Craig Wireless continues to depend on the generosity of its founders as it moves from being a fixed to mobile wireless provider in B.C. and Manitoba. The company said Tuesday that co-CEOs Boyd and Drew Craig have extended their $11.6 million loan to the company to July 31, 2010. As part of the deal, the company will temporarily repay Boyd Craig $1 million dollars, which will be re-advanced on or before Sept. 30 of this year.
The move was made as Craig Wireless said it lost another $2 million for the quarter ending Feb. 28 on revenue of $433,283. While it is trying to move from a wireless TV broadcaster to a mobile WiMAX provider here, it is also building out wireless networks in California and, with a partner, in Greece. In that Mediterranean country the company's indirect subsidiary Craig Wireless Hellas S.A., has entered into a wholesale agreement with Net One A.E., to give it non-exclusive access to the Craig network there. In a bid to shore up its bottom line Craig Wireless also recently sold half of its interest in spectrum licenses in Norway and New Zealand to Everest Wireless Partners I LP for US$5.75 million.