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TSX delisting Craig Wireless Systems

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The TSX has announced it will delist the shares of Craig Wireless Systems Ltd. for failure to meet the continued listing requirements of TSX at the close of market on August 21, 2013.

Craig Wireless is the successor company to Craig Broadcasting Systems, the Brandon-based Craig-family-owned company who were television broadcasting pioneers.

The company issued a statement saying it is currently in the process of seeking qualifications for listing on an alternative exchange and will provide an update as information becomes available.

In 2004 the Craigs sold their television empire — which included stations in Winnipeg, Calgary, Edmonton, Brandon, Toronto and three digital cable channels — to CHUM Ltd. for $265 million.

Craig Wireless Systems had previously been spun off to manage the company’s digital wireless cable system, then called SkyCable.

In addition to a spectrum licence to operate such a service in Manitoba, over time the company also acquired niche spectrum holdings in locales around the world including southern California and Hawaii at one time.

The company is now based out of Rancho Mirage, Calif. and currently owns spectrum in New Zealand, Greece and Norway.

Earlier this month it issued its third quarter financial results posting revenue of $3.4 million during the quarter ended May 31, 2013 and a net loss of $2.3 million.

The very thinly traded shares have traded around the 10 cent mark for much of the last year. They were as high as 65 cents in 2010.

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