Craig Wireless victorious in Clearwire case
RANCHO MIRAGE, Calif. - Craig Wireless Systems Ltd. (TSX:CWG) says a U.S. court has sided with the company in its case against high-speed wireless Internet provider Clearwire Legacy LLC over an equipment supply agreement.
The California-based company said Monday that the judgement found that Craig Wireless' retraction of certain shares of the company held by Clearwire was within its contractual rights.
As part of the decision, the court found Clearwire is not entitled to proceeds from the sale of spectrum assets by Craig Wireless in 2010.
The case, filed in a U.S. district court in the state of Washington, involved a failure by Clearwire to provide equipment as part of an agreement made over six years ago.
"We are pleased that the company's contractual right was upheld by the Court" said chief executive Boyd Craig in a release.
Shares of the company were down 1.5 cents to 32.5 cents on the Toronto Stock Exchange in afternoon trading.
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