NZ mobile spectrum sold to US firm

Canadian company Craig Wireless has sold half its New Zealand radio spectrum to a United States venture capital firm.

Craig Wireless bought 40 megahertz of spectrum in the 2.3 gigahertz and 2.5GHz bands for $1.1 million in a 2007 government auction.

US firm Everest Wireless Partner has bought half the spectrum and half of Craig Wireless' spectrum in Norway for US$5.75m.

Craig Wireless planned to build and operate a national WiMax network in Norway after buying 50MHz of spectrum for C$12.7m in 2007.

The company advised investors in November that its plans to develop a WiMax network in New Zealand were on hold, and said there was "significant doubt'' about its ability to continue as a going concern.

Craig's shares recently traded at 10.5 cents after falling from a 2008 high of C$4.24.

- © Fairfax NZ News