Question mark hangs over Woosh future after NZD2.4m loss

17 Apr 2013

New Zealand wireless broadband provider Woosh Wireless has reported a NZD2.4 million (USD2.0 million) loss for the ten-month period ended 31 August 2012, noting that it relies on funding from its Californian-based 75% shareholder, Craig Wireless Systems (CWS), to meet its cash needs. Online portal Stuff.co.nz writes that in November 2012 CWS warned investors that its own resources were strapped after two consecutive years of losses and it depended on its ‘ability to receive future financing through debt or equity financing, realise tax recoveries on a timely basis, and/or dispose of certain assets or operating segments and/or generate profitable operations in the future’. However, in a report filed with the New Zealand Companies Office, CWS company president Gary Birkland explained: ‘CWS believes Woosh has real value in the spectrum it owns and the tower and telecommunications infrastructure that it has developed’.

New Zealand, Craig Wireless (NZ), Woosh Wireless