Craigs extend loan to their company

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.

Would you recommend this article?


Thanks for taking the time to let us know what you think of this article!
We'd love to hear your opinion about this or any other story you read in our publication.

Jim Love, Chief Content Officer, IT World Canada
Howard Solomon
Howard Solomon
Currently a freelance writer, I'm the former editor of and Computing Canada. An IT journalist since 1997, I've written for several of ITWC's sister publications including 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 [@]

Featured Download

IT World Canada in your inbox

Our experienced team of journalists and bloggers bring you engaging in-depth interviews, videos and content targeted to IT professionals and line-of-business executives.

Latest Blogs

Senior Contributor Spotlight