds, searching for puzzle pieces and solving puzzles by manipulating time: rewinding, creating parallel universes and setting up pockets of dilated time. The game play is always fresh and new and the puzzles inspire new ways of thinking.
• Aesthetic design. A painterly art style and lush, organic soundtrack complement the unique game play.
• Nonlinear story. A nonlinear fiction links the various worlds and provides real-world metaphors for your time manipulations; act out these themes at your own pace, exploring playful “what if” universes.
• Forgiving game play. The game doesn’t force you to solve puzzles in order to proceed. If you can’t figure something out, just play onward and return to that puzzle later.

Braid has been rated “E 10+” for Everyone 10 and older by the Entertainment Software Rating Board for all platforms.

About Hothead Games: Headquartered in Vancouver, British Columbia, Hothead Games is an independent developer and publisher of groundbreaking titles. Hothead is currently partnering with indie studios all over the globe to bring their games to new audiences and bringing to life original properties such as Ron Gilberts DeathSpank and the highly anticipated, award-winning Swarm. Hothead celebrates its third anniversary in 2009. For more corporate and product information, please visit our website at www.hotheadgames.com.

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Contact: Carolyn Carnes
Flash Fire Communications
866-205-5670 x500
[email protected]

Source: Media Newswire