Craig Wireless Systems Ltd.

Craig Wireless Systems Ltd.

July 02, 2008 08:30 ET

Craig Wireless Systems Ltd. Reports on Status of Party to Wholesale Agreement in Greece

WINNIPEG, MANITOBA--(Marketwire - July 2, 2008) - Craig Wireless Systems Ltd. ("Craig Wireless") (TSX:CWG) reports that Lannet Communications S.A. ("Lannet") announced that it requested the temporary suspension of trading of its shares with the Athens Stock Exchange. Lannet indicated that it requested the halt due to liquidity problems primarily caused by the non-continuation of its financing program. It further announced that it is examining various strategies for the continuation of smooth operations and the materialization of its business plan. The Company's operating subsidiary in Greece has a wholesale contract with Lannet for the use of the WiMAX-enabled network that the Company's subsidiary is building in that country.

David Lazzarato, the Chief Executive Officer of Craig Wireless stated: "The Company is continuing to monitor Lannet's situation, and is uncertain what, if any, effect this will have on the Company's ongoing commercial relationship with Lannet. While Lannet is the Company's initial customer in Greece, we intend to continue with our business plan, that includes the diversification of our customer base and the possibility of our own retail service offering. Going forward, we will make any necessary modifications to the plan that may arise from the outcome of Lannet's present situation."

About Craig Wireless Systems Ltd.

Craig Wireless Systems Ltd. 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, British Columbia, the Coachella Valley region, California, United States, Greece, 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 applications, including portable and mobile applications.

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. 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.

The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.

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