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.

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Howard Solomon
Currently a freelance writer, I'm the former editor of ITWorldCanada.com and Computing Canada. An IT journalist since 1997, I've written for several of ITWC's sister publications including ITBusiness.ca and Computer Dealer News. Before that I was a staff reporter at the Calgary Herald and the Brampton (Ont.) Daily Times. I can be reached at hsolomon [@] soloreporter.com