0001294606-12-000212.txt : 20120521 0001294606-12-000212.hdr.sgml : 20120521 20120521164052 ACCESSION NUMBER: 0001294606-12-000212 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 19 CONFORMED PERIOD OF REPORT: 20120331 FILED AS OF DATE: 20120521 DATE AS OF CHANGE: 20120521 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CIG WIRELESS CORP. CENTRAL INDEX KEY: 0001432754 STANDARD INDUSTRIAL CLASSIFICATION: COMMUNICATION SERVICES, NEC [4899] IRS NUMBER: 680672900 STATE OF INCORPORATION: NV FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-53677 FILM NUMBER: 12859298 BUSINESS ADDRESS: STREET 1: FIVE CONCOURSE PARKWAY STREET 2: SUITE 3100 CITY: ATLANTA STATE: GA ZIP: 30328 BUSINESS PHONE: 678-332-5000 MAIL ADDRESS: STREET 1: FIVE CONCOURSE PARKWAY STREET 2: SUITE 3100 CITY: ATLANTA STATE: GA ZIP: 30328 FORMER COMPANY: FORMER CONFORMED NAME: Cyber Supply Inc. DATE OF NAME CHANGE: 20080418 10-Q 1 cigform10-qfor3312012final.htm CIG WIRELESS CORP. - QUARTERLY REPORT FOR MARCH 31, 2012 cigform10-qfor3312012final.htm - Generated by SEC Publisher for SEC Filing

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

x	Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended: March 31, 2012

o	Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from ________ to _________

Commission File Number: 000-53677

CIG WIRELESS CORP.

(Exact Name of Registrant as Specified in its Charter)

Nevada	68-0672900
(State or Other Jurisdiction of	(IRS Employer Identification
Incorporation or Organization)	Number)

Five Concourse Parkway, Suite 3100

Atlanta, GA 30328

(Address of principal executive offices)

(678) 332-5000

(Registrant's telephone number, including area code)

N/A

(Former Name, Former Address and Former Fiscal Year,

If Changed Since Last Report)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large Accelerated Filer	o	Non-accelerated Filer	o
Accelerated Filer	o	Smaller Reporting Company	x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: The Issuer had 19,766,610 shares of Common Stock, par value $0.00001, outstanding as of May 21, 2012.

CIG WIRELESS CORP.

FORM 10-Q

March 31, 2012

INDEX

PART I-- FINANCIAL INFORMATION

Item 1.	Financial Statements (unaudited)
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 3	Quantitative and Qualitative Disclosures About Market Risk
Item 4.	Control and Procedures

PART II-- OTHER INFORMATION

Item 1	Legal Proceedings
Item 1A	Risk Factors
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds
Item 3.	Defaults Upon Senior Securities
Item 4.	Mine Safety Disclosures
Item 5.	Other Information
Item 6.	Exhibits and Reports on Form 8-K

SIGNATURES

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Index to Unaudited Consolidated Financial Statements

Unaudited Consolidated Balance Sheets			4
Unaudited Consolidated Statements of Operations			5
Unaudited Consolidated Statements of Stockholders’ Equity			6
Unaudited Consolidated Statements of Cash Flows			7
Notes to Unaudited Consolidated Financial Statements			8

CIG Wireless Corp.

Consolidated Balance Sheets

(Unaudited)

	Successor Entity	Predecessor Entity
	March 31, 2012	September 30, 2011
	March 31, 2012	September 30, 2011
Assets
Current assets:
Cash	$ 282,806	$ 214,675
Accounts receivable	126,056	197,634
Accounts receivable from related parties	674,617	858,957
Prepaid expenses and other current assets	40,746	43,600
Total current assets	1,124,225	1,314,866

Property and equipment, net of accumulated depreciation	17,274,669	15,166,970
Construction in progress	280,267	563,913
Deferred rent assets	43,879	147,157
Long-term prepaid rent	171,384	174,759

Total assets	$ 18,894,424	$ 17,367,665

Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued expenses	$ 1,239,080	$ 1,636,583
Accounts payable to related parties	591,118	453,920
Notes payable	35,000	-
Notes payable to related parties	1,110,960	-
Convertible notes payable to related parties	400,000	-
Deferred revenue	155,688	161,921
Total current liabilities	3,531,846	2,252,424

Deferred rent liabilities	336,209	270,976
Asset retirement obligation	517,184	480,740
Long-term subordinated obligations to related parties	12,598,450	13,184,767
Total liabilities	16,983,689	16,188,907

Stockholders’ equity:
Preferred stock, 100,000,000 shares authorized, $0.00001 par value; none issued and outstanding	-	-
Common stock, 100,000,000 shares authorized, $0.00001 par value; 19,766,610 issued and outstanding	198	-
Additional paid-in capital	3,117,153	890,556
Retained earnings (accumulated deficit)	(1,206,616)	288,202
Total stockholders’ equity	1,910,735	1,178,758

Total liabilities and stockholders’ equity	$ 18,894,424	$ 17,367,665

See accompanying notes to unaudited consolidated financial statements.

CIG Wireless Corp.

Consolidated Statements of Operations

(Unaudited)

	Successor Entity	Predecessor Entity	Successor Entity	Predecessor Entity	Predecessor Entity
	Three Months Ended March 31, 2012	Three Months Ended March 31, 2011	December 1, 2011 through March 31, 2012 (A)	October 1 2011 through November 30, 2011 (A)	Six Months Ended March 31, 2011



Revenues:
Rent	$ 382,356	$ 368,584	$ 503,557	$ 242,403	$ 778,362
Origination fees from related parties	19,800	-	19,800	-	54,804
Services	374	15,374	8,942	-	32,558
Management fees from related parties	25,671	24,312	33,955	16,567	49,163
Total revenues	428,201	408,270	566,254	258,970	914,887

Operating Expenses:
Costs of operations:
Site rental	185,563	68,726	221,592	72,058	289,408
Search rings	-	-	-	-	452,018
Other costs	82,487	103,059	134,809	104,643	510,851
Depreciation and accretion	244,666	213,034	323,098	143,660	424,418
General and administrative expenses	2,113,490	141,626	2,604,388	645,928	644,852
Shared services with related parties	322,443	207,434	344,862	44,839	659,676
Gain on sale of assets to related party investors	(8,121)	-	(91,871)	-	(49,805)
Total operating expenses	2,940,528	733,879	3,536,878	1,011,128	2,931,418

Loss from operations	(2,512,327)	(325,609)	(2,970,624)	(752,158)	(2,016,531)

Other Income (Expenses):
Interest income from related parties	-	16,624	-	-	61,857
Interest expenses to related parties	(84,356)	-	(87,802)	(4,121)	-
Gain (Loss) on foreign currency exchange	6,661	(42,649)	6,749	176	1
Bargain purchase gain	-	-	971,558	-	-
Losses allocated to related party investors	1,038,476	213,172	1,344,544	612,137	1,851,862
Total other income	960,781	187,147	2,235,049	608,192	1,913,720

Net loss	(1,554,546)	(138,462)	(735,575)	(143,966)	(102,811)

Preferred stock dividend	-	-	(16,301)	-	-

Net loss attributable to common stockholders	$ (1,554,546)	$ (138,462)	$ (751,876)	$ (143,966)	$ (102,811)

Net loss per common share attributable to common stockholders - basic and diluted	$ (0.08)		$ (0.04)

Weighted average common shares outstanding - basic and diluted	19,766,610		19,558,524

See accompanying notes to unaudited consolidated financial statements.

(A) The acquisition of Communications Infrastructure Group, LLC by CIG Wireless Corp. closed on December 5, 2011 (see Note 3 to the consolidated financial statements).

CIG Wireless Corp.

Consolidated Statements of Stockholders’ Equity

(Unaudited)

						Additional	Retained		Total
	Member’s	Preferred Stock		Common Stock		Paid-in	Earnings		Stockholders’
	Capital	Shares	Amount	Shares	Amount	capital	(Deficit)		Equity

Predecessor Entity
Balances at September 30, 2011	$ 890,556	-	$ -	-	$ -	$ -	$ 288,202	$	1,178,758

Net loss	-	-	-	-	-	-	(143,966)		(143,966)

Balances at November 30, 2011 (A)	$ 890,556	-	$ -	-	$ -	$ -	$ 144,236	$	1,034,792


Successor Entity
Balances at December 1, 2011 (A)	$ -	1,000,000	$ 10	18,008,500	$ 180	$ 2,111,887	$ (454,740)	$	1,657,337

Common stock issued for the acquisition of CIG LLC	-	-	-	750,000	8	74,992	-		75,000

Conversion of preferred stock to common	-	(1,000,000)	(10)	1,000,000	10	-	-		-

Common issued for preferred dividend	-	-	-	8,110	-	16,301	(16,301)		-

Debt discounts due to beneficial conversion features	-	-	-	-	-	73,333	-		73,333

Options expense	-	-	-	-	-	840,640	-		840,640

Net loss	-	-	-	-	-	-	(735,575)		(735,575)

Balances at March 31, 2012	$ -	-	$ -	19,766,610	$ 198	$ 3,117,153	$ (1,206,616)	$	1,910,735

See accompanying notes to unaudited consolidated financial statements.

(A) The acquisition of Communications Infrastructure Group, LLC by CIG Wireless Corp. closed on December 5, 2011 (see Note 3 to the consolidated financial statements).

CIG Wireless Corp
Consolidated Statements of Cash Flows
(Unaudited)

	Successor Entity	Predecessor Entity
	December 1, 2011 through March 31, 2012 (A)	October 1 2011 through November 30, 2011 (A)	Six Months Ended March 31, 2011




Cash flows from operating activities:
Net loss	$ (735,575)	$ (143,966)	$ (102,811)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and accretion	323,098	143,660	424,418
Amortization of debt discounts	73,333	-	-
Gain on sale of assets to related parties	(91,871)	-	(49,805)
Management fees revenue from related parties	(33,955)	(16,567)	(49,163)
Losses allocated to related party investors	(1,344,544)	(612,137)	(1,851,862)
Bargain purchase gain	(971,558)	-	-
Options expense	840,640	-	-
Changes in assets and liabilities:
Accounts receivable	118,267	28,311	(896)
Prepaid expenses and other current assets	(8,675)	11,529	(91,792)
Deferred rent asset	109,025	(19,315)	(62,196)
Long-term prepaid rent	2,614	761	4,599
Accounts payable and accrued expenses	(324,036)	(317,064)	1,689,668
Accounts payable to related parties	(2,460,087)	(44,839)	659,676
Deferred revenue	(18,876)	12,643	19,190
Deferred rent liabilities	74,068	779	96,495
Net cash provided by (used in) operating activities	(4,448,132)	(956,205)	685,521

Cash flows from investing activities:
Proceeds from sale of fixed assets	344,246	-	1,096,083
Cash paid for purchase and construction of fixed assets	(538,658)	(379,643)	(3,892,609)
Cash acquired in acquisition of CIG LLC	519,910	-	-
Net cash provided by (used in) investing activities	325,498	(379,643)	(2,796,526)

Cash flows from financing activities:
Contributions from related party investors	12,000	-	250,000
Distributions to related party investors	(175,600)	-	(1,641,297)
Borrowings on related parties convertible debt	400,000	-	-
Payments on related parties debt	(456)	-	-
Borrowings on related parties debt	1,000,000	-	-
Net advances (to) from related parties	1,454,693	1,309,841	(2,233,754)
Net cash provided by (used in) financing activities	2,690,637	1,309,841	(3,625,051)

Net change in cash	(1,431,997)	(26,007)	(5,736,056)
Cash at beginning of period	1,714,803	214,675	6,254,489
Cash at end of period	$ 282,806	$ 188,668	$ 518,433

Supplemental Information
Interest paid	$ -	$ -	$ -
Taxes paid	-	-	-

Noncash Investing and Financing Activities:
Conversion of preferred shares to common	$ 10	$ -	$ -
Common stock issued for preferred dividend	16,301	-	-
Common stock issued for acquisition of CIG LLC	75,000	-	-
Asset retirement obligation	41,683	-	62,524
Debt discounts due to beneficial conversion features	73,333	-	-

See accompanying notes to unaudited consolidated financial statements.

(A) The acquisition of Communications Infrastructure Group, LLC by CIG Wireless Corp. closed on December 5, 2011 (see Note 3 to the consolidated financial statements).

CIG Wireless Corp.
Notes to Consolidated Financial Statements
(Unaudited)

Note 1: Basis of Presentation

Basis of Presentation

The accompanying unaudited interim consolidated financial statements of CIG Wireless, Corp. and its subsidiaries (the “Company” and “CIG Wireless”) have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company’s September 30, 2011 Annual Report filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the consolidated financial statements which would substantially duplicate the disclosure contained in the audited consolidated financial statements for the most recent fiscal year end September 30, 2011 as reported on Form 10-K, have been omitted.

Reclassifications

Certain prior period amounts have been reclassified to conform to current period presentation.

Losses Allocated to Related Party Investors

The Company has entered into six Atypical Silent Partnership Agreements with related party limited partnership investors which made loans to the Company for acquisition of tower assets which are segregated on the books by investment group. Profits from these towers are allocated to the related party investors until they obtain designated rates of return of between 8 – 20%. Once the rates of return are obtained by the related party investors, subsequent profits are allocated based upon ownership. Operating expenses and losses from these towers are 100% allocated to the investors until there is a net profit.

The losses allocated to these related party investors are reflected in the statements of operations in “losses allocated to related party investors.” The total losses allocated during the period from December 1, 2011 through March 31, 2012, the period from October 1, 2011 through November 30, 2011 and the six months ended March 31, 2011 were $1,344,544, $612,137 and $1,851,862, respectively.

Note 2: Going Concern

The accompanying financial statements have been prepared on a going concern basis of accounting which contemplates continuity of operations, realization of assets, liabilities, and commitments in the normal course of business. The accompanying financial statements do not reflect any adjustments that might result if the Company is unable to continue as a going concern. The Company has a working capital deficit as of March 31, 2012. As shown in the accompanying financial statements, the Company has also incurred significant losses since inception. These conditions raise substantial doubt as to the Company’s ability to continue as a going concern. There is no assurance that management will be successful in raising additional funds. As of the date of this report, management is involved in negotiations with several different financing partners in and outside of the United States of America and reasonably expects positive developments and results within the weeks and months to come.

Note 3: Acquisitions

On October 7, 2011, CIG Wireless acquired all membership interests in CIG Services, LLC, from Communications Infrastructure Group, LLC (“CIG LLC”) for nominal consideration. CIG Services, LLC was formed by CIG LLC on September 23, 2011 as a wholly-owned subsidiary. No allocation of the purchase price table is presented because there were no assets or liabilities as of the acquisition date.

On December 5, 2011, CIG Wireless acquired 100% of the membership interest in CIG, LLC from BAC Berlin Atlantic Holding GmbH & Co. KG for 750,000 common shares. Both parties agreed, for the convenience of month end closing procedures, to account for the acquisition as if it occurred on November 30, 2011. The results of operations and cash flows obtained through the use of November 30, 2011, rather than December 5, 2011, are not considered to be materially different.

The purchase price for the acquisition of CIG LLC was $75,000 consisting of the 750,000 common shares issued and valued at $0.10 per share which was the previous sales price of the Company’s common stock for cash.

The allocation of the purchase price and the estimated fair market values of the assets acquired and liabilities assumed are shown below.

Cash	$ 519,910
Accounts receivable	155,167
Accounts receivable from related parties	1,993,279
Prepaid expenses and other current assets	26,306
Property and equipment, net of accum depreciation	16,285,399
Construction in progress	1,124,595
Deferred rent assets	162,561
Long-term prepaid rent	173,618
Total assets acquired	20,440,835

Accounts payable and accrued expenses	1,160,987
Accounts payable to related parties	3,485,745
Deferred revenue	180,885
Deferred rent liabilities	262,530
Asset retirement obligation	477,932
Long-term subordinated obligations	13,826,198
Total liabilities assumed	19,394,277

Net assets acquired	1,046,558
Purchase price	(75,000)

Bargain purchase gain	$ 971,558

The consolidated financial statements herein are presented under predecessor entity reporting and because the acquiring entity had no operations, prior historical information of the acquirer is not presented.

Note 4: Construction in Progress

During the six months ended March 31, 2011, the construction of communication towers with a total cost of $1,161,987 was completed and the tower cost was capitalized as property and equipment. As of March 31, 2012, the cost of towers in progress was $280,267.

Note 5: Asset Retirement Obligations

The changes in the carrying value of the Company’s asset retirement obligations for the six months ended March 31, 2012 and 2011 are as follows:

Balance as of September 30, 2010	$ 448,389
Additions	62,524
Disposals	(45,961)
Accretion	10,285
Balance as of March 31, 2011	475,237

Balance as of September 30, 2011	480,740
Additions	41,683
Disposals	(23,497)
Accretion	18,258
Balance as of March 31, 2012	$ 517,184

Note 6: Long-term Subordinated Obligations to Related Parties

Between November 2009 and February 2010, the Company entered into six Atypical Silent Partnership Agreements with related party limited partnership investors which made contributions to the Company for acquisition of tower assets which are segregated on the books by investment group. No separate legal entity was created through these agreements. The investment agreements all have similar terms, conditions, and termination dates as defined in the agreements. Termination dates range from December 31, 2014 through September 30, 2015. On each such termination date, each respective investor may elect termination of the arrangement and the Company must then make distributions. Because these are mandatory variable repayment obligations occurring on each termination date, the net obligations to these investors are accounted for as long-term subordinated obligations. Management fees, origination fees and interest charged to the investors and third-party consulting and other revenue received by the Company not related to the tower ownership or operations are segregated as Company revenue with minimal or no offset by Company overhead expenses.

Except for each termination date, the Company has sole discretion on whether to pay any proceeds from operations or tower sales to the investors.

The following is a summary of the net profits and liquidation interests of the six investors:

	Interests
Investor Name	Related Party	Company
InfraTrust Fuenf GmbH u. Co. KG (IT5)	99.999%	0.001%
Infrastructure Asset Pool, LLLP (ITAP)	99.999%	0.001%
InfraTrust Zwei GmbH u. Co. KG (IT2)	99.999%	0.001%
InfraTrust Premium Sieben GmbH & Co. KG (ITP7)	70%	30%
InfraTrust Premium Neun GmbH & Co. KG (ITP9)	60%	40%
Diana Damme (Damme)	60%	40%

Profits are allocated to the related party investors until they obtain designated rates of return of between 8 – 20%. Once the rates of return are obtained by the related party investors, subsequent profits are allocated based upon ownership. Losses are 100% allocated to the investors until there is a net profit.

During the period from December 1, 2011 through March 31, 2012, contributions by these related party investors totaled $12,000 and distributions to these related party investors totaled $175,600.

Infrastructure Asset Management GmbH (IAM) is the general partner of IT2, ITAP, IT5, IT7, ITP9 and was related to the Company through common ownership until August 3, 2011 when IAM was sold to Enex Group Management, SA. (Enex). Enex bought 8.3% of CIG in October 2011 and it has shared a Chief Financial Officer with the Company since that date.

Note 7: Related Party Transactions

The Company shares services with related parties and is allocated a proportionate share of the associated expenses and overhead. During the period from December 1, 2011 through March 31, 2012, the period from October 1, 2011 through November 30, 2011 and the six months ended March 31, 2011, total allocated expenses were approximately $344,862, $44,839 and $659,676, respectively.

Accounts receivable from related parties consisted of the following at:

	Successor Entity	Predecessor Entity
	March 31,	September 30,
	2012	2011
BAC InfraTrust Acht GmbH & Co. KG (IT8)	$ 351,575	$ 515,382
ITAP, LLLP	90,983	90,983
ENEX Group Management SA	-	78,560
InfraTrust KG	146,787	48,000
CIG Wireless, Inc.	-	46,229
Media Management GmbH	-	5,000
Berlin Atlantic Capital US, LLC	-	36,863
CIG Properties, Inc.	75,276	-
Tower Development 1, LLC	226	-
Structured Life Group, LLC	9,770	-
German fund entities (IT5, ITP7 and ITP9)	-	37,940
	$ 674,617	$ 858,957

Accounts payable to related parties consisted of the following at:

	Successor Entity	Predecessor Entity
	March 31,	September 30,
	2012	2011
Berlin Atlantic Capital US, LLC	$ 472,938	$ 400,000
BAC InfraTrust Sechs GmbH & Co. KG (IT6)	71,628	41,726
Infrastructure Asset Management GmbH	10,940	-
Other miscellaneous	12,000	12,000
Employee payables	23,612	194
	$ 591,118	$ 453,920

Some of the related party payables bear interest at rates ranging from 5.5% to 12.1% per annum. Interest expense to related parties totaled $16,953, $4,121 and zero during the period from December 1, 2011 through March 31, 2012, the period from October 1, 2011 through November 30, 2011 and the six months ended March 31, 2011, respectively.

The Company also assists certain investment partners who are related parties in the identification and acquisition of tower assets including towers and tower sites. The Company locates and purchases (or builds) the tower assets and later sells the towers to the related parties at agreed-upon terms upon ultimate funding of the related parties. In connection with the purchase of tower assets to be sold to related parties, the Company charges origination fees of 5% of the purchase price of the tower assets payable upon completion and funding of the transaction by the related party. The Company also charges interest to the related parties for the period the identified assets are owned and held by the Company. During the period from December 1, 2011 through March 31, 2012, the period from October 1, 2011 through November 30, 2011 and the six months ended March 31, 2011, origination fees revenue totaled $19,800, zero and $54,804, respectively. Related party interest income totaled $61,857 during the six months ended March 31, 2011. There was no related party interest income during the six months ended March 31, 2012.

During the six months ended March 31, 2012, the Company sold 1 tower to an affiliate, InfraTrust Acht GmbH & Co. KG (IT8), for cash proceeds of $344,246 resulting in a gain on the sale of $91,871. The gain was allocated to the investors through the losses allocated to related party creditors in the statement of operations.

During the six months ended March 31, 2011, the Company sold 3 towers to an affiliate, InfraTrust Acht GmbH & Co. KG (IT8) for cash proceeds of $1,096,083 resulting in a gain on the sale of $49,805. The gain was allocated to the investors through netting against the overall operating losses allocated to the investors.

The Company receives management fees from its investment partners based upon the annual contributions made by each partner and from affiliated companies for managing the telecommunication towers. Management fees from investment partners are accounted for against the long-term subordinated obligations owed to these investment partners and totaled $33,955, $16,567 and $49,163 during the period from December 1, 2011 through March 31, 2012, the period from October 1, 2011 through November 30, 2011 and the six months ended March 31, 2011, respectively.

Note 8: Related Party Debt

Notes Payable to Related Parties

On December 15, 2011, the Company borrowed $1,000,000 from ENEX Group Management SA. The funds borrowed are unsecured, with interest at 4% per annum and shall be due and payable within thirty days of demand.

On August 8, 2011, the Company borrowed $100,000 from ENEX Group Management SA. The funds borrowed are unsecured, with interest at 3% per annum and shall be due and payable within thirty days of demand. The unpaid balance on this loan was $99,980 as of March 31, 2012.

On May 15, 2010, the Company borrowed $11,000 from Ms. Shostak, the Company’s former sole officer and Director. The loan is unsecured, bears no interest and is due on demand. The unpaid balance on this loan was $10,980 as of March 31, 2012.

The total due under the above related party notes was $1,110,960 as of March 31, 2012.

Convertible Notes Payable to Related Parties

On March 3, 2012, the Company borrowed $200,000 from ENEX Group Management SA. The note is secured by assets of the Company, bears interest at 4% per annum and matures within thirty days of demand. The note is convertible into common stock of the Company at $3.00 per share. The Company evaluated the conversion option for derivative treatment under FASB ASC 815-15 and determined it did not qualify as a derivative. The Company then evaluated the note for a beneficial conversion feature under FASB ASC 470-20 and determined a beneficial conversion feature existed. The intrinsic value of the beneficial conversion feature was determined to be $30,000 and was recorded as a debt discount that was fully amortized to interest expense during the six months ended March 31, 2012.

On March 26, 2012, the Company borrowed $200,000 from ENEX Group Management SA. The note is secured by assets of the Company, bears interest at 4% per annum and matures within thirty days of demand. The note is convertible into common stock of the Company at $3.00 per share. The Company evaluated the conversion option for derivative treatment under FASB ASC 815-15 and determined it did not qualify as a derivative. The Company then evaluated the note for a beneficial conversion feature under FASB ASC 470-20 and determined a beneficial conversion feature existed. The intrinsic value of the beneficial conversion feature was determined to be $43,333 and was recorded as a debt discount that was fully amortized to interest expense during the six months ended March 31, 2012.

Note 9: Third Party Debt

On October 2, 2010, the Company borrowed $10,000 from CRG Finance AG. On February 14, 2011, the Company borrowed an additional $25,000 from CRG Finance AG. The loans are unsecured, due upon demand and bear interest at 10% per annum.

Note 10: Stockholders’ Equity

Common and Preferred Stock

On October 4, 2011, a 4-for-1 stock dividend was paid. All share and per share amounts herein have been retroactively restated to reflect this dividend.

As the initial step in the change in control of the Cyber Supply shell and before its planned acquisition of CIG Wireless, on October 3, 2011, Ms. Shostak, Cyber Supply’s former president and sole Director, sold 11,500,000 common shares to two purchasers in a private transaction and cancelled another 13,500,000 shares.

Ms. Shostak sold her shares to Wireless Investment Fund AG, a Swiss investment company (“WIF”), and ENEX Capital Partners AG, a Swiss investment company (“ENEX Capital”). WIF acquired 10,000,000 shares from Ms. Shostak for $43,478 and ENEX Capital acquired the remaining 1,500,000 shares for $6,522. After giving effect to such stock transfers and cancellations, there were 18,008,500 common shares issued and outstanding, of which WIF owned 55.5% and ENEX Capital owned 8.3%.

On October 7, 2011, the Company sold to a Delaware investment company 1,000,000 shares of Series A 4% Convertible Redeemable Preferred Stock, par value $0.00001 per share, at $2.00 per share, resulting in an aggregate of $2,000,000 in proceeds. This preferred stock, including $16,301 in accrued dividends, was converted into 1,008,110 common shares on December 23, 2011.

On December 5, 2011, the Company issued 750,000 common shares to acquire CIG, LLC valued at $75,000 (see Note 3).

Common Stock Options

On November 28, 2011, the Company granted an aggregate of 100,000 common stock options to two directors of the Company. The options are exercisable at $3.75 per share, vest after 1 year and expire after 3 years. The fair value of these options was determined to be $112,619 using the Black-Scholes Option Pricing Model.

On January 27, 2012, the Company’s Chief Executive Officer, Mr. Paul McGinn, received options to purchase 1,956,895 shares of the Company’s common stock at an exercise price of $3.00 per share. All of these options expire five years from the date of grant. Options to purchase 571,585 shares vested upon grant; options to purchase an additional 571,585 shares

will vest on each of January 27, 2013 and January 27, 2014. Options to purchase 242,141 shares will vest on January 27, 2015. The fair value of these options was determined to be $2,414,031 using the Black-Scholes Option Pricing Model.

On March 26, 2012, a member of the Company’s Board of Directors, Mr. Akram Baker, received options to purchase 50,000 shares of the Company’s common stock at an exercise price of $3.75 per share. These options vest on February 8, 2013 and expire on February 8, 2015. The fair value of these options was determined to be $65,813 using the Black-Scholes Option Pricing Model.

On March 26, 2012, the Company’s Counsel, Wuersch & Gering LLP, received options to purchase 400,000 shares of the Company’s common stock at an exercise price of $3.75 per share. These options vest on March 26, 2013 and expire on March 26, 2015. The fair value of these options was determined to be $460,214 using the Black-Scholes Option Pricing Model.

The significant assumptions used in the Black-Scholes Option Pricing Model during the six months ended March 31, 2012 were as follows:

	Range
Expected dividends	-%
Expected term (years)	1.9 – 4.0
Volatility	54.5% - 68.6%
Risk-free rate	0.03% - 0.37%

During the three months ended March 31, 2012, aggregate options expense was $840,640. The remaining $2,212,037 will be expensed over the remaining vesting period.

A summary of option activity for the six months ended March 31, 2012 is reflected below:

		Weighted-
		Average
	Options	Exercise Price
Outstanding at September 30, 2011	-	$ -
Granted	2,506,895	3.16
Canceled	-	-
Forfeited	-	-
Outstanding at March 31, 2012	2,506,895	$ 3.16
Exercisable at March 31, 2012	571,585	$ 3.00

The weighted average remaining life of options outstanding at March 31, 2012 was 4.41 years. The aggregate intrinsic value of the exercisable options at March 31, 2012 was $400,110.

Note 11: Commitments and Contingencies

On March 26, 2012, the Company entered into a Corporate Development Agreement and a Corporate Consulting Agreement with ENEX Group Management SA, a related party. Pursuant to the Corporate Development Agreement, ENEX Group Management SA will assist the Company in raising capital. ENEX Group Management S.A. shall receive placement agent fees consisting of commissions as follows: (i) for the sale of the Company’s common stock, 15% on the first million dollars, 12% on the second million dollars and 10% on the third million dollars and thereafter; (ii) for the sale of preferred stock, 10% on the first million dollars, 8% on the second million dollars, 6% on the third million dollars, 4% on the fourth million dollars and 2% on the fifth million dollars and anything thereafter; (iii) for debt placements, 0.5% of the aggregate value of senior secured financing, 0.5% of the aggregate value of securitization credit financing, and for subordinated debt, the same fees as for the sale of preferred stock; and (iv) for the introduction to mergers and acquisitions transactions, the same fees as those owed for the sale of preferred stock. Pursuant to the Corporate Consulting Agreement, ENEX Group Management S.A. shall render advisory services to the Company. The Company will pay fees to ENEX Group Management S.A., including a monthly advisory services fee of $9,500 and payments for services rendered by personnel of ENEX Group Management S.A. in the capacities of Chief Financial Officer and Chairman of the Board of the Company, in the amounts of $19,500 and $12,500 per month respectively.

On March 22, 2012, the Company entered into a Corporate Development Agreement and a Corporate Consulting Agreement with CRG Finance AG. Pursuant to the Corporate Development Agreement, CRG Finance will assist the

Company in raising capital. CRG Finance AG shall receive placement agent fees consisting of commissions as follows: (i) for the sale of the Company’s common stock, 15% on the first million dollars, 12% on the second million dollars and 10% on the third million dollars and thereafter; (ii) for the sale of preferred stock, 10% on the first million dollars, 8% on the second million dollars, 6% on the third million dollars, 4% on the fourth million dollars and 2% on the fifth million dollars and anything thereafter; (iii) for debt placements, 0.5% of the aggregate value of senior secured financing, 0.5% of the aggregate value of securitization credit financing, and for subordinated debt, the same fees as for the sale of preferred stock; and (iv) for the introduction to mergers and acquisitions transactions, the same fees as those owed for the sale of preferred stock. Pursuant to the Corporate Consulting Agreement, CRG Finance AG shall render advisory services to the Company. The Company will pay a monthly advisory services fee of $9,500 to CRG Finance AG.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS

The following discussion of the financial condition and results of operations of the Company should be read in conjunction with the financial statements and the related notes thereto included elsewhere in this Quarterly Report on Form 10-Q (this “Report”). This Report contains certain forward-looking statements and the Company's future operating results could differ materially from those discussed herein. Certain statements contained in this Report, including, without limitation, statements containing the words “believes”, “anticipates,” “expects” and the like, constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). However, as the Company intends to issue “penny stock,” as such term is defined in Rule 3a51-1 promulgated under the Exchange Act, the Company is ineligible to rely on these safe harbor provisions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The Company disclaims any obligation to update any such factors or to announce publicly the results of any revisions of the forward-looking statements contained or incorporated by reference herein to reflect future events or developments, except as required by the Exchange Act.

Unless otherwise provided in this Report, references to the “Company,” the “Registrant,” the “Issuer,” “we,” “us,” and “our” refer to CIG Wireless Corp.

Corporate Information

CIG Wireless Corp. (formerly known as Cyber Supply Inc.) was incorporated in the State of Nevada on February 12, 2008. During the fiscal year ended September 30, 2011, the Company began considering a new business model involving the development and management of wireless infrastructure for wireless carriers. The Company had originally focused on the development of a web-based supply business, however, the Company subsequently determined that its original business model was not viable and the Company suspended operations pending review and assessment of other possible business endeavors.

On October 7, 2011, the Company entered into an acquisition agreement pursuant to which the Company acquired all membership interests in CIG Services. CIG Services was formed to provide comprehensive management and support services with respect to the operations, administration and management of cell phone towers. Further information regarding the CIG Services acquisition is set forth in the Company’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on October 11, 2011, which is incorporated herein by reference thereto.

On November 29, 2011, the Company changed its name from “Cyber Supply Inc.” to “CIG Wireless Corp.” to reflect its new business operation. The Company’s common stock is now traded on the over the counter bulletin board under the symbol “CIGW.OB.”

On December 5, 2011, the Company entered into a Limited Liability Company Membership Interests Purchase Agreement (the “LLC Purchase Agreement”) with CIG Properties, Inc., a Delaware corporation and a wholly-owned subsidiary of the Company (“CIG Properties”), BAC Berlin Atlantic Holding GmbH & Co. KG, a German Kommanditgesellschaft (“BAC Berlin”), and Communications Infrastructure Group, LLC (the “CI Group”). BAC Berlin sold one hundred percent (100%) of the membership interests of the CI Group (the “Membership Interests”) to CIG Properties. Further information regarding the CI Group transaction is set forth in the Current Report on Form 8-K, filed with the Securities and Exchange Commission on December 7, 2011, which is incorporated herein by reference thereto.

As of the date of filing of this Report, the Company is fully engaged in the business of the management of towers and other wireless infrastructure. The Company now conducts its business and all operations through the CI Group. In addition, the Company has moved its offices to Five Concourse Parkway, Suite 3100, Atlanta, GA 30328. The Company’s new telephone number is (678) 332-5000. The Company has adopted September 30^th as its fiscal year end. Previously, the Company’s fiscal year end was February 28^th.

On February 6, 2012, Mr. Paul McGinn was appointed as the Chief Executive Officer and as a Member of the Board of Directors of the Company. On January 27, 2012, the Company entered into a binding term sheet with Mr. McGinn covering the terms and conditions of his services, including compensation arrangements. The terms and conditions of such binding term sheet were set forth in a Current Report on Form 8-K, filed by the Company with the U.S. Securities and Exchange Commission on February 3, 2012, and such Current Report is incorporated herein by reference thereto. The

Company and Mr. McGinn intend to enter into a customary long form employment agreement as soon as reasonably possible.

In connection with the appointment of Mr. McGinn as the new CEO of the Company, effective as of February 6, 2012 Mr. Akram Baker resigned as the Chief Executive Officer of the Company. Mr. Baker also resigned from his officer positions of the Company’s subsidiaries effective upon his resignation as CEO of the Company. On February 8, 2012 Mr. Baker was appointed to the Board of Directors of the Company. The Company has agreed to the compensation of Mr. Akram Baker as set forth in the Current Report on Form 8-K, filed with the Securities and Exchange Commission on April 18, 2012, which is incorporated herein by reference thereto.

On May 14, 2012, Mr. Sebastien Koechli resigned as the Company’s President. Mr. Koechli shall remain Chairman of the Board of Directors of the Company. Mr. Paul McGinn has been appointed as the Company’s President.

$850,000 Loan from ENEX Group Management SA

The Company has entered into an agreement with ENEX Group Management SA pursuant to which ENEX Group Management SA has loaned the Company $850,000. The Company and ENEX Group Management SA have entered into a Convertible Secured Note (the “Note”). The Note pays interest at a rate of 4% per annum. The Note shall be repayable thirty days after demand. ENEX Group Management SA shall be entitled to have the Company repay some or all of the principal and interest due and payable in the form of the Company’s Common Stock, at a conversion price of Three U.S. Dollars ($3.00) per share. As of March 31, 2012, the Company has borrowed $400,000 under this note. The remaining $450,000 was paid during the months of April and May 2012.

Corporate Development Agreement and Corporate Consulting Agreement with ENEX Group Management SA

On March 26, 2012, the Company entered into a Corporate Development Agreement (the “ENEX Corporate Development Agreement”) and a Corporate Consulting Agreement (the “ENEX Corporate Consulting Agreement”) with ENEX Group Management SA.

Pursuant to the ENEX Corporate Development Agreement, ENEX will assist the Company in raising capital. ENEX Group Management S.A. shall receive placement agent fees consisting of commissions as follows: (i) for the sale of the Company’s Common Stock (the “ENEX Common Equity Placement Compensation”), 15% on the first million dollars, 12% on the second million dollars and 10% on the third million dollars and thereafter; (ii) for the sale of preferred stock (“ENEX Preferred Equity Placement Compensation”), 10% on the first million dollars, 8% on the second million dollars, 6% on the third million dollars, 4% on the fourth million dollars and 2% on the fifth million dollars and anything thereafter; (iii) for debt placements, 0.5% of the aggregate value of senior secured financing, 0.5% of the aggregate value of securitization credit financing, and for subordinated debt, the same fees as for ENEX Preferred Equity Placement Compensation; and (iv) for the introduction to mergers and acquisitions transactions, the same fees as those owed for ENEX Preferred Equity Placement Compensation.

Pursuant to the ENEX Corporate Consulting Agreement, ENEX Group Management S.A. shall render advisory services to the Company. The Company will pay fees to ENEX Group Management S.A., including a monthly advisory services fee of $9,500 and payments for services rendered by personnel of ENEX Group Management S.A. in the capacities of Chief Financial Officer and Chairman of the Board of the Company, in the amounts of $19,500 and $12,500 per month respectively.

Sebastien Koechli, the Company’s former President and a member of the Board is also a director of ENEX Group Management SA, and as such, Mr. Koechli recused himself from any and all deliberations regarding the ENEX Corporate Development Agreement and the ENEX Corporate Consulting Agreement described below. ENEX Group Management SA serves as a management adviser to the Company.

Corporate Development Agreement and Corporate Consulting Agreement with CRG Finance AG

On March 22, 2012, the Company entered into a Corporate Development Agreement (the “CRG Corporate Development Agreement”) and a Corporate Consulting Agreement (the “CRG Corporate Consulting Agreement”) with CRG Finance AG.

Pursuant to the CRG Corporate Development Agreement, CRG Finance will assist the Company in raising capital. CRG Finance AG shall receive placement agent fees consisting of commissions as follows: (i) for the sale of the Company’s Common Stock (“CRG Common Equity Placement Compensation”), 15% on the first million dollars, 12% on the second million dollars and 10% on the third million dollars and thereafter; (ii) for the sale of preferred stock (“CRG Preferred Equity Placement Compensation”), 10% on the first million dollars, 8% on the second million dollars, 6% on the third million dollars, 4% on the fourth million dollars and 2% on the fifth million dollars and anything thereafter; (iii) for debt placements, 0.5% of the aggregate value of senior secured financing, 0.5% of the aggregate value of securitization credit financing, and for subordinated debt, the same fees as for CRG Preferred Equity Placement Compensation; and (iv) for the introduction to mergers and acquisitions transactions, the same fees as those owed for CRG Preferred Equity Placement Compensation.

Pursuant to the CRG Corporate Consulting Agreement, CRG Finance AG shall render advisory services to the Company. The Company will pay fees to CRG Finance AG, including a monthly advisory services fee of $9,500.

Results of operations

Accounting Survivor

The CI Group is the accounting survivor of the Company’s acquisition of the CI Group. As a result, all comparative information that follows refers to the results of operations for the CI Group.

Background

The CI Group (Communications Infrastructure Group, LLC) is a limited liability company and was formed on July 24, 2009 under the Delaware Limited Liability Act for the purpose of investing in telecommunication towers throughout the United States of America and subsequently leasing space on the towers to major wireless and broadband carriers. The CI Group’s offices are located in Atlanta, Georgia.

About The CI Group

The CI Group rents antenna and other equipment space on its towers on the basis of long term contracts with wireless carriers, governmental and public entities and utilities. The towers are either acquired on the open market or through the successful awarding to the CI Group of carrier tower projects.

The CI Group currently owns 44 wireless communications towers that are online and in commercial service with one or more antenna tenants. The CI Group also owns two additional wireless communications towers that are currently in various phases of construction and which are expected to be completed with on-line antenna tenants prior to the end of the third calendar quarter 2012.

The legal and economic interests in four of the 44 wireless communications towers that are online and in commercial service are legally and beneficially owned solely by the CI Group. The legal and economic interests in the two wireless towers under construction are also legally and beneficially owned solely by the CI Group.

The economic interests in the remaining 40 wireless communications towers owned by CI Group, although legally owned by CI Group, are currently subject in their entirety to the rights of certain third party investment funds (collectively, the “Compartment LPs”). The Compartment LPs participation rights in the Company extend only to the revenues derived specifically from the 40 towers, as well as the proceeds upon any sale or disposition of the 40 towers. The Compartment LPs do not participate in any other equity or revenues of the Company and their participation interests in the towers are subordinated to creditors of the Company. The Compartment LPs with interests in the 40 CI Group towers are not shareholders of the Company.

In addition to the aggregate of 46 wireless communications towers legally owned by CI Group, the CI Group also manages 32 additional towers for third parties.

In total, the CI Group currently manages 78 wireless communications towers.

The CI Group manages, develops, and markets rooftop space in New York City. The CI Group believes that it is in a strong position to develop this business line through aggressive marketing and pricing. The majority of CI Group’s towers can accommodate more than one tenant which can facilitate supplemental revenue streams without incurring additional capital costs.

The CI Group plans to move into the business of Distributed Antenna Systems (“DAS”) in 2012. The CI Group DAS development program is currently underway in conjunction with a major property owner in New York.

Two new tower bids were won during the month of April 2012. Both of the bids were for towers to be constructed for a major regional carrier in the Georgia market.

The tower business is not seasonal. However, the availability of towers for acquisition on the market varies greatly.

The CI Group, like all of its competitors, is bound to the tower build plans of the various carriers, which are subject to numerous variables outside control of the CI Group, including the general economy, carrier cash flow, regulatory issues, and consolidation of the wireless industry. The CI Group deploys its working capital for the acquisition of third party towers on the open market or for the construction costs of BTS. Working capital is also used for marketing purposes.

The CI Group is reliant, to a large extent, on the wireless carriers build and search ring development plans. Possible consolidation in the industry plays a significant role in carrier builds and lease ups. Government agencies (such as Homeland Security, local police and fire departments, and port authorities) in addition to utilities, provide potential supplementary tower facilities’ leasing income.

Steel is the major raw material used in the construction of the towers. The CI Group uses leading contractors to carry out the actual building of the towers.

Tower Management Operations

The CI Group manages, develops, owns, leases and operates cell phone towers and other wireless infrastructure. CIG Group has entered into several management agreements (“Management Agreement”) with various parties owning (i) cell phone or wireless transmission towers (the “Tower Owners”); or (ii) the economic interests of cell phone or wireless transmission towers (the “Tower Interest Holders” and referred to collectively herein with the Tower Owners as the “Tower Proprietors”). During the respective term of each Management Agreement, CIG Group, as manager, shall perform functions necessary to maintain, market, operate, manage and administer the tower sites of the Tower Proprietors. Each Tower Proprietor shall pay a base management fee to CIG Group. The base management fees applicable to each Tower Proprietor may vary significantly depending on the specific terms and conditions negotiated with each Tower Proprietor. The Tower base management fees are expected to be paid in quarterly installments. CIG Group may also in certain circumstances be eligible to receive ancillary compensation in consideration for procuring new tenants on tower sites, whereby CIG Group would receive a small percentage of the aggregate net rent for the initial term of each such new lease.

Results of Operations

For the Three Month Period Ended March 31, 2012 and March 31, 2011

Sales, Income and Expenses for the CI Group

During the three months ended March 31, 2012, the CI Group had total revenues of $428,201, including rent of $382,356, origination fees from related parties of $19,800, services of $374, and management fees from related parties of $25,671. Total revenues increased from the three month period ended March 31, 2011. During the three month period ended March 31, 2011, the CI Group had total revenues of $408,270, including rent of $368,584, services of $15,374, and management fees from related parties of $24,312.

During the three month period ended March 31, 2012, the CI Group had total operating expenses of $2,940,528, which was an increase from total operating expenses of $733,879 for the three month period ended March 31, 2011. Operating expenses for the three month period ended March 31, 2012 included general and administrative expenses of $2,113,490,

shared services with related parties of $322,443, site rental of $185,563, depreciation and accretion of $244,666, other costs of $82,487 and gains on the sale of assets to related party investors of $8,121. Operating expenses for the three month period ended March 31, 2011 included general and administrative expenses of $141,626, shared services with related parties of $207,434, site rental of $68,726, depreciation and accretion of $213,034 and other costs of $103,059.

During the three month period ended March 31, 2012, the CI Group had a total loss from operations of $2,512,327, which represented an increase in losses from the three months ended March 31, 2011, during which time CI Group had a total loss from operations of $325,609.

During the three month period ended March 31, 2012, the CI Group had total other income of $960,781, which included losses allocated to related party investors of $1,038,476, interest expenses to related parties of $84,356 and a gain on foreign currency exchange of $6,661. Total other income increased from the three month period ended March 31, 2011, during which the CI Group had total other income of $187,147, which included losses allocated to related party investors of $213,172, interest income from related parties of $16,624, and a loss on foreign currency exchange of $42,649.

The CI Group’s net loss for the three month period ended March 31, 2012 was $1,554,546, which was an increase from $138,462 for the three month period ended March 31, 2011.

The Company has entered into six Atypical Silent Partnership Agreements with related party limited partnership investors which made loans to the Company for acquisition of tower assets which are segregated on the books by investment group. Profits from these towers are allocated to these investors after a designated internal rate of return of between 8 – 20%. Operating expenses and losses from these towers are 100% allocated to the investors until there is a net profit.

The losses allocated to these related party investors are reflected in the statements of operations in “losses allocated to related party investors.” The total losses allocated during the three month periods ended March 31, 2012 and March 31, 2011 were $1,038,476 and $213,172, respectively.

Between November 2009 and February 2010, the Company entered into six Atypical Silent Partnership Agreements with related party limited partnership investors which made contributions to the Company for acquisition of tower assets which are segregated on the books by investment group. No separate legal entity was created through these agreements. The investment agreements all have similar terms, conditions, and termination dates as defined in the agreements. Termination dates range from December 31, 2014 through September 30, 2015. On each such termination date, each respective investor may elect termination of the arrangement and the Company may then either liquidate the towers for cash payments after their share of any liabilities, distribute the net tower assets in kind or distribute stock in an entity which holds the tower assets. Because these are mandatory variable repayment obligations occurring on each termination date, the net obligations to these investors are accounted for as long-term subordinated obligations. Management fees, origination fees and interest charged to the investors and third-party consulting and other revenue received by the Company not related to the tower ownership or operations are segregated as Company revenue with minimal or no offset by Company overhead expenses.

For the Six Month Period Ended March 31, 2012 and March 31, 2011

The results of operations referred to below for the six months ended March 31, 2012 represents the combined results of operations for the predecessor entity for the period from October 1, 2011 through November 30, 2011 and the successor entity for the period from December 1, 2011 through March 31, 2012.

During the six month ended March 31, 2012, the CI Group had total revenues of $825,224, including rent of $745,960, origination fees from related parties of $19,800, services of $8,942, and management fees from related parties of $50,522. Total revenues decreased from the six month period ended March 31, 2011. During the six month period ended March 31, 2011, the CI Group had total revenues of $914,887, including rent of $778,362, origination fees from related parties of $54,804, services of $32,558, and management fees from related parties of $49,163.

During the six month period ended March 31, 2012, the CI Group had total operating expenses of $4,548,006, which was an increase from total operating expenses of $2,931,418 for the six months period ended March 31, 2011. Operating expenses for the six month period ended March 31, 2012 included general and administrative expenses of $3,250,316, shared services with related parties of $389,701, site rental of $293,650, depreciation and accretion of $466,758, other costs of $239,452 and gains on the sale of assets to related party investors of $91,781. Operating expenses for the six month period ended March 31, 2011 included general and administrative expenses of $644,852, shared services with related parties of $659,676, site rental of $289,408, depreciation and accretion of $424,418, search rings of $452,018, other costs of $510,851 and gains on the sale of assets to related party investors of $49,805.

During the six month period ended March 31, 2012, the CI Group had a total loss from operations of $3,722,782, which represented an increase in losses from the six months ended March 31, 2011, during which time CI Group had a total loss from operations of $2,016,531.

During the six month period ended March 31, 2012, the CI Group had total other income of $2,843,241, which included losses allocated to related party investors of $1,956,681, interest expenses to related parties of $91,923 and a gain on foreign currency exchange of $6,925 and a bargain purchase gain of $971,558. Total other income increased from the six month period ended March 31, 2011, during which the CI Group had total other income of $1,913,720, which included losses allocated to related party investors of $1,851,862 and interest income from related parties of $61,857.

The CI Group’s net loss for the six month period ended March 31, 2012 was $879,541, which was an increase from $102,811 for the six month period ended March 31, 2011.

Liquidity and Capital Resources

As of March 31, 2012, the CI Group’s total assets were $18,894,424, including property and equipment, net of accumulated depreciation in the amount of $17,274,669, construction in progress in the amount of $280,267, deferred rent assets in the amount of $43,879 and long-term prepaid rent in the amount of $171,384. The CI Group’s total assets increased from September 30, 2011, at which time the CI Group’s total assets were $17,367,665, including property and equipment, net of accumulated depreciation in the amount of $15,166,970, construction in progress in the amount of $563,913, deferred rent assets in the amount of $147,157 and long-term prepaid rent in the amount of $174,759.

As of March 31, 2012, the CI Group’s total current assets were $1,124,225, consisting of cash in the amount of $282,806, accounts receivable in the amount of $126,056, accounts receivable from related parties in the amount of $674,617, and prepaid expenses and other current assets in the amount of $40,746. CI Group’s total current assets increased from September 30, 2011, at which time the CI Group’s total current assets were $1,314,866, consisting of cash in the amount of $214,675, accounts receivable in the amount of $197,634, accounts receivable from related parties in the amount of $858,957, and prepaid expenses and other current assets in the amount of $43,600.

As of March 31, 2012, the CI Group’s total liabilities were $16,983,689, including long-term subordinated obligations to related parties of $12,598,450, deferred rent liabilities of $336,209, and asset retirement obligations of $517,184. As of September 30, 2011, the CI Group’s total liabilities were $16,188,907, including long-term subordinated obligations to related parties of $13,184,767, deferred rent liabilities of $270,976, and asset retirement obligations of $480,740.

As of March 31, 2012, the CI Group’s total current liabilities were $3,531,846, consisting of accounts payable and accrued expenses in the amount of $1,239,080, accounts payable to related parties in the amount of $591,118, notes payable of $35,000, notes payable to related parties of $1,110,960, convertible notes payable to related parties of $400,000 and deferred revenue in the amount of $155,688. Total current liabilities represented an increase from September 30, 2011, at which time the CI Group’s total current liabilities were $2,252,424, consisting of accounts payable and accrued expenses in the amount of $1,636,583, accounts payable to related parties in the amount of $453,920 and deferred revenue in the amount of $161,921.

Employees and Directors

As of May 20, 2012, the Company had 12 persons serving as officers and in employee capacities for the Company. The Company has 5 persons serving as directors of the Company, including Mr. Paul McGinn who serves as both an officer and director of the Company.

The Company is currently in the process of hiring supplemental support staff to the management, accounting and operation teams.

Research and Development

As of the date of this Report, the CI Group has not expended significant amounts on research and development. The CI Group does not currently have any funds allocated for research or development as of the date of this Report. The CI Group intends to assess prospective research and development programs during the foreseeable future and allocate a responsive portion of the CI Group’s budget accordingly.

Recent accounting pronouncements

Certain accounting pronouncements have been issued by the FASB and other standard setting organizations which are not yet effective and have not yet been adopted by the Company. The impact on the Company’s financial position and results of operations from adoption of these standards is not expected to be material.

Off Balance Sheet Arrangements

As of March 31, 2012, we did not have any off balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK.

Not Applicable.

ITEM 4. CONTROLS AND PROCEDURES.

Evaluation of Disclosure Controls and Procedures

The Company maintains "disclosure controls and procedures," as such term is defined in Rule 13a-15(e) under the Securities Exchange Act of 1934 (the "Exchange Act"), that are designed to ensure that information required to be disclosed in the Company’s Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission rules and forms, and that such information is accumulated and communicated to the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. The Company conducted an evaluation (the "Evaluation"), under the supervision and with the participation of the Company’s Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO"), of the effectiveness of the design and operation of the Company’s disclosure controls and procedures ("Disclosure Controls") as of the end of the period covered by this report pursuant to Rule 13a-15 of the Exchange Act. Based on this Evaluation, the Company’s CEO and CFO concluded that the Company’s Disclosure Controls were not effective because of the identification of a material weakness in the Company’s internal control over financial reporting which is identified below, which the Company views as an integral part of its disclosure controls and procedures.

The material weakness relates to the monitoring and review of work performed by the Company’s limited accounting staff in the preparation of financial statements, footnotes and financial data provided to the Company’s independent registered public accounting firm in connection with the annual audit and quarterly reports. More specifically, the material weakness in the Company’s internal control over financial reporting is due to the fact that:

	-	The Company lacks proper segregation of duties. The Company believes that the lack of proper segregation of duties is due to the Company’s limited resources.
	-	The Company does not have a comprehensive and formalized accounting and procedures manual.

The Company is currently taking the following actions to improve controls and procedures:

- The Company is currently in the process of hiring supplemental support staff to the accounting team; and

- The Company has acquired new accounting software and is currently in the process of implementation.

Changes in Internal Control over Financial Reporting

There was no change in the Company’s internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934) during the quarter ended March 31, 2012 that has materially affected or is reasonably likely to materially affect the Company’s internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

Not Applicable.

ITEM 1A. RISK FACTORS.

Not Applicable.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

Not Applicable.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

Not Applicable.

ITEM 4. MINE SAFETY DISCLOSURES

Not Applicable.

ITEM 5. OTHER INFORMATION.

Not Applicable.

ITEM 6. EXHIBITS.

The following documents are included herein:

Exhibit No.	Document Description

Exhibit 3.4		Bylaws of the Company, as amended, incorporated by reference to Exhibit 3.4 to the Company’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on April 18, 2012.



Exhibit 10.16		Promissory Note in the amount of $1,000,000 to ENEX Group Management SA, dated as of December 15, 2011.



Exhibit 10.17		Term Sheet, by and between the Company and Mr. Paul McGinn, dated as of January 27, 2012.



Exhibit 10.18		Corporate Development Agreement, by and among the Company and CRG Finance AG, dated as of March 22, 2012.

Exhibit 10.19		Corporate Consulting Agreement, by and among the Company and CRG Finance AG, dated as of March 22, 2012.

Exhibit 10.20		Corporate Development Agreement, by and among the Company and ENEX Group Management SA, dated as of March 26, 2012.

Exhibit 10.21		Corporate Consulting Agreement, by and among the Company and ENEX Group Management SA, dated as of March 26, 2012.

Exhibit 10.22		Convertible Secured Note in the amount of $850,000 to ENEX Group Management SA, dated as of March 29, 2012.

Exhibit 10.23		Security Agreement, by and among the Company and ENEX Group Management SA, dated as of March 29, 2012.

Exhibit 31.1		Certification of the Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

Exhibit 31.2		Certification of the Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

Exhibit 32.1		Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for the Chief Executive Officer.
Exhibit 32.2		Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for the Chief Financial Officer.
Exhibit 101		Interactive Data Files

		101.INS – XBRL Instance Document
		101.SCH - XBRL Taxonomy Schema
		101.CAL - XBRL Taxonomy Calculation Linkbase
		101.DEF - XBRL Taxonomy Definition Linkbase
		101.LAB - XBRL Taxonomy Label Linkbase
		101.PRE - XBRL Taxonomy Presentation Linkbase

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	CIG WIRELESS CORP.

	By:	/s/ Paul McGinn
		Name: Paul McGinn
		Title: Principal Executive Officer

	By:	/s/ Romain Gay-Crosier
		Name: Romain Gay-Crosier
		Title: Principal Financial Officer and Principal Accounting Officer
Dated: May 21, 2012

EX-10 2 exhibit1016.htm PROMISSORY NOTE TO ENEX exhibit1016.htm - Generated by SEC Publisher for SEC Filing

Exhibit 10.16

CIG WIRELESS CORP.

PROMISSORY NOTE

THIS PROMISSORY NOTE HAS BEEN ISSUED IN RELIANCE UPON REGULATION S PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED AND AS SUCH MAY NOT BE FURTHER OFFERED OR SOLD WITHIN THE UNITED STATES OR TO U.S. PERSONS, AS DEFINED IN RULE 902(K) OF REGULATION S, EXCEPT TO THE EXTENT REGISTERED WITH THE U.S. SECURITIES & EXCHANGE COMMISSION OR AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE THERETO.

THIS PROMISSORY NOTE MAY NOT BE SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED EXCEPT AS PROVIDED HEREIN. ANY ATTEMPTED TRANSFER OF THIS PROMISSORY NOTE IN VIOLATION OF SUCH TERMS SHALL BE NULL AND VOID AND OF NO EFFECT. THIS PROMISSORY NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE STATE SECURITIES LAWS, AND NO OFFER, TRANSFER OR ASSIGNMENT OF THIS PROMISSORY NOTE MAY BE MADE IN THE ABSENCE OF SUCH REGISTRATIONS OR AVAILABLE EXEMPTIONS THERETO.

US$1,000,000.00 Dated: 15 December 2011

FOR VALUE RECEIVED, CIG Wireless Corp. (the “Holding Company”) hereby promises to pay to the order of the undersigned lender (the “Lender”), at such time, place and in such manner as Lender may specify in writing, the principal amount of One Million ($1,000,000.00) U.S. Dollars (the “Principal”) pursuant to the terms and conditions specified herein. The Holding Company shall pay interest on the outstanding principal of this Note at the annual rate of four Percent (4%) per annum, calculated based on a year of 365 days and actual days elapsed (the “Interest”).

1. The Holding Company hereby promises to pay to the order of the Lender the Principal and all Interest due thereon thirty (30) calendar days following demand of the Lender on or after the first anniversary of the date hereof (the “Maturity Date”), at such reasonable place and in such reasonable manner as Lender may specify to the Company in writing.

2. Any and all fees, costs, expenses and disbursements charged by financial institutions with respect to wire transfer or other transmittal charges incurred in connection with delivery of the Principal from the Lender to the Holding Company shall be deemed to have been received by the Holding Company from the Lender and all such amounts shall be included in the calculation of Principal hereunder.

CIG Wireless Corp. Promissory Note

3. The obligations represented by this Note shall not be transferable by Holding Company and the Holding Company may not assign, transfer or sell all or a portion of its rights and interests to and under this Note to any persons and any such purported transfer shall be void ab initio. The Lender may transfer and assign this Note at its sole discretion subject to applicable U.S. securities laws, rules and regulations pertaining to such transfers as to which a customary legal opinion of counsel shall be required to be delivered to Holding Company.

4. The failure at any time of the Lender to exercise any of its options or any other rights hereunder shall not constitute a waiver thereof, nor shall it be a bar to the exercise of any of its options or rights at a later date. All rights and remedies of the Lender shall be cumulative and may be pursued singly, successively or together, at the option of the Lender. The acceptance by the Lender of any partial payment shall not constitute a waiver of any default or of any of the Lender's rights under this Note. No waiver of any of its rights hereunder, and no modification or amendment of this Note, shall be deemed to be made by the Lender unless the same shall be in writing, duly signed on behalf of the Lender; and each such waiver shall apply only with respect to the specific instance involved, and shall in no way impair the rights of the Lender in any other respect at any other time.

5. Any term or condition of this Note may be waived at any time by the party that is entitled to the benefit thereof, but no such waiver shall be effective unless set forth in a written instrument duly executed by or on behalf of the party waiving such term or condition.

6. The Holding Company represents and warrants that this Note is the valid and binding obligation of the Holding Company, fully enforceable in accordance with its terms. The execution and delivery by the Holding Company of this Note, the performance by the Holding Company of its obligations hereunder and the consummation of the transactions contemplated hereby and thereby does not and will not: (a) conflict with or result in a violation or breach of any of the terms, conditions or provisions of the Holding Company’s charter instruments; (b) conflict with or result in a violation or breach of any term or provision of any law or order applicable to the Holding Company or any of its assets and properties; or (c) (i) conflict with or result in a violation or breach of, or (ii) result in or give to any person any rights or create any additional or increased liability of the Holding Company under or create or impose any lien upon, the Holding Company or any of its assets and properties under, any contract or permit to which the Holding Company is a party or by which its assets and properties are bound.

7. If any provision of this Note is held to be illegal, invalid or unenforceable under any present or future law, and if the rights or obligations of any party hereto under this Note will not be materially and adversely affected thereby, (i) such provision will be fully severable; (ii) this Note will be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part hereof; (iii) the remaining provisions of this Note will remain in full force and effect and will not be affected by the illegal, invalid or unenforceable provision or by its severance here from; and (iv) in lieu of such illegal, invalid or unenforceable provision, there will be added automatically as a part of this Note a legal, valid and enforceable provision as similar in terms to such illegal, invalid or unenforceable provision as may be possible.

Page 2

CIG Wireless Corp. Promissory Note

8. Any notice, authorization, request or demand required or permitted to be given hereunder shall be in writing and shall be deemed to have been duly given two days after it is sent by an internationally recognized delivery service to the address of record of the Lender or the Holding Company, respectively. Any party may change its address for such communications by giving notice thereof to the other parties in conformity with this Section.

9. Jurisdiction and Venue; Jury Trial Waiver. Each party acknowledges and agrees that any legal action, proceeding, or litigation arising out of or in any way related to this Note shall be instituted in the United States District Court for the Northern District of Georgia or any State of Georgia court having jurisdiction over the subject matter of the dispute or matter. Each party agrees to submit to the jurisdiction of and agree that the venue is proper in those courts in any legal action, proceeding, or litigation arising out of or in any way related to this Note. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HEREBY KNOWINGLY, VOLUNTARILY, AND IRREVOCABLY WAIVES ANY RIGHT TO A JURY TRIAL IN CONNECTION WITH ANY LEGAL ACTION, PROCEEDING, OR LITIGATION ARISING OUT OF OR IN ANY WAY RELATED TO THIS NOTE.

10. A default shall exist on this Note if any of the following occurs and is continuing: (i) Failure to pay Principal and any accrued Interest on the Note on or before the Maturity Date; (ii) Failure by the Holding Company to perform or observe any other covenant or agreement of the Holding Company contained in this Note; (iii) A custodian, receiver, liquidator or trustee of the Holding Company, or any other person acting under actual or purported force of law takes ownership, possession or title to Holding Company property; (iv) any of the property of the Holding Company is sequestered by court order; (v) a petition or other proceeding, voluntary or otherwise is filed by or against the Holding Company under any bankruptcy, reorganization, arrangement, insolvency, readjustment of indebtedness, dissolution or liquidation law of any jurisdiction, whether now or hereafter in effect; or (vi) the Holding Company makes an assignment for the benefit of its creditors, or generally fails to pay its obligations as they become due, or consents to the appointment of or taking possession by a custodian, receiver, liquidator or trustee of the Holding Company or all or any part of its property. Upon any such default, the Holding Company shall immediately notify the Lender, and upon notice to the Holding Company, the Lender may declare the Principal of the Note, plus accrued Interest, to be immediately due and payable, upon which such Principal and accrued Interest shall become due and payable immediately. Interest upon default shall thereafter accrue at the rate of fifteen percent 15% per annum, calculated based on a year of 365 days and actual days elapsed from the date of such default.

Page 3

CIG Wireless Corp. Promissory Note

11. The Holding Company, any endorser, or guarantor hereof or in the future (individually an “Obligor” and collectively “Obligors”) and each of them jointly and severally: (a) waive presentment, demand, protest, notice of demand, notice of intent to accelerate, notice of acceleration of maturity, notice of protest, notice of nonpayment, notice of dishonor, and any other notice required to be given under the law to any Obligor in connection with the delivery, acceptance, performance, default or enforcement of this Note, any endorsement or guaranty of this Note, any pledge, security, guaranty or other documents executed in connection with this Note; (b) consent to all delays, extensions, renewals or other modifications of this Note, or waivers of any term hereof or thereof, or release or discharge by the Lender of any of Obligors, or release, substitution or exchange of any security for the payment hereof, or the failure to act on the part of the Lender or any indulgence shown by the Lender (without notice to or further assent from any of Obligors), and agree that no such action, failure to act or failure to exercise any right or remedy by the Lender shall in any way affect or impair the Obligations (as hereinafter defined) of any Obligors or be construed as a waiver by the Lender of, or otherwise affect, any of the Lender's rights under this Note, under any endorsement or guaranty of this Note; (c) if the Holding Company fails to fulfill its obligations hereunder when due, agrees to pay, on demand, all costs and expenses of enforcement of collection of this Note or of any endorsement or guaranty hereof and/or the enforcement of the Lender's rights with respect to, or the administration, supervision, preservation, protection of, or realization upon, any property securing payment hereof, including, without limitation, all attorney's fees, costs, expenses and disbursements, including, without further limitation, any and all fees related to any legal proceeding, suit, mediation arbitration, out of court payment agreement, trial, appeal, bankruptcy proceedings or any other actions of any nature whatsoever required on the part of Lender or Lender’s representatives to enforce this Note and the rights hereunder; and (d) waive the right to interpose any defense, set-off or counterclaim of any nature or description.

12. The Holding Company will not, by amendment of its Articles of Incorporation or through any reorganization, recapitalization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed hereunder by the Holding Company, but will at all times in good faith assist in the carrying out of all the provisions of this Note and in the taking of all such action as may be necessary or appropriate in order to protect the rights of the Lender of this Note against impairment. This Note shall be enforceable against all successors and assigns of Holding Company. Holding Company hereby covenants that all of its subsidiaries and affiliates shall jointly and severally perform this Note to the same and full extent on behalf of Holding Company if Holding Company is unable to perform.

13. This Note supersedes all prior discussions and agreements between the parties with respect to the subject matter hereof and contains the sole and entire agreement between the parties hereto with respect to the subject matter hereof.

Page 4

CIG Wireless Corp. Promissory Note

14. If the Note is damaged or lost by the Lender, the Holding Company shall issue an identical replacement note to the Lender upon the Lender's delivery to the Holding Company of a customary agreement to indemnify the Holding Company reasonably satisfactory to the Holding Company for any losses resulting from issuance of a replacement note. The original exemplar of this Note shall be retained by the Lender and a duplicate acknowledgment copy shall be retained by the Holding Company.

15. The terms and conditions of this Note shall inure to the benefit of and be binding upon the respective successors and assigns of the parties. Nothing in this Note, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Note, except as expressly provided in this Note.

[Signature Page Follows]

Page 5

CIG Wireless Corp. Promissory Note

IN WITNESS WHEREOF, the Holding Company has caused this Note to be dated, executed and issued on its behalf, by its duly appointed and authorized officer, as of the date first above written.

CIG Wireless Corp.

By: /s/ Akram Baker

Name: Akram Baker

Title: CEO

Lender:

By: /s/ Arthur Davis

Name: Arthur Davis

Title: President

Page 6

EX-10 3 exhibit1017.htm TERM SHEET BETWEEN CIG AND MR. MCGINN exhibit1017.htm - Generated by SEC Publisher for SEC Filing

Exhibit 10.17

Execution Version

Binding Term Sheet
CIG Wireless Corp. Engagement of Paul McGinn as Chief Executive Officer

1 Appointment: CIG Wireless Corp. (the “Company”) to appoint Paul McGinn as the Chief Executive Officer (the “CEO”) and member of the Board of Directors, reporting to Board of Directors. CEO to work full time for the Company. Scope of services to be outlined by CEO and Board of Directors. Engagement of all other senior management team members shall be subject to approval of Board of Directors, including, without limitation, all offers, terms of compensation and terms of employment.

2 Start Date: January 23, 2012.

3 Initial Term of Agreement: 3 years.

4 Renewal Term of Agreement: 1 year automatically renewing terms, unless either party gives notice of non-renewal 90 days’ prior to end of preceding Term.

5 Salary: Annual variable compensation target of $450,000, consisting of fixed component of $300,000 per year, and a variable component of $150,000 per year. All variable component achievement goals will be set at the beginning of each year between the CEO and the Board. Performance is then measured at the end of the year. The CEO can earn between 0-100% of the variable component based on the evaluation of the Board. The goals in regard to the variable component will geared to the rendering of services beyond the normal call of duty, measurable, and beneficial to the overall strategy of the Company.

6 Equity Compensation.

6.1 Non-Qualified Options equal to 5.0% of outstanding shares of Common Stock as of date of this Term Sheet, to be issued as a non-qualified stock option, having an Exercise Price of $3.00 per share, Vesting 33.33% at signing, and 33.33% on each anniversary thereafter until vested in full, exercisable for 5 years if employed; 90 day exercise period post-employment; cashless exercise provisions; customary stand-down on trading during financings and public offerings (the “CEO Non-Qualified Options”).

6.2 Qualified Options equal to 4.9% of outstanding shares of Common Stock as of date of this Term Sheet, to be issued as a qualified stock option under a Company Incentive Plan, at an Exercise Price of fair market value as determined by the volume weighted average price per share with respect to the 20 trading days prior to the date of this Term sheet, Vesting 25% at signing, and 25% on each anniversary thereafter vested in full, exercisable for 5 years if employed; 90 day exercise period post-employment; cashless exercise provisions; customary stand-down on trading during financings and public offerings (the “CEO Qualified

Binding Term Sheet - CIG Wireless Corp. - Paul McGinn

Options” and referred to together with the CEO Non-Qualified Options as the “CEO Options”).

6.3 To the extent other senior management join the Company and at the recommendation of the CEO, such persons are awarded Qualified Plan options, then the CEO Qualified Options will be proportionately reduced respectively, starting with unvested CEO Qualified Plan Options. All grants of Qualified Plan options shall remain subject to the sole discretion of the Board of Directors and/or the committees or administrators appointed by the Board of Directors.

6.4 During term of Agreement, upon the Company achieving a market capitalization of at least $150 million and 120 trading days’ VWAP price of not less than $5.00 per share, the Board will grant CEO additional non-qualified options representing 2.5% of the issued and outstanding Common Stock, with an exercise price per share of $4.00 per share, vesting 33.33% at the date of grant, and 33.33% on each anniversary thereafter until vested in full, exercisable for 5 years if employed; 90 day exercise period post-employment; cashless exercise provisions; customary stand-down on trading during financings and public offerings (the “Performance Options”).

6.5 The CEO Options and Performance Options will vest and become fully exercisable in the event of a sale of the entire Company or more than 50% of assets of the Company.

6.6 The CEO Options and Performance Options will be adjusted to proportionately reflect the effects of all stock splits and stock dividends.

7 Liquidity Limitations; Call Option; Right of First Refusal.

7.1 CEO agrees not to sell any shares (except in the event of change in control of the Company) until the earlier of: (i) six months after the date shares are first listed for trading on Nasdaq or other national stock exchange or (ii) the third anniversary of the date hereof.

7.2 CEO will not sell more than 10% of the twenty trading day average trading volume if volume weighted average price (“VWAP”) per share for such period is under $5 per share.

7.3 Subject to the liquidity limitation of Section 8.2 above, CEO will not sell more than 15% of the twenty trading day average trading volume if VWAP price for such period is under $10 per share.

7.4 Subject to the liquidity limitations of Section 8.2 and 8.3 above, CEO will not sell more than 20% of the twenty trading day average trading volume when VWAP price for such period is over $12.50 per share.

7.5 The CEO will grant a call option and a right of first refusal to the Company with respect to shares owned by the CEO, at the same price and on the same terms as any bona fide third party offer or intended open market sale by the CEO.

Binding Term Sheet - CIG Wireless Corp. - Paul McGinn

8 Benefits: Company Health Insurance Plan which shall be similar to Blue Cross and Blue Shield; Other employee benefits as established by Board (401(k), etc.); Company will cover reasonable local housing costs of CEO in Atlanta and provide a reasonable Company car.

9 Expense Reimbursement: Company will reimburse CEO for all reasonable out of pocket expenditures related to Company business.

10 Termination Provisions.

10.1 Voluntary Termination by CEO – Vested Options continue; all non-vested options terminate; Base Salary terminates.

10.2 Voluntary Termination by Company – All Options vest; Base Salary continues 9 months.

10.3 Termination for Cause – All Options terminate. Salary Terminates (“Cause” is gross negligence, willful misconduct, material breach of agreement, CEO bankruptcy, dereliction of duties; breach of corporate or securities laws or rules; conviction of fraud, dishonesty, or other criminal offense with penalty of imprisonment; material breach of Company policies.

10.4 Termination for Death or Disability - Vested Options continue; non-vested options terminate; Base Salary continues 9 months.

11 Confidentiality, Non-Solicitation, Non-Competition: Customary provisions during term of Agreement; 1 year non-competition post termination of Agreement so long as payments are made in accordance with Section 10.2 for the entire non-competition period; Confidentiality covenants survive termination.

12 Dispute Resolution: Arbitration in New York; Governing Law: New York.

13 Indemnification and Directors & Officers Insurance: Company to enter into Indemnification Agreement with CEO; Company to increase Directors & Officers Insurance coverage to highest reasonably available coverage.

14 Notices: All notices, requests, consents and other communications under this Term Sheet shall be in writing and shall be deemed delivered one business day after being sent via overnight courier to the other party at the address provided under ancillary delivery hereto. Any party may give notice any other means (including, without limitation, personal delivery or electronic mail), but such alternative mode of delivery of notice shall be deemed given only upon actual receipt by the other party. Any party may change the address of notices by giving notice in the foregoing manner.

15 Entire Agreement: Unless and until long form of written agreement is executed (which shall be no later than March 1, 2012) and delivered, this Term Sheet shall constitute the entire agreement and understanding of the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings relating to such subject matter.

Binding Term Sheet - CIG Wireless Corp. - Paul McGinn

16 Amendments and Waivers: This Term Sheet may be amended only in writing signed by all parties. No waivers or exceptions to any term, condition or provision of this Term Sheet, in any one or more instances, shall be deemed to be, or construed as, a further or continuing waiver of any such term, condition or provision.

17 Fees and Expenses; Counsel: Each party shall pay its own respective fees and expenses of its advisors, counsel, accountants and other experts, if any, and all other expenses, incurred by such party incident to the negotiation, preparation, execution, delivery and performance of this Term Sheet. The CEO acknowledges that Company counsel is not acting as counsel to the CEO.

18 Counterparts; Electronic Delivery of Signatures. This Term Sheet may be executed in any number of counterparts, each of which shall be deemed to be an original, and all of which shall constitute one and the same document. This Term Sheet may be delivered by fax, scan or other electronic mode which shall be fully binding as an original.

[Signature Page Follows]

Binding Term Sheet - CIG Wireless Corp. - Paul McGinn

IN WITNESS WHEREOF, the parties hereto have caused this Term Sheet to be duly executed as of the 27^th day of January, 2012.

/s/ Paul McGinn
Paul McGinn

CIG Wireless Corp.

By: /s/ Gert Rieder

Name: Gert Rieder

Title: Director, Member of Board of Directors

EX-10 4 exhibit1018.htm CIG WIRELESS CORPORATE DEVELOPMENT AGREEMENT BETWEEN CIG AND CRG FINANCE exhibit1018.htm - Generated by SEC Publisher for SEC Filing

Exhibit 10.18

CIG WIRELESS CORP.

CORPORATE DEVELOPMENT AGREEMENT

CORPORATE DEVELOPMENT AGREEMENT, dated as of the date set forth on the signature page hereto by and between CIG Wireless Corp., a company formed in Nevada (the “Company”) and the undersigned corporate development agent signatory hereto (the “Development Agent”).

WHEREAS, the Company desires to avail itself of the resources of the Development Agent with respect to assisting the Company to raise capital and the Development Agent desires to render such services to the Company;

WHEREAS, the Development Agent has agreed (a) to assist, as Development Agent, in the offer and sale of shares of Company common stock (the “Common Stock”) or any class of preferred stock (the “Preferred Stock” and together with the Common Stock, referred to herein as “Shares”); (b) to assist the Company obtain credit or indebtedness financing (“Credit Financing”); and/or (c) assist the Company identify suitable mergers and acquisition companies and assets (the “M&A Services”).

NOW, THEREFORE, in consideration of the mutual covenants and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows:

1. Offering and Sale of Shares; Credit Financing; and M&A Services

(a) The Company hereby engages the Development Agent, and the Development Agent has agreed on a non-exclusive basis without any firm underwriting commitment, to assist the Company (a) in the offer and sale of Shares on a private placement basis to those prospective investors who satisfy suitability requirements and to introduce the Company to sources of Credit Financing (b) to assist the Company obtain qualified Credit Financing; and (c) assist the Company identify suitable mergers and acquisition companies and assets.

(b) The Development Agent hereby accepts appointment as Development Agent and agrees on the terms and conditions herein.

(c) The Development Agent shall introduce qualified subscribers for Company Shares, with subscriptions being made in such minimum amounts as the Company may determine from time to time. The Development Agent will notify the Company in writing (by e-mail, fax, memorandum, letter, or otherwise) of investors that it believes are suitable investors in the Company (each, a “Suitable Investor”) and of its desire to have a Company offering memorandum and subscription forms sent to a Suitable Investor. The Company is not obligated to accept any subscription of any Suitable Investor and may reject any Suitable Investor in its sole and absolute discretion. The Development Agent shall be compensated as provided herein only in respect of subscriptions which are accepted by the Company. The agency of the Development Agent hereunder shall continue until the termination of this Agreement.

(d) With respect to Credit Financing and M&A Services, the Development Agent shall make introductions to such parties who satisfy the standards and criteria for such transactions as determined by the Company from time to time.

(e) The Development Agent’s sole compensation with respect to any and all services rendered hereunder is set forth on the signature page hereto. No selling commissions will be paid from

CIG Wireless Corp. Corporate Development Agreement

the any transaction and no payments shall be due to the Development Agent for introductions, purchases or closed transaction other than those specifically described herein. The Development Agent shall not be entitled to any compensation hereunder to the extent there is a prohibition under any laws, rules or regulations applicable to the Development Agent. In the event that the Company has a pre-existing relationship with any prospective party introduced by the Development Agent, the Company shall notify the Development Agent and such prospective party shall not be within the scope of compensation or commissions due or payable to Development Agent under this Agreement. All compensation due shall be paid to the Development Agent within fifteen (15) business days after receipt of funds by the Company from the investor.

(f) The Development Agent will use its best efforts to introduce qualified investors to purchase Company Shares on the terms stated herein and in the Company offering memorandum and subscription agreement, in a manner consistent with the instructions of the Company. It is understood that the Development Agent has no commitment with regard to the sale of Shares. The Development Agent will not introduce a prospective investor to the Company unless (i) the Development Agent has reasonable grounds to believe that the prospective investor is fully qualified, ready, willing and able to invest in the Company without delay. The Development Agent will pre-qualify each prospective investor on the basis of information obtained from the investor concerning, among other things, the subscriber’s investment objectives, other investments, financial situation and needs, that the investor has sufficient financial knowledge and experience to be capable of evaluating the risks and merits of an investment in the Company and the investor can afford to bear the risk of a total loss of the subscriber’s investment in the Company.

2. Representations and Warranties of the Development Agent. The Development Agent represents and warrants to the Company as follows:

(a) The Development Agent is duly organized, validly existing and in good standing under the laws of the jurisdiction set forth on the signature page hereto and in each other jurisdiction in which the nature or conduct of its business requires such qualification with full power and authority to engage in its business to be conducted by it under this Agreement.

(b) The Development Agent has full authority under applicable law to perform its obligations under this Agreement.

(c) This Agreement has been duly and validly authorized, executed and delivered on its behalf and constitutes a legal, valid and binding agreement enforceable against the Development Agent in accordance with the terms herein except as the same may be limited by any applicable bankruptcy, insolvency, reorganization, moratorium or similar law affecting creditors’ rights generally, or by general principles of equity.

(d) The execution and delivery of this Agreement, the incurrence of the obligations set forth in this Agreement and the consummation of the transactions contemplated herein will not constitute a breach of, or default under, any instrument by which the Development Agent is bound or any order, rule or regulation applicable to it of any court or any governmental body or administrative agency having jurisdiction over it which would have a material adverse effect on its ability to consummate the transactions contemplated by this Agreement.

(e) There is not pending or, to the best of its knowledge, threatened any action, suit or proceeding before or by any court or other governmental body to which the Development Agent or any of its principals or affiliates is a party, or to which any of its assets are subject.

(f) The Development Agent is legally registered to offer and sell Shares, or is exempt from registration, in each jurisdiction in which it will offer or sell Shares.

CIG Wireless Corp. Corporate Development Agreement

(g) Each individual who will engage in the activities described herein on behalf of the Development Agent as a director, officer, employee, or agent of the Development Agent is, and will continue to be at all times during the term of this Agreement, (i) registered or licensed as an agent, salesman, salesperson, or sales representative in the jurisdictions from, in, or into which, such individual will be engaging in the activities described herein, and none of such registrations or licenses has expired or been revoked, suspended, terminated, limited, qualified, or conditioned in any respect; or, alternatively, such individual is not and will not be so required to be registered or licensed.

(h) In connection with the offer and sale of Shares, the Development Agent will comply fully with all applicable laws, and the rules of any and all governmental authorities and regulatory organizations having jurisdiction over the Development Agent.

(i) The Development Agent is not required to be registered as a broker, dealer or investment adviser with any U.S or non-U.S. Federal or state governmental agencies or authorities having jurisdiction over the Development Agent.

(j) The foregoing representations and warranties shall be continuing during the term of this Agreement, and if at any time any event shall occur which could make any of the foregoing incomplete or inaccurate, the Development Agent shall promptly notify the Company of the occurrence of such event.

3. Representations and Warranties of the Company. The Company represents and warrants to the Development Agent as follows:

(a) The Company is a duly organized, validly existing and in good standing under the laws of the State of Nevada with full power and authority to engage in the business conducted by it.

(b) The Company has full authority under applicable law to perform its obligations under this Agreement.

(c) This Agreement has been duly and validly authorized, executed and delivered on its behalf and constitutes a legal, valid and binding agreement enforceable against the Company in accordance with its terms except as the same may be limited by any applicable bankruptcy, insolvency, reorganization, moratorium or similar law affecting creditors’ rights generally, or by general principles of equity.

(d) The execution and delivery of this Agreement, the incurrence of the obligations set forth in this Agreement and the consummation of the transactions contemplated herein will not constitute a breach of, or default under, any instrument by which the Company is bound or any order, rule or regulation applicable to the Company of any court or any governmental body or administrative agency having jurisdiction over it which would have a material adverse effect on its ability to consummate the transactions contemplated by this Agreement.

(e) There is not pending or, to the best of its knowledge, threatened any action, suit or proceeding before or by any court or other governmental body to which the Company or any of its principals or affiliates is a party, or to which any of its assets are subject and which might reasonably be expected to result in any material adverse change in its condition (financial or otherwise), business or prospects or is required to be disclosed in the Company’s SEC filings.

(f) The Company is in compliance with all governmental, regulatory and exchange approvals and licenses with respect to acting on behalf of the Company to the extent required to conduct its business and to act as described herein, and the performance of such obligations will not contravene or result in a breach of any provision of the Company Articles of Incorporation, or other organizational document or any agreement, instrument, order, law or regulation binding upon it.

CIG Wireless Corp. Corporate Development Agreement

(g) The foregoing representations and warranties shall be continuing during the term of this Agreement, and if at any time any event shall occur which could make any of the foregoing incomplete or inaccurate, the Company shall promptly notify the Development Agent of the occurrence of such event.

4. Covenants.

(a) The Development Agent will not, directly or indirectly, pay or award any finder’s fees, commissions or other compensation to any person prohibited by laws applicable to the Development Agent or the Company from receiving such payments. The Development Agent will indemnify and hold harmless the Company with respect to any third party intermediaries and/or introducing agents employed or utilized by the Development Agent in performing the services hereunder.

(b) The Development Agent shall have no authority to modify any terms or conditions of sale for the Shares. The Development Agent shall not engage in any illegal practices with respect to the solicitation of sales of Shares and shall make no false, misleading or other unauthorized representations, misstatements or material omissions regarding the Company.

(c) The Development Agent will not provide any investment management services or render any investment advice on behalf of any investor in the Company. The Development Agent will not take any action or fail to take any action, directly or indirectly, that might reasonably cause an investor to believe that the Development Agent is rendering or will render investment advisory to such investor with respect to the Company or that any part of the compensation to be paid to the Development Agent hereof represents compensation for investment advisory or any other investment functions performed by the Development Agent.

(d) In no event shall the Company be obligated to (i) take any action which would subject it to service of process for lawsuits or taxes in any jurisdiction where it is not now so subject, (ii) change any material term of the Company offering memorandum or terms of offerings by the Company; or (iii) expend any sums of money which they respectively may consider unreasonable as determined at their sole discretion.

(e) Without the prior written consent of the Company, the Development Agent shall not under any circumstances solicit, offer, introduce or close any investment in the Company by any U.S. Person (as such term is defined under Rule 902(k) of Regulation S promulgated under the Securities Act of 1933, as amended) with respect to any and all offerings and/or placements of Company Shares or other securities, unless the Development Agent is a duly registered with the SEC and the Financial Industry Regulatory Authority.

(f) The Development Agent acknowledges that the Company is a U.S. public company subject to specific laws, rules and regulations. The Development Agent hereto agrees not to publicly trade in the Company public company securities until after any and all applicable public announcements by the Company. The Development Agent agrees to fully comply with all applicable securities laws and not to trade at any time in any securities of the Company on the basis of material non-public information or to disclose any transactions involving the Company to any third parties, other than to authorized representatives of the Development Agent who shall be under strict instructions not to make any further disclosures to any other persons.

(g) As a condition of the issuance of the consideration as set forth on the signature page hereto, the Development Agent agrees to execute and deliver such additional representations and warranties as are reasonably requested by the Company, including, supplemental representations, affidavits and certifications to the extent necessary in order to assure compliance with all applicable securities laws.

CIG Wireless Corp. Corporate Development Agreement

5. Representations, Warranties and Agreements to Survive Delivery.

All representations, warranties and agreements contained in this Agreement shall remain operative and in full force and effect, regardless of (i) any investigation made by, or on behalf of the Company or the Development Agent, or any person who controls any of the foregoing, (ii) delivery of and payment for the Interests or (iii) the termination of this Agreement pursuant to Section 9 hereof.

6. Indemnification.

(a) The Company will indemnify and hold the Development Agent harmless against any and all loss, liability, claim, damage and expense whatsoever (including reasonable attorneys’ and accountants’ fees and including the costs of investigating any event) arising out of or based upon, or arising out of or based upon facts which would constitute, a material breach by the Company of any warranty, representation, covenant or agreement of the Company in this Agreement.

(b) The Development Agent will indemnify and hold the Company harmless against any and all loss, liability, claim, damage and expense whatsoever (including reasonable attorneys’ and accountants’ fees and including the costs of investigating any event) arising out of or based upon, or arising out of or based upon facts which would constitute, a material breach by the Development Agent of any warranty, representation, covenant or agreement in this Agreement.

(c) No indemnifying party will be liable under the indemnity agreements contained in Sections 6(a) and 6(b) hereof unless the indemnified party shall have notified such indemnifying party in writing promptly after receiving the first written notice or summons or other first legal process giving information of the nature of the claim or commencement of the action, but the omission so to notify the indemnifying party shall not relieve the indemnifying party from any liability which the indemnifying party may have to the indemnified party under either of such subparagraphs (except where such omission shall have materially prejudiced the indemnifying party) or otherwise. In case any such action or claim shall be brought against an indemnified party and the indemnified party shall notify the indemnifying party of the commencement of such action or claim, the indemnifying party shall be entitled to participate in such action or claim and, to the extent that the indemnifying party may desire, to assume the defense of such action or claim with counsel selected by the indemnifying party and approved by the indemnified party. After notice from the indemnifying party to the indemnified party of the indemnifying party’s election so to assume the defense of such action or claim, the indemnifying party shall not be liable to the indemnified party for any legal, accounting, and other fees and expenses subsequently incurred by the indemnified party in connection with the defense of such action or claim other than reasonable costs of investigation.

Notwithstanding any provision of this Section 6(c) to the contrary, if in any action or claim as to which indemnity is or may be available an indemnified party shall determine that its interests are or may be adverse, in whole or in part, to the interests of the indemnifying party or that there may be legal defenses available to the indemnified party which are or may be different from, in addition to, or inconsistent with the defenses available to the indemnifying party, the indemnified party may retain its own counsel in connection with such action or claim, in which case the indemnified party shall be responsible for any legal, accounting, and other fees and expenses reasonably incurred by or on behalf of it in connection with investigating or defending such action or claim. In no event shall an indemnifying party be liable for the fees and expenses of more than one counsel for all indemnified parties in connection with any one action or claim or in connection with separate but similar or related actions or claims in the same jurisdiction arising out of the same general allegations. An indemnifying party shall not be liable for a settlement of any such action or claim effected without its written consent, but if any such action or claim shall be settled with the written consent of an indemnifying party or if there shall be a final judgement for the plaintiff in any such action or claim, the indemnifying party shall indemnify, hold harmless, and defend an indemnified party from and against any loss, liability, or expense in accordance with this Section 6 by reason of such settlement or judgment. The indemnities set forth in this Agreement shall survive the termination of this Agreement.

CIG Wireless Corp. Corporate Development Agreement

7. Status of Parties.

The Development Agent is an independent contractor and neither the Development Agent nor the Company shall have authority to act for or represent the other, its affiliates, officers, directors or employees in any way and shall not otherwise be deemed to be an agent of the other. Nothing contained herein shall create or constitute the Development Agent or the Company as members of any organization, partnership, joint venture, association, syndicate, unincorporated business, or other separate entity, nor shall this Agreement be deemed to confer on either of them any express, implied, or apparent authority to incur any obligation or liability on behalf of the other.

8. Payment of Expenses.

Each party hereto shall bear its own expenses relating to the matters herein and to the offering of the Shares, Credit Facilities and the M&A Services.

9. Term and Termination.

This Agreement shall continue in effect until terminated. This Agreement may be terminated at any time by either party, at its sole determination, by giving notice to the other party in writing. No termination shall relieve the Company from its obligations for payments of placement agency commissions hereof unless the termination is based upon a material breach of the Development Agent obligations under this Agreement.

10. Miscellaneous.

(a) This Agreement may not be assigned by either party without the express prior written consent of the other party. Except as otherwise expressly provided, this Agreement is made solely for the benefit of, and shall be binding upon, the parties hereto and their respective successors and assigns, and no other person shall have any right or obligation under it.

(b) All notices and other communications provided for or permitted hereunder shall be made by hand delivery, registered or certified mail with return receipt requested, facsimile or reputable commercial courier, addressed as set forth on the signature page hereto.

(c) This Agreement shall not be amended except by writing and signed by each of the parties hereto. No waiver of any provision of this Agreement shall be implied from any course of dealing among the parties hereto or from any failure by any party hereto to assert its rights hereunder on any occasion or series of occasions. Notwithstanding the foregoing, this Agreement together with a Non-Disclosure And Confidentiality Agreement if so requested by the Company, shall constitute the entire agreement between the parties with respect to the matters referred to herein, together with any and all supplemental representations, warranties, certifications, affirmations and other instruments delivered by the Development Agent in connection with the issuance of securities under this Agreement, which shall each be deemed a part hereof and are respectively incorporated herein by reference thereto.

(d) If any provision of this Agreement, or the application of any provision to any person or circumstance, shall be held to be inconsistent with any present or future law, ruling, rule, or regulation of any court or governmental or regulatory authority having jurisdiction over the subject matter hereof, such provision shall be deemed to be severed from this Agreement and this Agreement shall otherwise remain in full force and effect.

CIG Wireless Corp. Corporate Development Agreement

(e) All controversies arising out of or in connection with this Agreement shall be finally settled under the Rules of the International Center for Dispute Resolution of the by a single arbitrator appointed in accordance with said Rules. The place of arbitration shall be New York City, New York. The arbitration shall be conducted in the English language by an attorney having not less than ten years of corporate legal experience. The prevailing party in any such arbitration shall be awarded reimbursement of any and all fees, costs, expenses and disbursements incurred with respect to such arbitration. In the event of any controversy regarding the enforceability of this arbitration provision, this Agreement shall be governed by and construed in accordance with the laws of the State of New York without giving effect to its conflicts of law principles. The award of any such arbitration may be entered by any court of competent jurisdiction.

(f) This Agreement shall inure to the benefit of, and be binding upon, the Development Agent and the Company and their respective successors and assigns.

(g) Headings to sections and subsections in this Agreement are for the convenience of the parties only and are not intended to be a part of or to affect the meaning or interpretation hereof. All references to business days shall mean each day on which banks in New York are open for business.

(h) This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. Delivery of this Agreement in person or by electronic facsimile transmission, scan or other means of electronic communication capable of producing a printed copy will be deemed to constitute execution and delivery of this Agreement as of the date of such transmission.

[Signature Page Follows]

CIG Wireless Corp. Corporate Development Agreement

11. (a) Compensation to the Development Agent for closing of placements of Shares of Company Common Stock to Suitable Investors introduced by Development Agent (“Common Equity Placement Compensation”), in each case specific to placements attributable to introductions made by the Development Agent:

· 15% on the first million dollars

· 12% on the second million dollars

· 10% on the third million dollars and thereafter

(b) Compensation to the Development Agent for closing of placements of Shares of Company Preferred Stock to Suitable Investors introduced by Development Agent (“Preferred Equity Placement Compensation”), in each case specific to placements attributable to introductions made by the Development Agent:

· 10% on the first million dollars

· 8% on the second million dollars

· 6% on the third million dollars

· 4% on the fourth million dollars

· 2% on the fifth million and anything thereafter.

12. Compensation to the Development Agent for closing of Company Credit Financing introduced by Development Agent (“Debt Placement Compensation”), in each case specific to transactions attributable to introductions made by the Development Agent:

o Senior Secured Financing: 0.5% of the aggregate value.

o Securitization Credit Financing: 0.5% of the aggregate value.

o Subordinated Debt placements – same as the Equity Placement Compensation

13. Compensation to the Development Agent for closing of Mergers & Acquisition transactions introduced by the Development Agent – same as Preferred Equity Placement Compensation, provided, however, in non-cash M&A transactions, all such compensation shall be satisfied by the issuance of the same type of non-cash consideration issued by the Company to the counterparty of such transaction.

IN WITNESS WHEREOF, this Agreement has been executed for and on behalf of the undersigned as of March 26, 2012.

CIG Wireless Corp.

By: /s/Paul McGinn

Name: Paul McGinn

Title: CEO

Address for Notices: 5 Concourse Parkway

Atlanta GA 30328

Development Agent:

By: /s/Arthur Davis

Name: Arthur Davis

Title: CEO

Address for Notices: Rue Des Moulins 3

1290 Versoix, Switzerland

EX-10 5 exhibit1019.htm CIG WIRELESS CORPORATE CONSULTING AGREEMENT BETWEEN CIG AND CRG FINANCE exhibit1019.htm - Generated by SEC Publisher for SEC Filing

Exhibit 10.19

Corporate Consulting Agreement

THIS CORPORATE CONSULTING AGREEMENT (the “Agreement”) is made as of the date set forth on the signature page hereto, by and between
CRG Finance A.G., (the “Advisor”), and CIG Wireless Corp. (the “Company”).

WHEREAS, Advisor, by and through its officers, employees, agents, representatives and affiliates, has expertise in the areas of international corporate management, financing, marketing, sales consulting, strategic business planning, enhancing shareholder value, investment structuring, asset acquisition and disposition, and other matters relating to global corporate development; and

WHEREAS, the Company desires to avail itself of the expertise and networks of the Advisor in the aforesaid areas; and

WHEREAS, the Company and the Advisor have previously entered into a corporate development service agreement, dated June 1, 2011 (the “2011 Agreement”) and the parties wish to fully terminate the 2011 Agreement and enter into the present Agreement hereof.

NOW, THEREFORE, in consideration of the foregoing recitals and the covenants and conditions herein set forth, which the parties expressly acknowledge and agree is adequate and sufficient in all respects, the parties hereto agree as follows:

1. Appointment.

The Company hereby appoints Advisor to render the advisory and consulting services described herein for the term of this Agreement.

2. Services.

(a) During the term of this Agreement, Advisor shall render to the Company, by and through such of Advisor’s officers, directors, employees, agents, representatives and affiliates as Advisor, in its sole discretion shall designate, consulting and other advisory services (collectively, the “Advisory Services”) in relation to developing strategic plans for inception of operations, corporate management, the operations of the Company, strategic planning, domestic and international marketing and sales, financial advice, including, without limitation, advisory and consulting services in relation to the recommendations of candidates for senior management positions of the Company and its subsidiaries, prospective strategic alliance partners, preparing acquisition growth plans, identifying prospective merger and acquisition candidates, developing value propositions for the Company, analyzing financial implications of potential transactions, advising on negotiations regarding terms and conditions of transactions, outlining and managing due diligence issues and due diligence processes, introductions to prospective customers, selection of investment bankers or other financial advisors or consultants, and advice with respect to the capital structure of the Company, equity participation plans, employee benefit plans and other incentive arrangements for certain key executives of the Company. All Advisory Services to be rendered hereunder shall be made by Advisor solely on a

Corporate Consulting Agreement

discretionary basis and solely within the scope of its knowledge and abilities. Nothing herein shall be construed to deem Advisor to be acting as a fiduciary to the Company or its shareholders, or as an officer or director of the Company, and nothing herein shall be deemed to grant Advisor any authority to act on behalf of the Company or to supersede the authority of any and all of the officers and directors of the Company. The officers and directors of the Company shall at all times retain sole authority to accept or decline such advice offered by Advisor and only the officers and directors may bind the Company in respect of any advice given by Advisor.

(b) The Company agrees to undertake any and all of its own due diligence with respect to any and all recommendations made by Advisor. No reliance shall be made upon Advisor as having satisfied separate and independent due diligence obligations of the Company with respect to any and all transactional matters involving the Company.

3. Fees & Expenses

(a) In consideration of the rendering of the Advisory Services contemplated by Section 2(a) hereof, the Company agrees to pay to Advisor the following fees:

(b) A monthly Advisory Services fee of $9,500.

(c) Any and all requests for Out-of-Pocket Expenses shall require specific pre-approval in writing of a duly authorized officer of the Company prior to Advisor incurring such expenses. The Company shall, following such pre-approval and at the request of Advisor, upon presentation of reasonable receipts and documentation evidencing Out-of-Pocket Expenses, pay directly, or reimburse Advisor for such previously authorized Out-of-Pocket Expenses. For the purposes of this Agreement, the term “Out-of-Pocket Expenses” shall mean the pre-approved amounts actually paid or incurred by Advisor in cash in connection with its performance of the Advisory Services, including, without limitation, reasonable (i) fees and disbursements of any independent auditors, outside legal counsel, consultants, third-party investment bankers, financial advisors and other independent professionals, organizations and consultants; (ii) costs of any outside services or independent contractors such as financial printers, couriers, business publications or similar services and (iii) transportation, per diem, telephone calls, word processing expenses or any similar expense not associated with its ordinary operations. All pre-approved reimbursements for Out-of-Pocket Expenses shall be made promptly upon or as soon as practicable after presentation by Advisor to the Company of the statement in connection therewith.

4. Representations & Warranties of Advisor

a. In each jurisdiction in which the Advisor will solicit, offer or facilitate the sale of any Company securities: (i) the Advisor is legally registered and in good standing with any and all governmental and/or regulatory authorities to solicit, offer and sell Company securities, or (ii) the Advisor is legally and validly exempt from such registration.

b. Each individual who will engage in the activities described herein on behalf of the Advisor as a director, officer, employee, or agent of the Advisor is, and will continue to be at all times during the term of this Agreement, (i) registered or licensed as an agent, salesman, salesperson, or sales representative in the jurisdictions from, in, or into which, such individual will be engaging in the activities described herein, and none of such registrations or licenses has expired or been revoked, suspended, terminated, limited, qualified, or conditioned in any respect; or, alternatively, such individual is not and will not be so required to be registered or licensed.

Corporate Consulting Agreement

c. In connection with the solicitation, offer or sale of any and all securities of the Company, the Advisor will comply fully with all applicable laws, rules and regulation of any and all governmental authorities and regulatory organizations having jurisdiction over the Advisor.

d. The foregoing representations and warranties continue during the term of this Agreement, and if at any time any event shall occur which could make any of the foregoing incomplete or inaccurate, the Advisor shall promptly notify the Company of the occurrence of such event.

5. Indemnification

The Company will indemnify and hold harmless Advisor and its officers, directors, employees, agents, shareholders, attorneys, accountants, representatives and their respective affiliates (each being an “Indemnified Party”) from and against any and all losses, costs, expenses, claims, damages and liabilities (the “Liabilities”) to which such Indemnified Party may become subject under any applicable law, or any claim made by any third party, or otherwise, to the extent they relate to or arise out of the performance of the Advisory Services contemplated by this Agreement or the engagement of Advisor pursuant to, and the performance by Advisor of the Advisory Services contemplated by, this Agreement. The Company will reimburse any Indemnified Party for all reasonable costs and expenses (including reasonable attorneys’ fees and expenses) as they are incurred in connection with the investigation of, preparation for or defense of any pending or threatened claim for which the Indemnified Party would be entitled to indemnification under the terms of the previous sentence, or any action or proceeding arising therefrom, whether or not such Indemnified Party is a party hereto, provided that, subject to the following sentence, the Company shall be entitled to assume the defense thereof at its own expense, with counsel satisfactory to such Indemnified Party in its reasonable judgment. Any Indemnified Party may, at its own expense, retain separate counsel to participate in such defense, and in any action, claim or proceeding in which the Company, on the one hand, and an Indemnified Party, on the other hand, is, or is reasonably likely to become, a party, such Indemnified Party shall have the right to employ separate counsel at the Company’s expense and to control its own defense of such action, claim or proceeding if, in the reasonable opinion of counsel to such Indemnified Party, a conflict or potential conflict exists between the Company, on the one hand, and such Indemnified Party, on the other hand, that would make such separate representation advisable. The Company agrees that it will not, without the prior written consent of the applicable Indemnified Party, settle, compromise or consent to the entry of any judgment in any pending or threatened claim, action or proceeding relating to the matters contemplated hereby (if any Indemnified Party is a party thereto or has been actually threatened to be made a party thereto) unless such settlement, compromise or consent includes an unconditional release of the applicable Indemnified Party and each other Indemnified Party from all liability arising or that may arise out of such claim, action or proceeding. Provided that the Company is not in breach of its indemnification obligations hereunder, no Indemnified Party shall settle or compromise any claim subject to indemnification hereunder without the consent of the Company. The Company will not be liable under the foregoing indemnification provision to the extent that any loss, claim, damage, liability, cost or expense is determined by a court, in a final judgment from which no further appeal may be taken, to have resulted solely from breach of this Agreement, or the gross negligence or willful misconduct of Advisor. If an Indemnified Party is reimbursed hereunder for any expenses, such reimbursement of expenses shall be refunded to the extent it is finally judicially determined that the Liabilities in question resulted solely from the gross negligence or willful misconduct of Advisor.

Corporate Consulting Agreement

6. Term

This Agreement shall be in effect on the date hereof and shall continue until the third anniversary of the date hereof (the “Initial Term”). This Agreement shall automatically renew on each anniversary thereafter and continue and remain in effect for additional one year periods (each a “Renewal Term”) unless either party gives not less than ninety (90) days’ advance written notice. This Agreement may be terminated at any time upon mutual consent of the parties. This Agreement may be terminated by the Company upon determination of (i) any act of fraud or dishonesty, willful misconduct or gross negligence by Advisor in connection with its obligations under this Agreement (ii) breach of any contractual duty of Advisor to the Company under this Agreement. This Agreement may be terminated by Advisor in the event of any non-performance of the duties and obligations of the Company. This Agreement may be terminated at any time for any reason by Advisor upon not less than thirty (30) days’ advance written notice to the Company. Any and all provisions of this Agreement pertaining to any and all outstanding unpaid compensation due and payable to Advisor shall survive termination of this Agreement and the provisions of Sections 5, 7 and 8 and otherwise as the context so requires shall survive the termination of this Agreement.

7. Other Activities

Nothing herein shall in any way preclude Advisor or its officers, directors, employees, agents, shareholders, attorneys, accountants, representatives and their respective affiliates from engaging in any and all other business activities or from performing services for its or their own respective account or for the account of others, including for companies that may do business with the Company or have interests which are substantially similar to the business conducted by the Company. Where Advisor has an ownership interest in any companies or organizations with whom the Company directly engages in business relationships (“Interested Transactions”) Advisor undertakes to disclose such relationships in writing to the corporate governance officer of the Company or another duly authorized officer of the Company. Nothing herein shall be construed as an undertaking of unique or exclusive services of Advisor solely on behalf of the Company. The Company expressly waives any and all actual or potential conflicts with respect to Advisor’s past, present or future relationships of any nature or kind with any and all Company officers, directors, shareholders, agents, accountants, counsel or third parties and their respective affiliates with whom Advisor has, or has had, dealings or business relationships of any nature or kind.

Corporate Consulting Agreement

8. General.

(a) No amendment or waiver of any provision of this Agreement, or consent to any departure by either party from any such provision, shall be effective unless the same shall be in writing and signed by the parties to this Agreement, and, in any case, such amendment, waiver or consent shall be effective only in the specific instance and for the specific purpose for which given.

(b) This Agreement and the rights of the parties hereunder may not be assigned without the prior written consent of the parties hereto; provided, however, that Advisor may assign or transfer its duties or interests hereunder to a Advisor affiliate at the sole discretion of Advisor. Subject to the foregoing, this Agreement shall inure to the benefit of, and be binding upon, Advisor and the Company (including any and all present and future subsidiaries of the Company that are not signatories hereto) and their respective successors and assigns.

(c) Any and all notices hereunder shall, in the absence of receipted hand delivery, be deemed duly given upon confirmation of receipt or refusal of delivery, if the same shall be sent by registered or certified mail, return receipt requested, or by internationally recognized courier and the mailing date shall be deemed the date from which all time periods pertaining to a date of notice shall run. Notices shall be addressed to the parties at the registered address of record and may be changed upon Notice as provided herein to the other party regarding such change of address.

(d) This Agreement shall constitute the entire agreement between the parties with respect to the subject matter hereof, and shall supersede all previous oral and written (and all contemporaneous oral) negotiations, commitments, agreements and understandings relating hereto. Without limiting the foregoing, this Agreement fully terminates the 2011 Agreement which shall be of no further force or effect whatsoever and each of the parties hereto fully releases and holds harmless the other party thereto in respect of any and all matters pertaining to the 2011 Agreement.

(e) All controversies arising out of or in connection with this Agreement shall be finally settled pursuant to binding arbitration under the Rules of Arbitration of the Chamber of Commerce of Zurich by a single arbitrator appointed and conducted in accordance with the Swiss Rules of International Arbitration. The place of arbitration shall be Zurich, Switzerland. The arbitration shall be conducted in the English language. The prevailing party in any such arbitration shall be awarded reimbursement of any and all fees, costs, expenses and disbursements incurred with respect to such arbitration and/or the enforcement of this Agreement. The award of any such arbitration may be entered by any court of competent jurisdiction. In the event of any doubt regarding the enforceability of the arbitration provisions herein, this Agreement shall be governed by, and enforced in accordance with, the laws of the state of incorporation of the Company (excluding the choice of law principles thereof). The parties expressly agree that the place and manner of such arbitration is reasonable and neither party shall raise any defense of forum non conveniens or lack of binding jurisdiction of such arbitral forum.

Corporate Consulting Agreement

(f) All information provided by the Company to be relied upon by Advisor will be, when and as delivered to Advisor, and on the closing date of all transactions, complete and correct in all material respects and will not knowingly contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements contained therein, in light of the circumstances under which they were made, not misleading. The Company shall advise Advisor immediately of the occurrence of any event or circumstance that results in any Company document containing untrue statement of a material fact or omitting to state a material fact required to be stated therein or necessary to make the statements contained therein, in light of the circumstances under which they were made, not misleading, and shall furnish to Advisor copies of amended or supplemented documents that correct such statement or omission in such quantities as Advisor may from time to time reasonably request. All financial or other projections of the Company will be prepared in good faith on the basis of reasonable assumptions. The Company acknowledges that Advisor (i) will be using and relying on all Company information without independently verification of the same, (ii) does not assume responsibility for the accuracy or completeness of such information; (iii) will not make any appraisal of any assets of the Company or (iv) will not render any fairness opinions. Except as otherwise provided herein, nothing herein shall require Advisor to deliver to the Company any reports, memoranda or other documentation of any nature or kind except as determined by Advisor.

(g) The Company has full corporate power and authority to execute and deliver this Agreement on behalf of itself and its affiliates and to perform its obligations hereunder, and all consents, authorizations, approvals and orders required in connection with the execution, delivery and performance hereof have been obtained. This Company represents and warrants to the Advisor that the Agreement is a valid and binding obligation of the Company, enforceable in accordance with its terms and that the execution, delivery and performance of this Agreement by the Company and the Advisor will not conflict with, result in a breach of any of the terms or provisions of or constitute a violation or a default under any laws, rules or regulations applicable to the Company and the Advisor pertaining to the subject matter herein or under any material agreement or instrument to which the Company is a party or by which the Company is bound. Nothing herein shall be construed as an undertaking of unique or exclusive services of the Advisor solely on behalf of the Company. The Company agrees to undertake any and all of its own due diligence with respect to any and all prospective Investors and proposed corporate development activities. The Company expressly waives any and all actual or potential conflicts with respect to the Primes past, present or future relationships of any nature or kind with any Investors or their respective affiliates.

(h) Advisor shall be entitled to fully rely upon all documents and materials provided by the Company as true and correct in all respects and the Company shall indemnify and hold harmless Advisor and its officers, directors, employees and agents for any and all losses incurred by Advisor as a result of any material misstatement or omission in such marketing materials, which losses shall include, without limitation, all fees, costs, expenses and disbursements of counsel defending Advisor against claims for such losses as well as enforcement of this Agreement. The officers and directors of the Company shall independently review and confirm the validity of all facts in all materials prepared by Advisor.

Corporate Consulting Agreement

(i) No advice rendered by Advisor pursuant to this Agreement may be disclosed publicly in any manner without Advisor’s prior written approval, except as may be required by law, regulation or court order but subject to the limitation below. If the Company is required or reasonably expects to be required to disclose any advice, the Company shall provide Advisor with prompt notice thereof so that Advisor may seek a protective order or other appropriate remedy and take reasonable efforts to assure that all of such advice disclosed will be covered by such order or other remedy. Whether or not such a protective order or other remedy is obtained, the Company will and will cause its affiliates to disclose only that portion of such advice that the Company is so required to disclose.

(j) The Company shall not directly or indirectly or through any third party take any action to circumvent this Agreement or the rights of Advisor set forth herein. The Company undertakes and promises that it will not circumvent the Advisor by dealing directly with any prospective counterparties introduced by the Advisor to the Company, unless authorized by the Advisor in writing to deal directly with them.

(k) If any provision(s) of this Agreement or the application thereof to any person or circumstance shall be invalid or unenforceable to any extent, the remainder of this Agreement and the application of such provisions to other persons or circumstances shall not be affected thereby and shall be enforced to the fullest extent permitted by law.

(l) Numbered and titled article and section headings and defined terms are for convenience only and shall not be construed as amplifying or limiting any of the provisions of this Agreement. This Agreement has been fully negotiated and jointly drafted by the parties and nothing herein shall be construed against either party as the draftsperson thereof.

(m) The waiver by any party of any breach of this Agreement shall not operate as or be construed to be a waiver by such party of any subsequent breach.

(n) This Agreement may be executed by the parties to this Agreement in separate counterparts, each of which when so executed shall be deemed to be an original and both of which taken together shall constitute one and the same instrument and Agreement. This Agreement may be executed and delivered via facsimile or any other means of electronic delivery which shall be fully binding upon the parties to the same and full extent as the original exemplar thereof.

(o) The Confidentiality Agreement attached hereto as Exhibit A is hereby incorporated herein by reference thereto and Advisor hereby agrees to be bound all terms and conditions of such Confidentiality Agreement.

[Signature Page Follows]

Corporate Consulting Agreement

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed and delivered as of this March 22 day of 2012 by their respective duly authorized officers or agents as set forth below.

Corporate Advisor: CRG Finance AG

By: /s/ Sergei Stetsenko

Name:Sergei Stetsenko

Title: President & CEO

Address for Notices: 23 Bahnhofstrasse, 6630 Zug, Switzerland

CIG Wireless Corp.

By: /s/Paul McGinn

Name:Paul McGinn

Title: CEO

Address for Notices: 5 Concourse Parkway

Atlanta GA 30328

CIG WIRELESS CORP.

Confidentiality & Nondisclosure Agreement

This Confidentiality & Nondisclosure Agreement (the "Agreement"), effective as of March 22, 2012 (the "Effective Date"), by and between CIG WIRELESS CORP., a Nevada corporation (“Disclosing Party”), having a principle business address as set forth below, and
Advisor Group Management SA(“Receiving Party”), having the principal address as set forth below, is hereby entered into to protect the Disclosing Party’s Confidential Information (as defined herein).

1. Definitions and Exclusions. "Party" means each of Disclosing Party or Receiving Party individually and "Parties" means Disclosing Party and Receiving Party collectively. “Confidential Information” means any and all information of, or concerning, the Disclosing Party obtained by the Receiving Party or to which the Receiving Party has direct or indirect access, whether marked as confidential or not, in any and all forms, formats or media, including information obtained from representatives of the Disclosing Party, oral or other transitory means, unless expressly and specifically indicated at the time of disclosure to be non-confidential. Confidential Information shall include but is not limited to: all corporate matters, all business matters and operations (past, present, future, contingent or otherwise), all plans, all negotiations, all legal matters, all regulatory matters, all trade secrets, know-how, computer programs, mathematical formulae, theories, techniques, procedures, processes, strategies, methods, systems, designs, the identity of, and all information concerning, financiers, partners, joint-ventures, alliances, affiliates, customers, suppliers, service providers, consultants, advisers, development models and information, methods and sources, marketing and sales information, all information received from others that the Disclosing Party is obligated to treat as confidential or proprietary, and any and all other information that together with all other available information would be material to the Disclosing Party. Notwithstanding the foregoing, Confidential Information shall exclude information that: (i) was lawfully in the public domain at the time of disclosure; (ii) lawfully becomes part of the public domain after disclosure through no fault of the Receiving Party; (iii) was already in the Receiving Party’s possession free of any confidentiality obligation at the time of disclosure; (iv) was received after disclosure to the Receiving Party from a third party who had a lawful right to disclose such information without any obligation to restrict its further use or disclosure; or (v) was developed by the Receiving Party independently of, and without exposure to, the Disclosing Party’s Confidential Information. All Confidential Information is provided “as is.” Disclosing Party makes no warranties, express, implied or otherwise, regarding the accuracy, completeness or performance or its Confidential Information.

2. Nature of Obligation and Limited Right to Use. Except as otherwise approved in writing, Receiving Party shall: (a) hold and maintain the Disclosing Party’s Confidential Information in strict confidence, exercising no less than commercially reasonable care to the full extent necessary to assure protection of sensitive material non-public confidential information; (b) not disclose such Confidential Information to any third party unless authorized by the Disclosing Party to do so with such further reasonable action taken for the protection of such Confidential Information; and (c) use the Confidential Information for no purpose other than evaluating or pursuing an investment or other business relationship with the Disclosing Party or acting on behalf of the Disclosing Party in an authorized manner. Nothing herein shall be construed as granting any property, license or use of rights to any Confidential Information, and Receiving Party shall not make, have made, offer, market, use or sell the Confidential Information or any product or service using, incorporating, relying on, or derived from the Disclosing Party’s Confidential Information except to the extent expressly authorized by the Disclosing Party or an authorized representative of the Disclosing Party. Receiving Party shall not communicate any information to the Disclosing Party in violation of such Party’s confidentiality obligations to a third party, and Receiving Party shall not knowingly communicate any information to the Disclosing Party in violation of the proprietary rights of any third party. Confidential Information may not be reproduced unless authorized in writing.

3. Term. The term of this Agreement shall commence upon the Effective Date and survive without termination. At any time, upon the written request of the Disclosing Party, the Receiving Party shall promptly return to the Disclosing Party or destroy all documents and other tangible materials representing or embodying the Disclosing Party’s Confidential Information and all copies thereof, and shall immediately cease any further use thereof. Upon written request, Receiving Party shall furnish a written officer’s certificate attesting to the complete return or destruction of the Disclosing Party’s Confidential Information.

4. Assignment; Amendments; Waivers. Neither Party may assign, transfer, delegate or sublicense any rights, duties or obligations under this Agreement without the prior written consent of the other Party. Any and all amendments and waivers of this Agreement must be in writing signed by the Parties hereto.

5. Notices. All notices required under this Agreement shall be in writing and shall be delivered by personal delivery, electronic mail, facsimile transmission or by certified or registered mail, return receipt requested, and shall be deemed given upon personal delivery, five days after deposit in the mail, or upon acknowledgment of receipt of electronic transmission. Notices shall be sent to the respective address set forth below or to such other address as such Party may specify in writing as delivered to the other Party in the aforementioned manner. The Receiving Party shall immediately notify the Disclosing Party upon discovery of any loss or unauthorized disclosure of the Disclosing Party’s Confidential Information.

6. Irreparable Harm. Each Party acknowledges that breach of this Agreement will cause irreparable harm to the Disclosing Party and hereby agrees that the Disclosing Party shall be entitled to seek injunctive relief under this Agreement for such breach or threatened breach, as well as such further relief as may be granted by a court of competent jurisdiction. Neither Party may raise any defense based on adequate remedy at law.

7. Dispute Resolution; Governing Law. The Parties hereby irrevocably consent to the sole and exclusive jurisdiction of and venue for resolution of disputes by binding arbitration in New York by the Center for International Dispute Resolution of the American Arbitration Association (“AAA”) by a panel of three arbitrators appointed by the AAA upon application made to the AAA by either Party. Notwithstanding the foregoing, nothing herein shall limit a Party from seeking injunctive relief in a court of competent jurisdiction. For purposes of enforcement of Arbitration, this Agreement shall be subject to the laws of the state of incorporation without reference to conflicts of law; and for purposes of interpretation of this Agreement by the AAA the jurisdiction of the place of Arbitration shall apply. The award of arbitration may be entered as judgment in any court of competent jurisdiction.

8. General. This Agreement is the entire and complete Agreement between the Parties with respect to the subject matter hereof and supersedes any prior or contemporaneous agreements or understandings between the Parties, whether written or oral, and may not be modified in any way unless by means of written addendum, signed and dated by duly authorized representatives of both Parties. If any portion of this Agreement is found to be invalid or unenforceable, the remaining provisions shall remain in effect and the Parties shall immediately begin negotiations to replace any invalid or unenforceable portions that are essential parts of this Agreement. If either Party fails to enforce any right or remedy hereunder, such failure shall not be deemed a waiver of such right or remedy.

THE RECEIVING PARTY WILL NOT TRADE IN THE SECURITIES OF DISCLOSING PARTY OR ANY OTHER PUBLIC COMPANY WITH RESPECT TO CONFIDENTIAL INFORMATION, OR PERMIT OR CAUSE ANY PERSON TO TRADE ANY SECURITIES ON BEHALF OF THE RECEIVING PARTY, DURING ANY PERIOD IN WHICH THE RECEIVING PARTY IS IN POSSESSION OF CONFIDENTIAL INFORMATION OR ANY OTHER MATERIAL NON-PUBLIC INFORMATION CONCERNING THE DISCLOSING PARTY OR ITS SUBSIDIARIES OR AFFILIATES.

In Witness Whereof, the Parties hereto have executed this Agreement on and as of the day and year first above written.

CIG WIRELESS CORP.: Receiving Party:

By:/s/ Paul McGinn By: CRG Finance AG

Name: Paul McGinn Name:Seregi Stetsenko

Title:CEO Title:CEO President

Address: 5 Concourse Parkway, Atlanta GA 30328 Address: 23 Bahnhofstrasse, 6630 Zug, Switzerland

EX-10 6 exhibit1020.htm CIG WIRELESS CORPORATE DEVELOPMENT AGREEMENT BETWEEN CIG AND ENEX GROUP exhibit1020.htm - Generated by SEC Publisher for SEC Filing

Exhibit 10.20

CIG WIRELESS CORP.

CORPORATE DEVELOPMENT AGREEMENT

1. Offering and Sale of Shares; Credit Financing; and M&A Services

(b) The Development Agent hereby accepts appointment as Development Agent and agrees on the terms and conditions herein.

(e) The Development Agent’s sole compensation with respect to any and all services rendered hereunder is set forth on the signature page hereto. No selling commissions will be paid from

CIG Wireless Corp. Corporate Development Agreement

2. Representations and Warranties of the Development Agent. The Development Agent represents and warrants to the Company as follows:

(b) The Development Agent has full authority under applicable law to perform its obligations under this Agreement.

(f) The Development Agent is legally registered to offer and sell Shares, or is exempt from registration, in each jurisdiction in which it will offer or sell Shares.

CIG Wireless Corp. Corporate Development Agreement

3. Representations and Warranties of the Company. The Company represents and warrants to the Development Agent as follows:

(a) The Company is a duly organized, validly existing and in good standing under the laws of the State of Nevada with full power and authority to engage in the business conducted by it.

(b) The Company has full authority under applicable law to perform its obligations under this Agreement.

(d) The execution and delivery of this Agreement, the incurrence of the obligations set forth in this Agreement and the consummation of the transactions contemplated herein will not constitute a breach of, or default under, any instrument by which the Company is bound or any order, rule or regulation applicable to the Company of any court or any governmental body or administrative agency having jurisdiction over it which would have a material adverse effect on its ability to consummate the transactions contemplated by this Agreement.

CIG Wireless Corp. Corporate Development Agreement

4. Covenants.

CIG Wireless Corp. Corporate Development Agreement

5. Representations, Warranties and Agreements to Survive Delivery.

6. Indemnification.

CIG Wireless Corp. Corporate Development Agreement

7. Status of Parties.

8. Payment of Expenses.

Each party hereto shall bear its own expenses relating to the matters herein and to the offering of the Shares, Credit Facilities and the M&A Services.

9. Term and Termination.

10. Miscellaneous.

CIG Wireless Corp. Corporate Development Agreement

(f) This Agreement shall inure to the benefit of, and be binding upon, the Development Agent and the Company and their respective successors and assigns.

[Signature Page Follows]

CIG Wireless Corp. Corporate Development Agreement

· 15% on the first million dollars

· 12% on the second million dollars

· 10% on the third million dollars and thereafter

· 10% on the first million dollars

· 8% on the second million dollars

· 6% on the third million dollars

· 4% on the fourth million dollars

· 2% on the fifth million and anything thereafter.

o Senior Secured Financing: 0.5% of the aggregate value.

o Securitization Credit Financing: 0.5% of the aggregate value.

o Subordinated Debt placements – same as the Equity Placement Compensation

IN WITNESS WHEREOF, this Agreement has been executed for and on behalf of the undersigned as of March 22, 2012.

CIG Wireless Corp.

By: /s/Paul McGinn

Name:Paul McGinn

Title: CEO

Address for Notices: 5 Concourse Parkway, Atlanta GA 30328

Development Agent:

By: /s/ Sergei Stetsenko
Name: Sergei Stetsenko

Title: President & CEO

Address for Notices: 23 Bahnhofstrasse, 6630 Zug, Switzerland

EX-10 7 exhibit1021.htm CIG WIRELESS CORPORATE CONSULTING AGREEMENT BETWEEN CIG AND ENEX GROUP exhibit1021.htm - Generated by SEC Publisher for SEC Filing

Exhibit 10.21

Corporate Consulting Agreement

THIS CORPORATE CONSULTING AGREEMENT (the “Agreement”) is made as of the date set forth on the signature page hereto, by and between
ENEX Group Management, S.A., (the “Advisor”), and CIG Wireless Corp. (the “Company”).

WHEREAS, the Company desires to avail itself of the expertise and networks of the Advisor in the aforesaid areas.

1. Appointment.

The Company hereby appoints Advisor to render the advisory and consulting services described herein for the term of this Agreement.

2. Services.

Corporate Consulting Agreement

deemed to grant Advisor any authority to act on behalf of the Company or to supersede the authority of any and all of the officers and directors of the Company. The officers and directors of the Company shall at all times retain sole authority to accept or decline such advice offered by Advisor and only the officers and directors may bind the Company in respect of any advice given by Advisor.

3. Fees & Expenses

(a) In consideration of the rendering of the Advisory Services contemplated by Section 2(a) hereof, the Company agrees to pay to Advisor the following fees:

(b) A monthly Advisory Services fee of $9,500.

(c) Payments for services rendered by personnel of the Advisor to the Company in the capacities of Chief Financial Officer and Chairman of the Board of Directors, in the amounts of $19,500 and $12,500 per month respectively, provided, however, the respective payment for such services will automatically terminate on the date the person rendering such services ceases to act on behalf of the Company in such capacity.

(d) Any and all requests for Out-of-Pocket Expenses shall require specific pre-approval in writing of a duly authorized officer of the Company prior to Advisor incurring such expenses. The Company shall, following such pre-approval and at the request of Advisor, upon presentation of reasonable receipts and documentation evidencing Out-of-Pocket Expenses, pay directly, or reimburse Advisor for such previously authorized Out-of-Pocket Expenses. For the purposes of this Agreement, the term “Out-of-Pocket Expenses” shall mean the pre-approved amounts actually paid or incurred by Advisor in cash in connection with its performance of the Advisory Services, including, without limitation, reasonable (i) fees and disbursements of any independent auditors, outside legal counsel, consultants, third-party investment bankers, financial advisors and other independent professionals, organizations and consultants; (ii) costs of any outside services or independent contractors such as financial printers, couriers, business publications or similar services and (iii) transportation, per diem, telephone calls, word processing expenses or any similar expense not associated with its ordinary operations. All pre-approved reimbursements for Out-of-Pocket Expenses shall be made promptly upon or as soon as practicable after presentation by Advisor to the Company of the statement in connection therewith.

4. Representations & Warranties of Advisor

Corporate Consulting Agreement

5. Indemnification

Corporate Consulting Agreement

6. Term

7. Other Activities

Corporate Consulting Agreement

8. General.

Corporate Consulting Agreement

(m) The waiver by any party of any breach of this Agreement shall not operate as or be construed to be a waiver by such party of any subsequent breach.

[Signature Page Follows]

Corporate Consulting Agreement

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed and delivered as of this March 26th day of 2012 by their respective duly authorized officers or agents as set forth below.

Corporate Advisor: ENEX Group Management, S.A.

By: /s/Arthur Davis

Name:Arthur Davis

Title:CEO

Address for Notices: Rue des Moulins 3
1290 Versoix, Switzerland

CIG Wireless Corp.

By: /s/ Paul McGinn

Name:Paul McGinn

Title:CEO

Address for Notices: Five Concourse Parkway, Suite 3100

Atlanta, GA 30328

CIG WIRELESS CORP.

Confidentiality & Nondisclosure Agreement

This Confidentiality & Nondisclosure Agreement (the "Agreement"), effective as of March 26, 2012 (the "Effective Date"), by and between CIG WIRELESS CORP., a Nevada corporation (“Disclosing Party”), having a principle business address as set forth below, and
Advisor Group Management SA(“Receiving Party”), having the principal address as set forth below, is hereby entered into to protect the Disclosing Party’s Confidential Information (as defined herein).

In Witness Whereof, the Parties hereto have executed this Agreement on and as of the day and year first above written.

CIG WIRELESS CORP.: Receiving Party:

By: /s/ Paul McGinn By:/s/ Arthur Davis

Name:Paul McGinn Name:Arther Davis

Title:CEO Title:CEO

Address: 5 Concourse Parkway, Atlanta GA 30328 Address: Rues De Moulins 3, 1290 Versoix, Switzerland

EX-10 8 exhibit1022.htm CONVERTABLE SECURED NOTE exhibit1022.htm - Generated by SEC Publisher for SEC Filing

Exhibit 10.22

CIG WIRELESS CORP.

CONVERTIBLE SECURED NOTE

Issuance Date: March 29, 2012 Principal Amount: U.S. ***$850,000.00***

Interest Rate: ***4%***

FOR VALUE RECEIVED, CIG Wireless Corp., a Nevada corporation (the “Company”), hereby promises to pay to the order of the undersigned lender or registered assigns (“Holder”) the amount set out above as the Principal Amount (as reduced pursuant to the terms hereof pursuant to redemption or otherwise, the “Principal”) upon thirty (30) days written notice, in accordance with the terms hereof, and to pay interest (“Interest”) on any outstanding Principal at the applicable Interest Rate set forth above (the “Interest Rate”) from the date set out above as the Issuance Date (the “Issuance Date”) until the same becomes due and payable pursuant to the terms and conditions of this note (this “Note”). Each of the Holder and the Company hereby acknowledges and agrees that the Principal amount due and payable upon this Note represents indebtedness due and payable to the Holder with respect to all such Principal as of the date hereof, together with any and all Interest, fees and reimbursable expenses which become due and payable to the Holder under the terms and conditions hereunder. Certain additional capitalized terms used herein are defined in Section 19.

1. PAYMENTS OF PRINCIPAL. Upon thirty (30) days written notice, the Company shall pay to the Holder the outstanding Principal amount, together with any accrued and unpaid Interest or accrued and unpaid Late Charges on Principal and Interest. The Company may prepay any portion of the outstanding Principal, accrued and unpaid Interest or accrued and unpaid Late Charges on Principal and Interest, if any.

2. CONVERSION OF NOTE. In lieu of repayment of this Note in cash, the Holder may request, upon thirty (30) days written notice to the Company, to have the Company repay some or all of the Principal and Interest due and payable in the form of the Company’s common stock (“Common Stock”), at a conversion price of Three Dollars ($3.00) per share (the “Conversion Price”) and the Company shall promptly deliver such Common Stock in accordance with the request of borrower. Upon delivery of such shares of Common Stock this Note shall be deemed to be repaid and satisfied in full. All references to the Company’s Common Stock to be issued in satisfaction of conversion of the Note and repayment of Principal and Interest thereby refer to the duly authorized shares of the Company’s Common Stock, $0.00001 par value per share, as disclosed and filed in the Company’s periodic reports with the U.S. Securities and Exchange Commission. Such Common Stock shall be restricted, and may not be transferred by the Holder except pursuant to a valid registration statement or pursuant to an exemption from registration permitted by the Securities Act of 1933, as amended. Any and all stock certificates representing the Common Stock shall include, as applicable, a legend indicating that the Common Stock is restricted, substantially as follows:

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TOWARD RESALE AND MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS, UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL WHICH IS SATISIFACTORY TO THE COMPANY, TO THE EFFECT THAT SUCH REGISTRATIONS ARE NOT REQUIRED.

3. REGISTRATION. The Holder hereby acknowledges that any and shares of Common Stock which may be converted pursuant to this Note shall be restricted when and as issued. The Company expects the Common Stock to become publicly tradable within approximately six months from the date of issuance in reliance upon Rule 144 promulgated under the Securities Act. If for any reason the Common Stock cannot be sold or traded in reliance on Rule 144 of the Securities Act within six months of the date of issuance, the Company will permit the Holder to include all or any portion of the Common Stock on any registration statement which may thereafter be filed by the Company. In the event of such registration, the Company shall use its best efforts to maintain the effectiveness of such registration statement until the Common Stock is sold or until the Common Stock becomes eligible for sale under Rule 144 of the Securities Act. The Holder agrees to promptly cooperate with any and all requests by the Company to provide information responsive to preparation, filing and requests for effectiveness of the registration statement for the Common Stock. The Holder will comply with any and all laws, rules and regulations pertaining to such registration and in regard to any and all offers, solicitations, sales or trading of such Common Stock. The Company makes no representations or warranties in respect of the availability of Rule 144 or SEC determinations of effectiveness of any registration statement filed with respect to the Common Stock. The Company reserves the right to defer, cease or withdraw the registration statement covering the Common Stock in the case of adverse market conditions or other material events pertaining to the Company.

4. INTEREST; INTEREST RATE.

a. Interest on this Note shall commence accruing on the Issuance Date, shall accrue daily at the Interest Rate on the outstanding Principal amount from time to time, and shall be computed on the basis of a 360-day year comprised of twelve (12) thirty (30) day months. From and after the occurrence and during the continuance of any Event of Default, the Interest Rate shall be increased to sixteen percent (16%). In the event that such Event of Default is subsequently cured, the adjustment referred to in the preceding sentence shall cease to be effective as of the date of such cure; provided that the Interest as calculated and unpaid at such increased rate during the continuance of such Event of Default shall continue to apply to the extent relating to the days after the occurrence of such Event of Default through and including the date of such cure of such Event of Default.

5. RIGHTS UPON EVENT OF DEFAULT.

a. Event of Default. Each of the following events shall constitute an “Event of Default”:

i. The suspension from trading or failure of the Company’s common stock listed on an Eligible Market for a period of five (5) consecutive days or for more than an aggregate of ten (10) days in any 365 day period;

ii. The Company’s or any subsidiary’s failure to pay to the Holder any amount of Principal, Interest, Late Charges or other amounts when and as due under this Note (including, without limitation, the Company’s or any subsidiary’s failure to pay any redemption payments or amounts hereunder), except, in the case of a failure to pay Interest and Late Charges when and as due, in which case only if such failure remains uncured for a period of at least five (5) days;

iii. Bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings for the relief of debtors shall be instituted by or against the Company or any subsidiary and, if instituted against the Company or any subsidiary by a third party, shall not be dismissed within thirty (30) days of their initiation;

iv. The commencement by the Company or any subsidiary of a voluntary case or proceeding under any applicable federal, state or foreign bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by it to the entry of a decree, order, judgment or other similar document in respect of the Company or any subsidiary in an involuntary case or proceeding under any applicable federal, state or foreign bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under any applicable federal, state or foreign law, or the consent by it to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or any subsidiary or of any substantial part of its property, or the making by it of an assignment for the benefit of creditors, or the execution of a composition of debts, or the occurrence of any other similar federal, state or foreign proceeding, or the admission by it in writing of its inability to pay its debts generally as they become due, the taking of corporate action by the Company or any subsidiary in furtherance of any such action or the taking of any action by any Person to commence a UCC foreclosure sale or any other similar action under federal, state or foreign law;

v. The entry by a court of (i) a decree, order, judgment or other similar document in respect of the Company or any subsidiary of a voluntary or involuntary case or proceeding under any applicable federal, state or foreign bankruptcy, insolvency, reorganization or other similar law or (ii) a decree, order, judgment or other similar document adjudging the Company or any subsidiary as bankrupt or insolvent, or approving as properly filed a petition seeking liquidation, reorganization, arrangement, adjustment or composition of or in respect of the Company or any subsidiary under any applicable federal, state or foreign law or (iii) a decree, order, judgment or other similar document appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or any subsidiary or of any substantial part of its property, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree, order, judgment or other similar document or any such other decree, order, judgment or other similar document unstayed and in effect for a period of thirty (30) consecutive days;

vi. A final judgment or judgments for the payment of money aggregating in excess of $250,000 are rendered against the Company and/or any of its subsidiaries and which judgments are not, within thirty (30) days after the entry thereof, bonded, discharged or stayed pending appeal, or are not discharged within thirty (30) days after the expiration of such stay; provided, however, that any judgment which is covered by insurance or an indemnity from a credit worthy party shall not be included in calculating the $250,000 amount set forth above so long as the Company provides the Holder a written statement from such insurer or indemnity provider (which written statement shall be reasonably satisfactory to the Holder) to the effect that such judgment is covered by insurance or an indemnity and the Company or such subsidiary (as the case may be) will receive the proceeds of such insurance or indemnity within thirty (30) days of the issuance of such judgment;

vii. The Company individually or in the aggregate, either (i) fails to pay, when due, or within any applicable grace period, any payment with respect to any Indebtedness in excess of $250,000 due to any third party, other than, with respect to unsecured Indebtedness only, payments contested by the Company and/or such subsidiary (as the case may be) in good faith by proper proceedings and with respect to which adequate reserves have been set aside for the payment thereof in accordance with GAAP, or otherwise be in breach or violation of any agreement for monies owed or owing in an amount in excess of $250,000, which breach or violation permits the other party thereto to declare a default or otherwise accelerate amounts due thereunder, or (ii) suffer to exist any other circumstance or event that would, with or without the passage of time or the giving of notice, result in a default or event of default under any agreement binding the Company or any subsidiary, which default or event of default would or is likely to have a material adverse effect on the business, assets, operations (including results thereof), liabilities, properties, condition (including financial condition) or prospects of the Company or any of its subsidiaries, individually or in the aggregate; or

viii. Any breach or failure in any respect by the Company to comply with any provision of Section 6 of this Note.

6. COVENANTS.

a. Rank. All payments due under this Note shall, subject to all other terms and conditions herein, be senior to all other indebtedness of the Company except with respect to indebtedness arising from one or more credit facilities provided to the Company or its subsidiaries in excess of five million U.S. Dollars ($5,000,000) in the aggregate (each, a “Credit Facility”).

b. Incurrence of Indebtedness. So long as this Note is outstanding, the Company shall not, and the Company shall not permit any of its subsidiaries to, directly or indirectly, incur or guarantee, assume or suffer to exist any Indebtedness, other than (i) the Indebtedness evidenced by this Note and (ii) Permitted Indebtedness.

c. Existence of Liens. So long as this Note is outstanding, the Company shall not, and the Company shall not permit any of its subsidiaries to, directly or indirectly, allow or suffer to exist any mortgage, lien, pledge, charge, security interest or other encumbrance upon or in any property or assets (including accounts and contract rights) owned by the Company (collectively, “Liens”) other than Permitted Liens.

7. AMENDING THE TERMS OF NOTES. The prior written consent of the Holder shall be required for any change or amendment to this Note. No consideration shall be offered or paid to the Holder to amend or consent to a waiver or modification of any provision of this Note unless the same consideration is also offered to all of the holders of the Other Notes. The Holder shall be entitled, at its option, to the benefit of any amendment to any of the Other Notes.

8. TRANSFER. This Note may be offered, sold, assigned or transferred by the Holder, in whole or in part, without the consent of the Company.

9. REISSUANCE OF THIS NOTE.

a. Transfer. If this Note is to be transferred, the Holder shall surrender this Note to the Company, whereupon the Company will forthwith issue and deliver upon the order of the Holder a new Note (in accordance with Section 9(d)), registered as the Holder may request, representing the outstanding Principal being transferred by the Holder and, if less than the entire outstanding Principal is being transferred, a new Note (in accordance with Section 9(d)) to the Holder representing the outstanding Principal not being transferred.

b. Lost, Stolen or Mutilated Note. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Note (as to which a written certification and the indemnification contemplated below shall suffice as such evidence), and, in the case of loss, theft or destruction, of any indemnification undertaking by the Holder to the Company in customary and reasonable form and, in the case of mutilation, upon surrender and cancellation of this Note, the Company shall execute and deliver to the Holder a new Note (in accordance with Section 9(d)) representing the outstanding Principal.

c. Note Exchangeable for Different Denominations. This Note is exchangeable, upon the surrender hereof by the Holder at the principal office of the Company, for a new Note or Notes (in accordance with Section 16(d) and in principal amounts of at least $10,000) representing in the aggregate the outstanding Principal of this Note, and each such new Note will represent such portion of such outstanding Principal as is designated by the Holder at the time of such surrender.

d. Issuance of New Notes. Whenever the Company is required to issue a new Note pursuant to the terms of this Note, such new Note (i) shall be of like tenor with this Note, (ii) shall represent, as indicated on the face of such new Note, the Principal remaining outstanding (or in the case of a new Note being issued pursuant to Section 9(a) or Section 9(c), the Principal designated by the Holder which, when added to the principal represented by the other new Notes issued in connection with such issuance, does not exceed the Principal remaining outstanding under this Note immediately prior to such issuance of new Notes), (iii) shall have an issuance date, as indicated on the face of such new Note, which is the same as the Issuance Date of this Note, (iv) shall have the same rights and conditions as this Note, and (v) shall represent accrued and unpaid Interest and Late Charges on the Principal and Interest of this Note, from the Issuance Date.

10. REMEDIES, CHARACTERIZATIONS, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this Note shall be cumulative and in addition to all other remedies available under this Note and any of the other Transaction Documents at law or in equity (including a decree of specific performance and/or other injunctive relief), and nothing herein shall limit the Holder’s right to pursue actual and consequential damages for any failure by the Company to comply with the terms of this Note. The Company covenants to the Holder that there shall be no characterization concerning this instrument other than as expressly provided herein. The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Holder and that the remedy at law for any such breach may be inadequate. The Company therefore agrees that, in the event of any such breach or threatened breach, the Holder shall be entitled, in addition to all other available remedies, to an injunction restraining any breach, without the necessity of showing economic loss and without any bond or other security being required.

11. PAYMENT OF COLLECTION, ENFORCEMENT AND OTHER COSTS. If (a) this Note is placed in the hands of an attorney for collection or enforcement or is collected or enforced through any legal proceeding or the Holder otherwise takes action to collect amounts due under this Note or to enforce the provisions of this Note or (b) there occurs any bankruptcy, reorganization, receivership of the Company or other proceedings affecting Company creditors’ rights and involving a claim under this Note, then the Company shall pay the costs incurred by the Holder for such collection, enforcement or action or in connection with such bankruptcy, reorganization, receivership or other proceeding, including, without limitation, attorneys’ fees and disbursements.

12. SECURITY. This Note is secured to the extent and in the manner set forth in the Security Agreement.

13. CONSTRUCTION; HEADINGS. This Note shall be deemed to be jointly drafted by the Company and the Holder and shall not be construed against any Person as the drafter hereof. The headings of this Note are for convenience of reference and shall not form part of, or affect the interpretation of, this Note.

14. FAILURE OR INDULGENCE NOT WAIVER. No failure or delay on the part of the Holder in the exercise of any power, right or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any other right, power or privilege. No waiver shall be effective unless it is in writing and signed by an authorized representative of the waiving party.

15. NOTICES; PAYMENTS.

a. Notices. The Company shall provide the Holder with prompt written notice of all actions taken pursuant to this Note, including in reasonable detail a description of such action and the reason therefore.

b. Payments. Whenever any payment of cash is to be made by the Company to any Person pursuant to this Note, such payment shall be made in lawful money of the United States of America by a check drawn on the account of the Company and sent via overnight courier service to such Person at such address as previously provided to the Company in writing; provided that the Holder may elect to receive a payment of cash via wire transfer of immediately available funds by providing the Company with prior written notice setting out such request and the Holder’s wire transfer instructions. Whenever any amount expressed to be due by the terms of this Note is due on any day which is not a Business Day, the same shall instead be due on the next succeeding day which is a Business Day and the extension of the due date thereof shall not be taken into account for purposes of determining the amount of Interest due on such date. Any amount of Principal or other amounts due under the Transaction Documents which is not paid when due shall result in a late charge being incurred and payable by the Company in an amount equal to interest on such amount at the rate of sixteen percent (16%) per annum from the date such amount was due until the same is paid in full (“Late Charge”).

16. CANCELLATION. After all Principal, accrued Interest and other amounts at any time owed on this Note have been paid in full, this Note shall automatically be deemed canceled, shall be surrendered to the Company for cancellation and shall not be reissued.

17. WAIVER OF NOTICE. To the extent permitted by law, the Company hereby irrevocably waives demand, notice, presentment, protest and all other demands and notices in connection with the delivery, acceptance, performance, default or enforcement of this Note.

18. GOVERNING LAW. This Note shall be construed and enforced in accordance with, and all questions concerning the construction, validity, interpretation and performance of this Note shall be governed by, the internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of New York. The Company hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in The City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. In the event that any provision of this Note is invalid or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform with such statute or rule of law. Any such provision which may prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision of this Note. Nothing contained herein shall be deemed or operate to preclude the Holder from bringing suit or taking other legal action against the Company in any other jurisdiction to collect on the Company’s obligations to the Holder, to realize on any collateral or any other security for such obligations, or to enforce a judgment or other court ruling in favor of the Holder. THE COMPANY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS NOTE OR ANY TRANSACTION CONTEMPLATED HEREBY.

19. CERTAIN DEFINITIONS. For purposes of this Note, the following terms shall have the following meanings:

a. “Business Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized or required by law to remain closed.

b. “Eligible Market” means a national stock quotation system, The New York or American Stock Exchange, Inc., the Nasdaq Global Select Market, the Nasdaq Global Market or the Nasdaq Capital Market.

c. “GAAP” means United States generally accepted accounting principles, consistently applied.

d. “Permitted Indebtedness” means (i) indebtedness of the Company outstanding on the date of issuance of this Note; (ii) equipment leases and purchase money obligations of the Company, (iii) indebtedness of the Company pursuant to a traditional credit facility from a bank, financial institution or other institutional lender; or (iv) indebtedness of the Company or its subsidiaries arising under a Credit Facility.

e. “Permitted Liens” means (i) any Lien for taxes not yet due or delinquent or being contested in good faith by appropriate proceedings for which adequate reserves have been established in accordance with GAAP, (ii) any statutory Lien arising in the ordinary course of business by operation of law with respect to a liability that is not yet due or delinquent, (iii) any Lien created by operation of law, such as materialmen’s liens, mechanics’ liens and other similar liens, arising in the ordinary course of business with respect to a liability that is not yet due or delinquent or that are being contested in good faith by appropriate proceedings, (iv) any Liens existing on the date of issuance of this Note (v) Liens securing the Company’s obligations under the Notes; and (vi) any Liens arising from indebtedness of the Company or its subsidiaries arising under a Credit Facility.

f. “Person” means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization, any other entity and a government or any department or agency thereof.

[signature page follows]

IN WITNESS WHEREOF, the Company has caused this Note to be duly executed as of the Issuance Date set forth above.

CIG WIRELESS CORP.

By: /s/ Paul McGinn
Name: Paul McGinn
Title: CEO

ACKNOWLEDGED AND ACCEPTED:

HOLDER: ENEX GROUP MANAGEMENT SA

By: /s/ Arthur Davis
Name: Arthur Davis

Title: President

EX-10 9 exhibit1023.htm CIG WIRELESS SECURITY AGREEMENT exhibit1023.htm - Generated by SEC Publisher for SEC Filing

Exhibit 10.23

CIG WIRELESS CORP. SECURITY AGREEMENT

THIS SECURITY AGREEMENT (“Agreement”) is made and entered into as of the 29^th day of March, 2012, by and among CIG Wireless Corp., a Nevada corporation (the “Borrower”), and the undersigned lenders, in the capacity as collateral agent (in such capacity, the “Collateral Agent”) and as lenders (the “Lenders”).

WITNESSETH:

WHEREAS, the Borrower has issued an Convertible Secured Note (the “Note”) to the Lenders in the principal amount as set forth on the signature page hereto;

WHEREAS, the Borrower has agreed to grant a security interest in and to the Collateral (as defined in this Agreement) to the Lenders pursuant to the Note on the terms and conditions set forth in this Agreement;

NOW, THEREFORE, for and in consideration of the issuance of the Note, the other premises and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound, the parties covenant and agree as follows:

1. Definitions. In addition to the words and terms defined elsewhere in this Agreement, the following words and terms shall have the following meanings, unless the context otherwise clearly requires:

“Accounts” shall have the meaning given to that term in the Code and shall include without limitation all rights of the Borrower, whenever acquired, to payment for goods sold or leased or for services rendered, whether or not earned by performance.

“Chattel Paper” shall have the meaning given to that term in the Code and shall include without limitation all writings owned by the Borrower, whenever acquired, which evidence both a monetary obligation and a security interest in or a lease of specific goods.

“Code” shall mean the Uniform Commercial Code as in effect on the date of this Agreement and as amended from time to time, of the state or states having jurisdiction with respect to all or any portion of the Collateral from time to time.

“Collateral” shall mean (i) all tangible and intangible assets of the Borrower and its subsidiaries, including, without limitation, collectively the Accounts, Chattel Paper, Deposit Accounts, Documents, Equipment, Fixtures, General Intangibles, Instruments, Intellectual Property, Inventory and Investment Property of the Borrower and its subsidiaries, and (ii) Proceeds of each of them.

“Deposit Accounts” shall have the meaning given to that term in the Code and shall include a demand, time, savings, passbook or similar account maintained with a bank,

savings bank, savings and loan association, credit union, trust company or other organization that is engaged in the business of banking.

“Documents” shall have the meaning given to that term in the Code and shall include without limitation all warehouse receipts (as defined by the Code) and other documents of title (as defined by the Code) owned by the Borrower, whenever acquired.

“Equipment” shall have the meaning given to that term in the Code and shall include without limitation all goods owned by the Borrower, whenever acquired and wherever located, used or brought for use primarily in the business or for the benefit of the Borrower and not included in Inventory of the Borrower, together with all attachments, accessories and parts used or intended to be used with any of those goods or Fixtures, whether now or in the future installed therein or thereon or affixed thereto, as well as all substitutes and replacements thereof in whole or in part.

“Event of Default” shall mean (i) any of the Events of Default described in the Note or the Loan Documents, or (ii) any default by the Borrower in the performance of its obligations under this Agreement.

“Fixtures” shall have the meaning given to that term in the Code, and shall include without limitation leasehold improvements.

“General Intangibles” shall have the meaning given to that term in the Code and shall include, without limitation, all leases under which the Borrower now or in the future leases and or obtains a right to occupy or use real or personal property, or both, all of the other contract rights of the Borrower, whenever acquired, and customer lists, choses in action, claims (including claims for indemnification), books, records, patents, copyrights, trademarks, blueprints, drawings, designs and plans, trade secrets, methods, processes, contracts, licenses, license agreements, formulae, tax and any other types of refunds, returned and unearned insurance premiums, rights and claims under insurance policies, and computer information, software, records and data, and oil, gas, or other minerals before extraction now owned or acquired after the date of this Agreement by the Borrower.

“Instruments” shall have the meaning given to that term in the Code and shall include, without limitation, all negotiable instruments (as defined in the Code), all certificated securities (as defined in the Code) and all other writings which evidence a right to the payment of money now or after the date of this Agreement owned by the Borrower.

“Inventory” shall have the meaning given to that term in the Code and shall include without limitation all goods owned by the Borrower, whenever acquired and wherever located, held for sale or lease or furnished or to be furnished under contracts of service, and all raw materials, work in process and materials owned by the Borrower and used or consumed in the Borrower’s business, whenever acquired and wherever located.

“Investment Property,” “Securities Intermediary” and “Commodities Intermediary” each shall have the meaning set forth in the Code.

“Loan Documents” shall mean collectively, this Agreement, the Note, and all other agreements, documents and instruments executed and delivered in connection therewith, as each may be amended, supplemented or modified from time to time.

“Permitted Liens” shall mean all (i) all existing liens on the assets of the Borrower which exist as of the date hereof; (ii) all purchase money security interests hereinafter incurred by the Borrower in the ordinary course of business; and (iii) any and all security interests and liens arising on or after the date hereof in respect of the Collateral which are attributable to any and all credit facilities provided to the Company or its subsidiaries in excess of five million U.S. Dollars ($5,000,000) (each, a “Credit Facility”).

“Proceeds” shall have the meaning given to that term in the Code and shall include without limitation whatever is received when Collateral or Proceeds are sold, exchanged, collected or otherwise disposed of, whether cash or non-cash, and includes without limitation proceeds of insurance payable by reason of loss of or damage to Collateral.

Capitalized terms not otherwise defined in this Agreement shall have the meanings attributed to such terms in the Code.

2. Security Interest.

(a) Subject to priority of rights by the holders of the Permitted Liens, as security for the full and timely payment of the Note, the Borrower agrees that the Lenders shall have, and the Borrower shall grant and convey to and create in favor of the Lenders, subject to all other provisions of this Agreement, a security interest under the Code in and to the Collateral, whether now owned or existing or hereafter acquired or arising and regardless of where located. The security interest granted to the Lenders in this Agreement shall be a first priority security interest, prior and superior to the rights of all third parties existing on or arising after the date of this Agreement, subject to the Permitted Liens. For purposes of clarity and notwithstanding anything to the contrary herein, the Note and the Collateral are expressly subordinate to any and all security interests and liens in respect of the Permitted Liens in the Collateral arising or attributable to the Credit Facility. Lenders hereby agree to postpone and subordinate the payment of all indebtedness evidenced by the Note to the payment of any and all Credit Facility indebtedness, including, without limitation, subordinating any and all security interests granted in favor of the Lenders with respect to the Collateral to the holder(s) of Credit Facility indebtedness. Lenders hereby agree to promptly execute and deliver to the Company any and all further subordination covenants and agreements requested by the Company in connection with such Credit Facility.

3. Provisions Applicable to the Collateral. The parties agree that the following provisions shall be applicable to the Collateral, except to the extent of all Permitted Liens in the Collateral:

(a) The Borrower covenants and agrees that at all times during the term of this Agreement it shall keep accurate and complete books and records concerning the Collateral that is now owned by the Borrower.

(b) The Lenders or their representatives shall have the right, upon reasonable prior written notice to the Borrower and during the regular business hours of the Borrower, to examine and inspect the Collateral and to review the books and records of the Borrower concerning the Collateral that is now owned or acquired after the date of this Agreement by the Borrower and to copy the same and make excerpts therefrom; provided, however, that from and after the occurrence of an Event of Default, the rights of inspection and entry shall be subject to the requirements of the Code.

(c) The Borrower shall at all times during the term of this Agreement keep the Equipment, Inventory and Fixtures in the locations that are now owned by the Borrower.

(d) The Borrower shall not move the location of its principal executive offices without prior written notification to the Lenders.

(e) Without the prior written consent of the Lenders, the Borrower shall not sell, lease or otherwise dispose of any Equipment or Fixtures, except in the ordinary course of their business.

(f) Promptly upon request of the Lenders from time to time, the Borrower shall furnish the Lenders with such information and documents regarding the Collateral and the Borrower’s financial condition, business, assets or liabilities, at such times and in such form and detail as the Lenders may reasonably request.

(g) During the term of this Agreement, the Borrower shall deliver to the Lenders, upon their reasonable, written request from time to time, without limitation,

(i) all invoices and customer statements rendered to account debtors, documents, contracts, chattel paper, instruments and other writings pertaining to the Borrower’s contracts or the performance of the Borrower’s contracts,

(ii) evidence of the Borrower’s accounts and statements showing the aging, identification, reconciliation and collection thereof, and

(iii) reports as to the Borrower’s inventory and sales, shipment, damage or loss thereof, all of the foregoing to be certified by authorized officers or other employees of the Borrower, and Borrower shall take all necessary action during the term of this Agreement to perfect any and all security interests in favor of the Borrower and to assign to Lenders all such security interests in favor of the Borrower.

(h) Notwithstanding the security interest in the Collateral granted to and created in favor of the Lenders under this Agreement, the Borrower shall have the right until one or more Events of Default shall occur, at their own cost and expense, to collect the Accounts and the Chattel Paper and to enforce their contract rights.

(i) After the occurrence of an Event of Default, the Collateral Agent shall have the right, in its sole discretion, to give notice of the Lenders’ security interest to account debtors obligated to the Borrower and, subject to the rights of the holders of the Permitted Liens, to take over and direct collection of the Accounts and the Chattel Paper, to notify such account debtors to make payment directly to the Lenders and to enforce payment of the Accounts and the Chattel Paper and to enforce the Borrower’s contract rights. It is understood and agreed by the Borrower that the Collateral Agent shall have no liability whatsoever under this subsection except (i) to the holders of the Permitted Liens and (ii) for its own gross negligence or willful misconduct.

(j) At all times during the term of this Agreement, the Borrower shall promptly deliver to the Collateral Agent, upon their written request, all existing leases, and all other leases entered into by the Borrower from time to time, covering any Equipment or Inventory (“Leased Inventory”) which is leased to third parties.

(k) The Borrower shall not change its name, entity status, federal taxpayer identification number, or provincial organizational or registration number, or the state under which it is organized without the prior written consent of the Lenders, which consent shall not be unreasonably withheld.

(l) [Intentionally Omitted]

(m) The Borrower shall cooperate with the Lenders, at the Borrower’s reasonable expense, in perfecting Lenders’ security interest in any of the Collateral.

(n) Subject to the rights of the holders of the Permitted Liens, the Collateral Agent may file any necessary financing statements and other documents the Collateral Agent deems reasonably necessary in order to perfect Lenders’ security interest without the Borrower’s signature. The Borrower grants to the Collateral Agent a power of attorney for the sole purpose of executing any documents on behalf of the Borrower which the Collateral Agent deems reasonably necessary to perfect Lenders’ security interest. Such power, coupled with an interest, is irrevocable.

4. Actions with Respect to Accounts. The Borrower irrevocably makes, constitutes and appoints the Collateral Agent its true and lawful attorney-in-fact with power to sign its name and, subject to the rights of the holders of the Permitted Liens, to take any of the following actions after the occurrence and prior to the cure of an Event of Default, at any time without notice to the Borrower and at the Borrower’s reasonable expense:

(a) Verify the validity and amount of, or any other matter relating to, the Collateral by mail, telephone, telegraph or otherwise;

(b) Notify all account debtors that the Accounts have been assigned to the Lenders and that the Lenders have a security interest in the Accounts;

(d) Take control in any reasonable manner of any cash or non-cash items of payment or proceeds of Accounts;

(e) Receive, open and respond to all mail addressed to the Borrower;

(f) Take control in any manner of any rejected, returned, stopped in transit or repossessed goods relating to Accounts;

(g) Enforce payment of and collect any Accounts, by legal proceedings or otherwise, and for such purpose the Lenders may:

(1) Demand payment of any Accounts or direct any account debtors to make payment of Accounts directly to the Lenders;

(2) Receive and collect all monies due or to become due to the Borrower pursuant to the Accounts;

(3) Exercise all of the Borrower’s rights and remedies with respect to the collection of Accounts;

(4) Settle, adjust, compromise, extend, renew, discharge or release Accounts in a commercially reasonable manner;

(5) Sell or assign Accounts on such reasonable terms, for such reasonable amounts and at such reasonable times as the Lenders reasonably deem advisable;

(6) Prepare, file and sign the Borrower’s name or names on any Proof of Claim or similar documents in any proceeding filed under federal or state bankruptcy, insolvency, reorganization or other similar law as to any account debtor;

(7) Prepare, file and sign the Borrower’s name or names on any notice of lien, claim of mechanic’s lien, assignment or satisfaction of lien or mechanic’s lien or similar document in connection with the Collateral;

(8) Endorse the name of the Borrower upon any chattel papers, documents, instruments, invoices, freight bills, bills of lading or similar documents or agreements relating to Accounts or goods pertaining to Accounts or upon any checks or other media of payment or evidence of a security interest that may come into the Lenders’ possession;

(9) Sign the name or names of the Borrower to verifications of Accounts and notices of Accounts sent by account debtors to the Borrower; or

(10) Take all other actions that the Lenders reasonably deem to be necessary or desirable to protect the Borrower’s interest in the Accounts.

(h) Negotiate and endorse any Document in favor of the Lenders or their designees, covering Inventory which constitutes Collateral (except for Collateral subject to Permitted Liens), and related documents for the purpose of carrying out the provisions of this Agreement and taking any action and executing in the name(s) of Borrower any instrument which the Lenders may reasonably deem necessary or advisable to accomplish the purpose hereof. Without limiting the generality of the foregoing, the Collateral Agent shall have the right and power, subject to the rights of the holders of the Permitted Liens, to receive, endorse and collect checks and other orders for the payment of money made payable to the Borrower representing any payment or reimbursement made under, pursuant to or with respect to, the Collateral (except Collateral subject to Permitted Liens) or any part thereof and to give full discharge to the same. Subject to the rights of the holders of the Permitted Liens, the Borrower does hereby ratify and approve all acts of said attorney and agrees that said attorney shall not be liable for any acts of commission or omission, nor for any error of judgment or mistake of fact or law, except for said attorney’s own gross negligence or willful misconduct. This power, being coupled with an interest, is irrevocable until the Note is paid in full (at which time this power shall terminate in full) and the Borrower shall have performed all of its obligations under this Agreement. The Borrower further agrees to use its reasonable efforts to assist the Collateral Agent in the collection and enforcement of the Accounts (except Collateral subject to Permitted Liens) and will not hinder, delay or impede the Lenders in any manner in its collection and enforcement of the Accounts.

5. Preservation and Protection of Security Interest. The Borrower represents and warrants that it has, and covenants and agrees that at all times during the term of this Agreement, subject to the Permitted Liens, it will have, good and marketable title to the Collateral now owned by it free and clear of all mortgages, pledges, liens, security interests, charges or other encumbrances, except for the Permitted Liens, and shall defend the Collateral (except Collateral subject to Permitted Liens) against the claims and demands of all persons, firms and entities whomsoever. Assuming Lenders have taken all required action, subject to the Permitted Liens, to perfect a security interest in the Collateral as provided by the Code, the Borrower represents and warrants that as of the date of this Agreement the Lenders have, and that all times in the future the Lenders will have, subject to the rights of the holders of the Permitted Liens, a first priority perfected security interest in the Collateral, prior and superior to the rights of all third parties in the Collateral existing on the date of this Agreement or arising after the date of this Agreement. Except as permitted by this Agreement, the Borrower covenants and agrees that it shall not, without the prior written consent of the Lenders (i) borrow against the Collateral or any portion of the Collateral from any other person, firm or entity, except for borrowings which are subordinate to the rights of the Lenders, (ii) grant or create or permit to attach or exist any mortgage, pledge, lien, charge or other encumbrance, or security interest on, of or in any of the Collateral or any portion of the Collateral except those in favor of the Lenders or the Permitted Liens, (iii) permit any levy or attachment to be made against the Collateral or any portion of the Collateral, except those subject to the Permitted Liens, or (iv) permit any financing statements to be on file with respect to any of the Collateral, except financing statements in favor of the Lenders or those with respect to the Permitted Liens. The Borrower shall faithfully preserve and protect the Lenders’ security interest in the Collateral and shall, subject to the rights of the holders of the Permitted Liens, at its own reasonable cost and expense, cause, or assist the Lenders to cause that security interest to be perfected and continue perfected so long as the Note or any portion of the Note is outstanding, unpaid or executory. For purposes of the perfection of the Lenders’ security interest in the Collateral in accordance with the requirements of this Agreement, the Borrower shall, subject to the rights of the holders of the Permitted Liens, from time to time at the request of the Lenders file or record, or cause to be filed or recorded, such instruments, documents and notices, including assignments, financing statements and continuation statements, as the Lenders may reasonably deem necessary or advisable from time to time in order to perfect and continue perfected such security interest, subject to the rights of the holders of the Permitted Liens. Subject to the rights of the holders of the Permitted Liens, The Borrower shall do all such other acts and things and shall execute and deliver all such other instruments and documents, including further security agreements, pledges, endorsements, assignments and notices, as the Lenders in their discretion may reasonably deem necessary or advisable from time to time in order to perfect and preserve the priority of such security interest as a first lien security interest in the Collateral prior to the rights of all third persons, firms and entities, subject to the Permitted Liens and except as may be otherwise provided in this Agreement. The Borrower agrees that a carbon, photographic or other reproduction of this Agreement or a financing statement is sufficient as a financing statement and may be filed instead of the original.

6. Insurance. Risk of loss of, damage to or destruction of the Equipment, Inventory and Fixtures is on the Borrower. The Borrower shall insure the Equipment, Inventory and Fixtures against such risks and casualties and in such amounts and with such insurance companies as is ordinarily carried by corporations or other entities engaged in the same or similar businesses and similarly situated or as otherwise reasonably required by the Lenders in their sole discretion. In the event of loss of, damage to or destruction of the Equipment, Inventory or Fixtures during the term of this Agreement, the Borrower shall promptly notify Lenders of such loss, damage or destruction. At the reasonable request of the Lenders, the Borrower’s policies of insurance shall contain loss payable clauses in favor of the Borrower and the Lenders as their respective interests may appear and shall contain provision for notification of the Lenders thirty (30) days prior to the termination of such policy. At the request of the Lenders, copies of all such policies, or certificates evidencing the same, shall be deposited with the Lenders. If the Borrower fails to effect and keep in full force and effect such insurance or fail to pay the premiums when due, the Lenders may (but shall not be obligated to) do so for the account of the Borrower and add the cost thereof to the Note. Subject to the rights of the holders of the Permitted Liens, The Lenders are irrevocably appointed attorney-in-fact of the Borrower to endorse any draft or check which may be payable to the Borrower in order to collect the proceeds of such insurance. Unless an Event of Default has occurred and is continuing, the Lenders, subject to the rights of the holders of the Permitted Liens, will turn over to the Borrower the proceeds of any such insurance collected by it on the condition that the Borrower apply such proceeds either (i) to the repair of damaged Equipment, Inventory or Fixtures, or (ii) to the replacement of destroyed Equipment, Inventory or Fixtures with Equipment, Inventory or Fixtures of the same or similar type and function and of at least equivalent value (in the sole judgment of the Lenders), provided such replacement Equipment, Fixtures or Inventory is made subject to the security interest created by this Agreement and constitutes a first lien security interest in the Equipment, Inventory and Fixtures subject only to Permitted Liens and other security interests permitted under this Agreement, and is perfected by the filing of financing statements in the appropriate public offices and the taking of such other action as may be necessary or desirable in order to perfect and continue perfected such security interest. Any balance of insurance proceeds remaining in the possession of the Lenders after payment in full of the Note shall be paid over to the Borrower or its order.

7. Maintenance and Repair. The Borrower shall maintain the Equipment, Inventory and Fixtures, and every portion thereof, in good condition, repair and working order, reasonable wear and tear alone excepted, and shall pay and discharge all taxes, levies and other impositions assessed or levied thereon as well as the cost of repairs to or maintenance of the same. If the Borrower fails to do so, the Lenders may (but shall not be obligated to) pay the cost of such repairs or maintenance and such taxes, levies or impositions for the account of the Borrower and add the amount of such payments to the Note.

8. Preservation of Rights Against Third Parties; Preservation of Collateral in Lenders’s Possession. Until such time as the Lenders exercise their right to effect direct collection of the Accounts and the Chattel Paper and to effect the enforcement of the Borrower’s contract rights, the Borrower assumes full responsibility for taking any and all commercially reasonable steps to preserve rights in respect of the Accounts and the Chattel Paper and their contracts against prior parties. The Lenders shall be deemed to have exercised reasonable care in the custody and preservation of such of the Collateral as may come into its possession from time to time if the Lenders take such action for that purpose as the Borrower shall request in writing, provided that such requested action shall not, in the judgment of the Lenders, impair the Lenders’ security interest in the Collateral or its right in, or the value of, the Collateral, and provided further that the Lenders receive such written request in sufficient time to permit the Lenders to take the requested action.

9. Events of Default and Remedies.

(a) If any one or more of the Events of Default shall occur or shall exist, the Collateral Agent may then or at any time thereafter, so long as such default shall continue, subject to the rights of the holders of the Permitted Liens, foreclose the lien or security interest in the Collateral in any way permitted by law, or upon fifteen (15) days prior written notice to the Borrower, sell any or all Collateral at private sale at any time or place in one or more sales, at such price or prices and upon such terms, either for cash or on credit, as the Collateral Agent, in its sole discretion, may elect, or sell any or all Collateral at public auction, either for cash or on credit, as the Collateral Agent, in its sole discretion, may elect, and at any such sale, the Collateral Agent may bid for and become the purchaser of any or all such Collateral. Subject to the rights of the holders of the Permitted Liens, pending any such action the Collateral Agent may liquidate the Collateral.

(b) If any one or more of the Events of Default shall occur or shall exist, the Collateral Agents may then, or at any time thereafter, so long as such default shall continue, grant extensions to, or adjust claims of, or make compromises or settlements with, debtors, guarantors or any other parties with respect to Collateral or any securities, guarantees or insurance applying thereon, without notice to or the consent of the Borrower, without affecting the Borrower’s liability under this Agreement or the Note. The Borrower waives notice of acceptance, of nonpayment, protest or notice of protest of any Accounts or Chattel Paper, any of its contract rights or Collateral and any other notices to which the Borrower may be entitled.

(c) If any one or more of the Events of Default shall occur or shall exist and be continuing, then in any such event, the Collateral Agent shall, subject to the rights of the holders of the Permitted Liens, have such additional rights and remedies in respect of the Collateral or any portion thereof as are provided by the Code and such other rights and remedies in respect thereof which it may have at law or in equity or under this Agreement, including without limitation the right to enter any premises where Equipment, Inventory and/or Fixtures are located and take possession and control thereof without demand or notice and without prior judicial hearing or legal proceedings, which the Borrower expressly waives.

(d) The Collateral Agent shall, subject to the rights of the holders of the Permitted Liens, apply the Proceeds of any sale or liquidation of the Collateral, and, subject to Section 5, any Proceeds received by the Collateral Agent from insurance, first to the payment of the reasonable costs and expenses incurred by the Collateral Agent in connection with such sale or collection, including without limitation reasonable attorneys’ fees and legal expenses; second to the payment of the Note, pro rata, whether on account of principal or interest or otherwise as the Collateral Agent, in its sole discretion, may elect, and then to pay the balance, if any, to the Borrower or as otherwise required by law. If such Proceeds are insufficient to pay the amounts required by law, the Borrower shall be liable for any deficiency.

(e) Upon the occurrence of any Event of Default, the Borrower shall, subject to the rights of the holders of the Permitted Liens, promptly upon written demand by the Collateral Agent assemble the Equipment, Inventory and Fixtures and make them available to the Lenders at a place or places to be designated by the Collateral Agent The rights of the Collateral Agent under this paragraph to have the Equipment, Inventory and Fixtures assembled and made available to it is of the essence of this Agreement and the Collateral Agent may, at its election, enforce such right by an action in equity for injunctive relief or specific performance, without the requirement of a bond.

10. Defeasance. Notwithstanding anything to the contrary contained in this Agreement upon payment and performance in full of the Note, this Agreement shall terminate and be of no further force and effect and the Lenders shall thereupon terminate their security interest in the Collateral. Until such time, however, this Agreement shall be binding upon and inure to the benefit of the parties, their successors and assigns, provided that, without the prior written consent of the Lenders, the Borrower may not assign this Agreement or any of its rights under this Agreement or delegate any of its duties or obligations under this Agreement and any such attempted assignment or delegation shall be null and void. This Agreement is not intended and shall not be construed to obligate the Lenders to take any action whatsoever with respect to the Collateral or to incur expenses or perform or discharge any obligation, duty or disability of the Borrower.

11. The Collateral Agent.

(a) Delegation of Duties. The Collateral Agent may execute any of its duties under this Agreement or any other Loan Document by or through agents, employees or attorneys in fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. The Collateral Agent shall not be responsible for the negligence or misconduct of any agent or attorney in fact that it selects with reasonable care.

(b) Liability of Collateral Agent. None of the Collateral Agent Related Persons (as defined below) shall (i) be liable for any action taken or omitted to be taken by any of them under or in connection with this Agreement or any other Loan Document or the transactions contemplated hereby (except for its own gross negligence or willful misconduct), or (ii) be responsible in any manner to any of the Lenders for any recital, statement, representation or warranty made by any other party, or any officer thereof, contained in this Agreement or in any other Loan Document, or in any certificate, report, statement or other document referred to or provided for in, or received by the Collateral Agent under or in connection with, this Agreement or any other Loan Document, or the validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document, or for any failure of any other party to this Agreement or any other Loan Document to perform its obligations hereunder or thereunder. No Collateral Agent Related Person shall be under any obligation to the Lenders to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Loan Document, or to inspect the properties, books or records of the Borrower or any of the Borrower’s Subsidiaries or Affiliates. “Collateral Agent Related Persons” means the Collateral Agent and any successor agent arising hereunder, together with their respective affiliates, and the officers, directors, employees, agents and attorneys-in-fact of such persons and affiliates.

(c) Reliance by Collateral Agent. The Collateral Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing, resolution, notice, consent, certificate, affidavit, letter, telegram, facsimile, telex or telephone message, statement or other document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper person or persons, and upon advice and statements of legal counsel (including counsel to the Borrower), independent accountants and other experts selected by the Collateral Agent. The Collateral Agent shall be fully justified in failing or refusing to take any action under this Agreement or any other Loan Document unless it shall first receive such advice or concurrence of the Majority Lenders as it deems appropriate and, if it so requests, it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action. The Collateral Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement or any other Loan Document in accordance with a request or consent of the Lenders and such request and any action taken or failure to act pursuant thereto shall be binding upon all of the Lenders.

(d) Notice of Default. The Collateral Agent shall not be deemed to have knowledge or notice of the occurrence of any default or Event of Default, except with respect to defaults in the delivery of any documents or certificates required to be delivered to the Collateral Agent hereunder for the benefit of the Lenders, unless the Collateral Agent shall have received written notice from the Lenders or the Borrower referring to this Agreement, describing such default or Event of Default and stating that such notice is a “notice of default”. The Collateral Agent will notify the Lenders of its receipt of any such notice. The Collateral Agent shall take such action with respect to such Default or Event of Default as may be requested by the Majority Lenders in accordance with this Agreement; provided, however, that unless and until the Collateral Agent has received any such request, the Collateral Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such default or Event of Default as it shall deem advisable or in the best interest of the Lenders.

(e) Indemnification of Collateral Agent. Whether or not the transactions contemplated hereby and by the other Loan Documents are consummated, the Lenders shall indemnify upon demand the Collateral Agent Related Persons (to the extent not reimbursed by or on behalf of the Borrower and without limiting the obligation of the Borrower to do so), pro rata, from and against any and all Indemnified Liabilities (as defined below); provided, however, that the Lenders shall not be liable for the payment to the Collateral Agent Related Persons of any portion of such Indemnified Liabilities resulting solely from such Person’s gross negligence or willful misconduct. Without limitation of the foregoing, the Lenders shall not reimburse the Collateral Agent upon demand for its ratable share of any costs or out of pocket expenses (including fees and disbursements of legal counsel) incurred by the Collateral Agent in connection with the preparation, execution, delivery, administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement, any other Loan Document, or any document contemplated by or referred to herein, to the extent that the Collateral Agent is not reimbursed for such expenses by or on behalf of the Borrower. Notwithstanding the foregoing, the Lenders shall not be required to pay, in total under this paragraph (e) and any similar provision in any other Loan Document, any amount in excess of the total principal amount of the Note. The undertaking in this paragraph shall survive the payment of all obligations hereunder and the resignation or replacement of the Collateral Agent. “Indemnified Liabilities” means all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, charges, expenses and disbursements (including fees and disbursements of legal counsel) of any kind or nature whatsoever which may at any time (including at any time following repayment of the Note and the termination, resignation or replacement of the Collateral Agent) be imposed on, incurred by or asserted against any Collateral Agent Related Person in any way relating to or arising out of this Agreement or any document contemplated by or referred to herein, or the transactions contemplated hereby and thereby, or any action taken or omitted by any such Collateral Agent Related Person under or in connection with any of the foregoing, including with respect to any investigation, litigation or proceeding (including any bankruptcy or insolvency proceeding or appellate proceeding) related to or arising out of this Agreement or the Note or the other Loan Documents or the use of the proceeds thereof, whether or not any Collateral Agent Related Person is a party thereto.

(f) Collateral Agent in Individual Capacity. Any Collateral Agent Related Person may engage in transactions with, make loans to, acquire equity interests in and generally engage in any kind of business with the Borrower and their affiliates, including purchasing and holding Note, as though the Collateral Agent were not the Collateral Agent hereunder and without notice to or consent of the Lenders. The Lenders acknowledge that, pursuant to such activities, any Collateral Agent Related Person may receive information regarding the Borrower and their affiliates (including information that may be subject to confidentiality obligations in favor of the Borrower and their affiliates) and acknowledge that the Collateral Agent shall be under no obligation to provide such information to them. With respect to any Note it holds, a Collateral Agent Related Person shall have the same rights and powers under this Agreement as the Lenders and may exercise the same as though the Collateral Agent were not the Collateral Agent, and the term “Lenders” includes, without limitation, any such Collateral Agent Related Person in its individual capacity.

(g) Successor Collateral Agent. The Collateral Agent may, and at the request of the Majority Lenders shall, resign as Collateral Agent upon 30 days’ notice to the Lenders. If the Collateral Agent resigns under this Agreement, the Majority Lenders shall appoint from among the Lenders a successor agent for the Lenders, which successor agent shall be approved by the Borrower, such approval not to be unreasonably withheld. If no successor agent is appointed prior to the effective date of the resignation of the Collateral Agent, the Collateral Agent may appoint, after consulting with the Lenders and the Borrower, a successor agent from among the Lenders. Upon the acceptance of its appointment as successor agent hereunder, such successor agent shall succeed to all the rights, powers and duties of the retiring Collateral Agent and the term “Collateral Agent” shall mean such successor agent and the retiring Collateral Agent’s appointment, powers and duties as Collateral Agent shall be terminated. After any retiring Collateral Agent’s resignation hereunder as Collateral Agent, the provisions of this Section 11 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Collateral Agent under this Agreement. If no successor agent has accepted appointment as Collateral Agent by the date which is 30 days following a retiring Collateral Agent’s notice of resignation, the retiring Collateral Agent’s resignation shall nevertheless thereupon become effective and the Lenders shall perform all of the duties of the Collateral Agent hereunder until such time, if any, as the Majority Lenders appoint a successor agent as provided for above.

12. Miscellaneous.

(a) The provisions of this Agreement are intended to be severable. If any provision of this Agreement shall for any reason be held invalid or unenforceable in whole or in part in any jurisdiction, such provision shall, as to such jurisdiction, be ineffective to the extent of such invalidity or unenforceability without in any manner affecting the validity or enforceability of such provision in any other jurisdiction or any other provision of this Agreement in any jurisdiction.

(b) No failure or delay on the part of the Lenders in exercising any right, remedy, power or privilege under this Agreement and the Note shall operate as a waiver thereof or of any other right, remedy, power or privilege of the Lenders under this Agreement, the Note or any of the other Loan Documents; nor shall any single or partial exercise of any such right, remedy, power or privilege preclude any other right, remedy, power or privilege or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges of the Lenders under this Agreement, the Note and the other Loan Documents are cumulative and not exclusive of any rights or remedies which they may otherwise have.

(c) Unless otherwise provided herein, all demands, notices, consents, service of process, requests and other communications hereunder shall be in writing and shall be delivered in person or by overnight courier service, or mailed by certified mail, return receipt requested, addressed:

If to Borrower:

CIG Wireless Corp.

5 Concourse Parkway, Suite 3100
Atlanta, GA, 30328

Attention: Paul McGinn, Chief Executive Officer

with a copy to:

Wuersch & Gering LLP

100 Wall Street, 21^st Floor

New York, New York 10005

Attn: Travis L. Gering

If to Collateral Agent, to the address set forth on the signature page hereto.

Any such notice shall be effective when delivered, if delivered by hand delivery, overnight courier service, or U.S. Mail return receipt requested.

(d) The section headings contained in this Agreement are for reference purposes only and shall not control or affect its construction or interpretation in any respect.

(e) Unless the context otherwise requires, all terms used in this Agreement which are defined by the Code shall have the meanings stated in the Code.

(f) The Code shall govern the settlement, perfection and the effect of attachment and perfection of the Lenders’ security interest in the Collateral, and the rights, duties and obligations of the Lenders and the Borrower with respect to the Collateral. This Agreement shall be deemed to be a contract under the laws of the State of New York and the execution and delivery of this Agreement and, to the extent not inconsistent with the preceding sentence, the terms and provisions of this Agreement shall be governed by and construed in accordance with the laws of that State.

(g) This Agreement may be executed in several counterparts, each of which shall be deemed an original but all of which shall constitute one and the same instrument. All of such counterparts shall be read as though one, and they shall have the same force and effect as though all the signers had signed a single page.

[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, and intending to be legally bound, the parties have executed and delivered this Security Agreement as of the day and year set forth at the beginning of this Security Agreement.

BORROWER:

CIG WIRELESS CORP.

By: /s/ Paul McGinn

Name: Paul McGinn

Title: CEO

ACCEPTED BY:

LENDERS:

By: /s/ Arthur Davis

Name: Arthur Davis

Title: President

Address for Notices: Rue Des Moulins 3

CH-1290 Versoix, Switzerland

EX-31 10 exhibit311.htm SOX SECTION 302(A) CERTIFICATION OF THE CEO exhibit311.htm - Generated by SEC Publisher for SEC Filing

Exhibit 31.1

OFFICER'S CERTIFICATION PURSUANT TO SECTION 302

I, Paul McGinn, certify that:

1. I have reviewed this quarterly report on Form 10-Q of CIG Wireless Corp.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

May 21, 2012

By:	/s/ Paul McGinn
	Name: Paul McGinn
	Title: Principal Executive Officer

EX-31 11 exhibit312.htm SOX SECTION 302(A) CERTIFICATION OF THE CFO exhibit312.htm - Generated by SEC Publisher for SEC Filing

Exhibit 31.2

OFFICER'S CERTIFICATION PURSUANT TO SECTION 302

I, Romain Gay-Crosier, certify that:

1. I have reviewed this quarterly report on Form 10-Q of CIG Wireless Corp.;

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

May 21, 2012

By:	/s/ Romain Gay-Crosier
	Name: Romain Gay-Crosier
	Title: Principal Financial Officer

EX-32 12 exhibit322.htm SOX SECTION 906 CERTIFICATION OF THE CEO exhibit322.htm - Generated by SEC Publisher for SEC Filing

Exhibit 32.2

CERTIFICATIONS PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of CIG Wireless Corp. on Form 10-Q for the quarter ended March 31, 2012 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Romain Gay-Crosier, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to my knowledge that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 21, 2012

By:	/s/ Romain Gay-Crosier
	Name: Romain Gay-Crosier
	Title: Principal Financial Officer

EX-32 13 exhibit321.htm SOX SECTION 906 CERTIFICATION OF THE CEO exhibit321.htm - Generated by SEC Publisher for SEC Filing

Exhibit 32.1

CERTIFICATIONS PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of CIG Wireless Corp. on Form 10-Q for the quarter ended May 31, 2012 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Paul McGinn, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to my knowledge that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 21, 2012

By:	/s/ Paul McGinn
	Name: Paul McGinn
	Title: Principal Executive Officer

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CIG Wireless Corp. 10-Q --09-30 19766610 130170 false 0001432754 Yes No Smaller Reporting Company No 2012 Q2 2012-03-31

Note 1:  Basis of Presentation Basis of Presentation The accompanying unaudited interim consolidated financial statements of CIG Wireless, Corp. and its subsidiaries (the “Company” and “CIG Wireless”) have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company’s September 30, 2011 Annual Report filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the consolidated financial statements which would substantially duplicate the disclosure contained in the audited consolidated financial statements for the most recent fiscal year end September 30, 2011 as reported on Form 10-K, have been omitted. Reclassifications Certain prior period amounts have been reclassified to conform to current period presentation. Losses Allocated to Related Party Investors The Company has entered into six Atypical Silent Partnership Agreements with related party limited partnership investors which made loans to the Company for acquisition of tower assets which are segregated on the books by investment group. Profits from these towers are allocated to the related party investors until they obtain designated rates of return of between 8 – 20%. Once the rates of return are obtained by the related party investors, subsequent profits are allocated based upon ownership. Operating expenses and losses from these towers are 100% allocated to the investors until there is a net profit. The losses allocated to these related party investors are reflected in the statements of operations in “losses allocated to related party investors.” The total losses allocated during the period from December 1, 2011 through March 31, 2012, the period from October 1, 2011 through November 30, 2011 and the six months ended March 31, 2011 were $1,344,544, $612,137 and $1,851,862, respectively.

Note 2:  Going Concern The accompanying financial statements have been prepared on a going concern basis of accounting which contemplates continuity of operations, realization of assets, liabilities, and commitments in the normal course of business. The accompanying financial statements do not reflect any adjustments that might result if the Company is unable to continue as a going concern. The Company has a working capital deficit as of March 31, 2012. As shown in the accompanying financial statements, the Company has also incurred significant losses since inception. These conditions raise substantial doubt as to the Company’s ability to continue as a going concern. There is no assurance that management will be successful in raising additional funds. As of the date of this report, management is involved in negotiations with several different financing partners in and outside of the United States of America and reasonably expects positive developments and results within the weeks and months to come.

Note 3:  Acquisitions On October 7, 2011, CIG Wireless acquired all membership interests in CIG Services, LLC, from Communications Infrastructure Group, LLC (“CIG LLC”) for nominal consideration. CIG Services, LLC was formed by CIG LLC on September 23, 2011 as a wholly-owned subsidiary. No allocation of the purchase price table is presented because there were no assets or liabilities as of the acquisition date. On December 5, 2011, CIG Wireless acquired 100% of the membership interest in CIG, LLC from BAC Berlin Atlantic Holding GmbH & Co. KG for 750,000 common shares. Both parties agreed, for the convenience of month end closing procedures, to account for the acquisition as if it occurred on November 30, 2011. The results of operations and cash flows obtained through the use of November 30, 2011, rather than December 5, 2011, are not considered to be materially different. The purchase price for the acquisition of CIG LLC was $75,000 consisting of the 750,000 common shares issued and valued at $0.10 per share which was the previous sales price of the Company’s common stock for cash. The allocation of the purchase price and the estimated fair market values of the assets acquired and liabilities assumed are shown below. <table style="WIDTH: 280pt; BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0"> <tr style="HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="72%" nowrap="nowrap"> Cash </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="28%" nowrap="nowrap"> $              519,910 </td> </tr> <tr style="HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="72%" nowrap="nowrap"> Accounts receivable </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="28%" nowrap="nowrap"> 155,167 </td> </tr> <tr style="HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="72%" nowrap="nowrap"> Accounts receivable from related parties </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="28%" nowrap="nowrap"> 1,993,279 </td> </tr> <tr style="HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="72%" nowrap="nowrap"> Prepaid expenses and other current assets </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="28%" nowrap="nowrap"> 26,306 </td> </tr> <tr style="HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="72%" nowrap="nowrap"> Property and equipment, net of accum depreciation </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="28%" nowrap="nowrap"> 16,285,399 </td> </tr> <tr style="HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="72%" nowrap="nowrap"> Construction in progress </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="28%" nowrap="nowrap"> 1,124,595 </td> </tr> <tr style="HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="72%" nowrap="nowrap"> Deferred rent assets </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="28%" nowrap="nowrap"> 162,561 </td> </tr> <tr style="HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="72%" nowrap="nowrap"> Long-term prepaid rent </td> <td style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="28%" nowrap="nowrap"> 173,618 </td> </tr> <tr style="HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="72%" nowrap="nowrap"> Total assets acquired </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="28%" nowrap="nowrap"> 20,440,835 </td> </tr> <tr style="HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="72%" nowrap="nowrap">   </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="28%" nowrap="nowrap">   </td> </tr> <tr style="HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="72%" nowrap="nowrap"> Accounts payable and accrued expenses </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="28%" nowrap="nowrap"> 1,160,987 </td> </tr> <tr style="HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="72%" nowrap="nowrap"> Accounts payable to related parties </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="28%" nowrap="nowrap"> 3,485,745 </td> </tr> <tr style="HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="72%" nowrap="nowrap"> Deferred revenue </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="28%" nowrap="nowrap"> 180,885 </td> </tr> <tr style="HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="72%" nowrap="nowrap"> Deferred rent liabilities </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="28%" nowrap="nowrap"> 262,530 </td> </tr> <tr style="HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="72%" nowrap="nowrap"> Asset retirement obligation </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="28%" nowrap="nowrap"> 477,932 </td> </tr> <tr style="HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="72%" nowrap="nowrap"> Long-term subordinated obligations </td> <td style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="28%" nowrap="nowrap"> 13,826,198 </td> </tr> <tr style="HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="72%" nowrap="nowrap"> Total liabilities assumed </td> <td style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="28%" nowrap="nowrap"> 19,394,277 </td> </tr> <tr style="HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="72%" nowrap="nowrap">   </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="28%" nowrap="nowrap">   </td> </tr> <tr style="HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="72%" nowrap="nowrap"> Net assets acquired </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="28%" nowrap="nowrap"> 1,046,558 </td> </tr> <tr style="HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="72%" nowrap="nowrap"> Purchase price </td> <td style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="28%" nowrap="nowrap"> (75,000) </td> </tr> <tr style="HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="72%" nowrap="nowrap">   </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="28%" nowrap="nowrap">   </td> </tr> <tr style="HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="72%" nowrap="nowrap"> Bargain purchase gain </td> <td style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="28%" nowrap="nowrap"> $              971,558 </td> </tr> </table> The consolidated financial statements herein are presented under predecessor entity reporting and because the acquiring entity had no operations, prior historical information of the acquirer is not presented.

Note 4:  Construction in Progress During the six months ended March 31, 2011, the construction of communication towers with a total cost of $1,161,987 was completed and the tower cost was capitalized as property and equipment. As of March 31, 2012, the cost of towers in progress was $280,267.

Note 5:  Asset Retirement Obligations The changes in the carrying value of the Company’s asset retirement obligations for the six months ended March 31, 2012 and 2011 are as follows: <table style="WIDTH: 256.177pt; BORDER-COLLAPSE: collapse; HEIGHT: 204px" border="0" cellspacing="0" cellpadding="0"> <tr style="HEIGHT: 13.2pt"> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 13.2pt; PADDING-TOP: 0in" valign="bottom" width="76%"> Balance as of September 30, 2010 </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 13.2pt; PADDING-TOP: 0in" valign="bottom" width="24%"> $           448,389 </td> </tr> <tr style="HEIGHT: 13.2pt"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 13.2pt; PADDING-TOP: 0in" valign="bottom" width="76%"> Additions </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 13.2pt; PADDING-TOP: 0in" valign="bottom" width="24%"> 62,524 </td> </tr> <tr style="HEIGHT: 13.2pt"> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 13.2pt; PADDING-TOP: 0in" valign="bottom" width="76%"> Disposals </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 13.2pt; PADDING-TOP: 0in" valign="bottom" width="24%"> (45,961) </td> </tr> <tr style="HEIGHT: 13.2pt"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 13.2pt; PADDING-TOP: 0in" valign="bottom" width="76%"> Accretion </td> <td style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 13.2pt; PADDING-TOP: 0in" valign="bottom" width="24%"> 10,285 </td> </tr> <tr style="HEIGHT: 13.2pt"> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 13.2pt; PADDING-TOP: 0in" valign="bottom" width="76%"> Balance as of March 31, 2011 </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 13.2pt; PADDING-TOP: 0in" valign="bottom" width="24%"> 475,237 </td> </tr> <tr style="HEIGHT: 13.2pt"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 13.2pt; PADDING-TOP: 0in" valign="bottom" width="76%">   </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 13.2pt; PADDING-TOP: 0in" valign="bottom" width="24%">   </td> </tr> <tr style="HEIGHT: 13.2pt"> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 13.2pt; PADDING-TOP: 0in" valign="bottom" width="76%"> Balance as of September 30, 2011 </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 13.2pt; PADDING-TOP: 0in" valign="bottom" width="24%"> 480,740 </td> </tr> <tr style="HEIGHT: 13.2pt"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 13.2pt; PADDING-TOP: 0in" valign="bottom" width="76%"> Additions </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 13.2pt; PADDING-TOP: 0in" valign="bottom" width="24%"> 41,683 </td> </tr> <tr style="HEIGHT: 13.2pt"> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 13.2pt; PADDING-TOP: 0in" valign="bottom" width="76%"> Disposals </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 13.2pt; PADDING-TOP: 0in" valign="bottom" width="24%"> (23,497) </td> </tr> <tr style="HEIGHT: 13.2pt"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 13.2pt; PADDING-TOP: 0in" valign="bottom" width="76%"> Accretion </td> <td style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 13.2pt; PADDING-TOP: 0in" valign="bottom" width="24%"> 18,258 </td> </tr> <tr style="HEIGHT: 13.2pt"> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 13.2pt; PADDING-TOP: 0in" valign="bottom" width="76%"> Balance as of March 31, 2012 </td> <td style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 13.2pt; PADDING-TOP: 0in" valign="bottom" width="24%"> $           517,184 </td> </tr> </table>

Note 6:  Long-term Subordinated Obligations to Related Parties Between November 2009 and February 2010, the Company entered into six Atypical Silent Partnership Agreements with related party limited partnership investors which made contributions to the Company for acquisition of tower assets which are segregated on the books by investment group. No separate legal entity was created through these agreements. The investment agreements all have similar terms, conditions, and termination dates as defined in the agreements. Termination dates range from December 31, 2014 through September 30, 2015.  On each such termination date, each respective investor may elect termination of the arrangement and the Company must then make distributions.  Because these are mandatory variable repayment obligations occurring on each termination date, the net obligations to these investors are accounted for as long-term subordinated obligations.  Management fees, origination fees and interest charged to the investors and third-party consulting and other revenue received by the Company not related to the tower ownership or operations are segregated as Company revenue with minimal or no offset by Company overhead expenses. Except for each termination date, the Company has sole discretion on whether to pay any proceeds from operations or tower sales to the investors. The following is a summary of the net profits and liquidation interests of the six investors: <table style="WIDTH: 391.1pt; BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0"> <tr style="HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="61%">   </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="3%">   </td> <td style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="36%" colspan="3"> Interests </td> </tr> <tr style="HEIGHT: 1pt"> <td style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="61%"> Investor Name </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="3%">   </td> <td style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="18%"> Related Party </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="5%">   </td> <td style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="13%"> Company </td> </tr> <tr style="HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="61%"> InfraTrust Fuenf GmbH u. Co. KG (IT5) </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="3%">   </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="18%"> 99.999% </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="5%">   </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="13%"> 0.001% </td> </tr> <tr style="HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="61%"> Infrastructure Asset Pool, LLLP (ITAP) </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="3%">   </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="18%"> 99.999% </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="5%">   </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="13%"> 0.001% </td> </tr> <tr style="HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="61%"> InfraTrust Zwei GmbH u. Co. KG (IT2) </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="3%">   </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="18%"> 99.999% </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="5%">   </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="13%"> 0.001% </td> </tr> <tr style="HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="61%"> InfraTrust Premium Sieben GmbH & Co. KG (ITP7) </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="3%">   </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="18%"> 70% </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="5%">   </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="13%"> 30% </td> </tr> <tr style="HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="61%"> InfraTrust Premium Neun GmbH & Co. KG (ITP9) </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="3%">   </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="18%"> 60% </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="5%">   </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="13%"> 40% </td> </tr> <tr style="HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="61%"> Diana Damme (Damme) </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="3%">   </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="18%"> 60% </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="5%">   </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="13%"> 40% </td> </tr> </table> Profits are allocated to the related party investors until they obtain designated rates of return of between 8 – 20%. Once the rates of return are obtained by the related party investors, subsequent profits are allocated based upon ownership. Losses are 100% allocated to the investors until there is a net profit. During the period from December 1, 2011 through March 31, 2012, contributions by these related party investors totaled $12,000 and distributions to these related party investors totaled $175,600. Infrastructure Asset Management GmbH (IAM) is the general partner of IT2, ITAP, IT5, IT7, ITP9 and was related to the Company through common ownership until August 3, 2011 when IAM was sold to Enex Group Management, SA. (Enex).  Enex bought 8.3% of CIG in October 2011 and it has shared a Chief Financial Officer with the Company since that date.

Note 7:  Related Party Transactions The Company shares services with related parties and is allocated a proportionate share of the associated expenses and overhead.  During the period from December 1, 2011 through March 31, 2012, the period from October 1, 2011 through November 30, 2011 and the six months ended March 31, 2011, total allocated expenses were approximately $344,862, $44,839 and $659,676, respectively. Accounts receivable from related parties consisted of the following at: <table style="WIDTH: 364.299pt; BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0"> <tr style="HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="58%">   </td> <td style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="19%"> Successor Entity </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1.5pt solid; PADDING-TOP: 0in" valign="bottom" width="1%">   </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="2%">   </td> <td style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="20%"> Predecessor Entity </td> </tr> <tr style="HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="58%">   </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="19%"> March 31, </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1.5pt solid; PADDING-TOP: 0in" valign="bottom" width="1%">   </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="2%">   </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="20%"> September 30, </td> </tr> <tr style="HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="58%">   </td> <td style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="19%"> 2012 </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1.5pt solid; PADDING-TOP: 0in" valign="bottom" width="1%">   </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="2%">   </td> <td style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="20%"> 2011 </td> </tr> <tr style="HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="58%"> BAC InfraTrust Acht GmbH & Co. KG (IT8) </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="19%"> $              351,575 </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1.5pt solid; PADDING-TOP: 0in" valign="top" width="1%">   </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="2%">   </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="20%"> $               515,382 </td> </tr> <tr style="HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="58%"> ITAP, LLLP </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="19%"> 90,983 </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1.5pt solid; PADDING-TOP: 0in" valign="top" width="1%">   </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="2%">   </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="20%"> 90,983 </td> </tr> <tr style="HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="58%"> ENEX Group Management SA </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="19%"> - </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1.5pt solid; PADDING-TOP: 0in" valign="top" width="1%">   </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="2%">   </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="20%"> 78,560 </td> </tr> <tr style="HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="58%"> InfraTrust KG </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="19%"> 146,787 </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1.5pt solid; PADDING-TOP: 0in" valign="top" width="1%">   </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="2%">   </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="20%"> 48,000 </td> </tr> <tr style="HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="58%"> CIG Wireless, Inc. </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="19%"> - </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1.5pt solid; PADDING-TOP: 0in" valign="top" width="1%">   </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="2%">   </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="20%"> 46,229 </td> </tr> <tr style="HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="58%"> Media Management GmbH </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="19%"> - </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1.5pt solid; PADDING-TOP: 0in" valign="top" width="1%">   </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="2%">   </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="20%"> 5,000 </td> </tr> <tr style="HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="58%"> Berlin Atlantic Capital US, LLC </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="19%"> - </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1.5pt solid; PADDING-TOP: 0in" valign="top" width="1%">   </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="2%">   </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="20%"> 36,863 </td> </tr> <tr style="HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="58%"> CIG Properties, Inc. </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="19%"> 75,276 </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1.5pt solid; PADDING-TOP: 0in" valign="top" width="1%">   </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="2%">   </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="20%"> - </td> </tr> <tr style="HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="58%"> Tower Development 1, LLC </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="19%"> 226 </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1.5pt solid; PADDING-TOP: 0in" valign="top" width="1%">   </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="2%">   </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="20%"> - </td> </tr> <tr style="HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="58%"> Structured Life Group, LLC </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="19%"> 9,770 </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1.5pt solid; PADDING-TOP: 0in" valign="top" width="1%">   </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="2%">   </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="20%"> - </td> </tr> <tr style="HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="58%"> German fund entities (IT5, ITP7 and ITP9) </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="19%"> - </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1.5pt solid; PADDING-TOP: 0in" valign="top" width="1%">   </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="2%">   </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="20%"> 37,940 </td> </tr> <tr style="HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="58%">   </td> <td style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0in" valign="top" width="19%"> $              674,617 </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1.5pt solid; PADDING-TOP: 0in" valign="top" width="1%">   </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="2%">   </td> <td style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0in" valign="top" width="20%"> $               858,957 </td> </tr> </table> Accounts payable to related parties consisted of the following at: <table style="WIDTH: 370.399pt; BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0"> <tr style="HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="58%">   </td> <td style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="18%"> Successor Entity </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1.5pt solid; PADDING-TOP: 0in" valign="bottom" width="1%">   </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="2%">   </td> <td style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="21%"> Predecessor Entity </td> </tr> <tr style="HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="58%">   </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="18%"> March 31, </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1.5pt solid; PADDING-TOP: 0in" valign="bottom" width="1%">   </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="2%">   </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="21%"> September 30, </td> </tr> <tr style="HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="58%">   </td> <td style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="18%"> 2012 </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1.5pt solid; PADDING-TOP: 0in" valign="bottom" width="1%">   </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="2%">   </td> <td style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="21%"> 2011 </td> </tr> <tr style="HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="58%"> Berlin Atlantic Capital US, LLC </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="18%"> $             472,938 </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1.5pt solid; PADDING-TOP: 0in" valign="top" width="1%">   </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="2%">   </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="21%"> $                 400,000 </td> </tr> <tr style="HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="58%"> BAC InfraTrust Sechs GmbH & Co. KG (IT6) </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="18%"> 71,628 </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1.5pt solid; PADDING-TOP: 0in" valign="top" width="1%">   </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="2%">   </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="21%"> 41,726 </td> </tr> <tr style="HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="58%"> Infrastructure Asset Management GmbH </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="18%"> 10,940 </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1.5pt solid; PADDING-TOP: 0in" valign="top" width="1%">   </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="2%">   </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="21%"> - </td> </tr> <tr style="HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="58%"> Other miscellaneous </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="18%"> 12,000 </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1.5pt solid; PADDING-TOP: 0in" valign="top" width="1%">   </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="2%">   </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="21%"> 12,000 </td> </tr> <tr style="HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="58%"> Employee payables </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="18%"> 23,612 </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1.5pt solid; PADDING-TOP: 0in" valign="top" width="1%">   </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="2%">   </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="21%"> 194 </td> </tr> <tr style="HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="58%">   </td> <td style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0in" valign="top" width="18%"> $             591,118 </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1.5pt solid; PADDING-TOP: 0in" valign="top" width="1%">   </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; PADDING-TOP: 0in" valign="top" width="2%">   </td> <td style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0in" valign="top" width="21%"> $                 453,920 </td> </tr> </table> Some of the related party payables bear interest at rates ranging from 5.5% to 12.1% per annum. Interest expense to related parties totaled $16,953, $4,121 and zero during the period from December 1, 2011 through March 31, 2012, the period from October 1, 2011 through November 30, 2011 and the six months ended March 31, 2011, respectively.  The Company also assists certain investment partners who are related parties in the identification and acquisition of tower assets including towers and tower sites.  The Company locates and purchases (or builds) the tower assets and later sells the towers to the related parties at agreed-upon terms upon ultimate funding of the related parties.  In connection with the purchase of tower assets to be sold to related parties, the Company charges origination fees of 5% of the purchase price of the tower assets payable upon completion and funding of the transaction by the related party.  The Company also charges interest to the related parties for the period the identified assets are owned and held by the Company. During the period from December 1, 2011 through March 31, 2012, the period from October 1, 2011 through November 30, 2011 and the six months ended March 31, 2011, origination fees revenue totaled $19,800, zero and $54,804, respectively. Related party interest income totaled $61,857 during the six months ended March 31, 2011. There was no related party interest income during the six months ended March 31, 2012. During the six months ended March 31, 2012, the Company sold 1 tower to an affiliate, InfraTrust Acht GmbH & Co. KG (IT8), for cash proceeds of $344,246 resulting in a gain on the sale of $91,871. The gain was allocated to the investors through the losses allocated to related party creditors in the statement of operations. During the six months ended March 31, 2011, the Company sold 3 towers to an affiliate, InfraTrust Acht GmbH & Co. KG (IT8) for cash proceeds of $1,096,083 resulting in a gain on the sale of $49,805. The gain was allocated to the investors through netting against the overall operating losses allocated to the investors. The Company receives management fees from its investment partners based upon the annual contributions made by each partner and from affiliated companies for managing the telecommunication towers. Management fees from investment partners are accounted for against the long-term subordinated obligations owed to these investment partners and totaled $33,955, $16,567 and $49,163 during the period from December 1, 2011 through March 31, 2012, the period from October 1, 2011 through November 30, 2011 and the six months ended March 31, 2011, respectively.

Note 8:  Related Party Debt Notes Payable to Related Parties On December 15, 2011, the Company borrowed $1,000,000 from ENEX Group Management SA. The funds borrowed are unsecured, with interest at 4% per annum and shall be due and payable within thirty days of demand. On August 8, 2011, the Company borrowed $100,000 from ENEX Group Management SA. The funds borrowed are unsecured, with interest at 3% per annum and shall be due and payable within thirty days of demand. The unpaid balance on this loan was $99,980 as of March 31, 2012. On May 15, 2010, the Company borrowed $11,000 from Ms. Shostak, the Company’s former sole officer and Director. The loan is unsecured, bears no interest and is due on demand. The unpaid balance on this loan was $10,980 as of March 31, 2012. The total due under the above related party notes was $1,110,960 as of March 31, 2012. Convertible Notes Payable to Related Parties On March 3, 2012, the Company borrowed $200,000 from ENEX Group Management SA. The note is secured by assets of the Company, bears interest at 4% per annum and matures within thirty days of demand. The note is convertible into common stock of the Company at $3.00 per share. The Company evaluated the conversion option for derivative treatment under FASB ASC 815-15 and determined it did not qualify as a derivative. The Company then evaluated the note for a beneficial conversion feature under FASB ASC 470-20 and determined a beneficial conversion feature existed. The intrinsic value of the beneficial conversion feature was determined to be $30,000 and was recorded as a debt discount that was fully amortized to interest expense during the six months ended March 31, 2012. On March 26, 2012, the Company borrowed $200,000 from ENEX Group Management SA. The note is secured by assets of the Company, bears interest at 4% per annum and matures within thirty days of demand. The note is convertible into common stock of the Company at $3.00 per share. The Company evaluated the conversion option for derivative treatment under FASB ASC 815-15 and determined it did not qualify as a derivative. The Company then evaluated the note for a beneficial conversion feature under FASB ASC 470-20 and determined a beneficial conversion feature existed. The intrinsic value of the beneficial conversion feature was determined to be $43,333 and was recorded as a debt discount that was fully amortized to interest expense during the six months ended March 31, 2012.

Note 9:  Third Party Debt On October 2, 2010, the Company borrowed $10,000 from CRG Finance AG. On February 14, 2011, the Company borrowed an additional $25,000 from CRG Finance AG. The loans are unsecured, due upon demand and bear interest at 10% per annum.

Note 10:  Stockholders’ Equity Common and Preferred Stock On October 4, 2011, a 4-for-1 stock dividend was paid. All share and per share amounts herein have been retroactively restated to reflect this dividend. As the initial step in the change in control of the Cyber Supply shell and before its planned acquisition of CIG Wireless, on October 3, 2011, Ms. Shostak, Cyber Supply’s former president and sole Director, sold 11,500,000 common shares to two purchasers in a private transaction and cancelled another 13,500,000 shares. Ms. Shostak sold her shares to Wireless Investment Fund AG, a Swiss investment company (“WIF”), and ENEX Capital Partners AG, a Swiss investment company (“ENEX Capital”).  WIF acquired 10,000,000 shares from Ms. Shostak for  $43,478 and ENEX Capital acquired the remaining 1,500,000 shares for $6,522.  After giving effect to such stock transfers and cancellations, there were 18,008,500 common shares issued and outstanding, of which WIF owned 55.5% and ENEX Capital owned 8.3%.  On October 7, 2011, the Company sold to a Delaware investment company 1,000,000 shares of Series A 4% Convertible Redeemable Preferred Stock, par value $0.00001 per share, at $2.00 per share, resulting in an aggregate of $2,000,000 in proceeds.  This preferred stock, including $16,301 in accrued dividends, was converted into 1,008,110 common shares on December 23, 2011. On December 5, 2011, the Company issued 750,000 common shares to acquire CIG, LLC valued at $75,000 (see Note 3). Common Stock Options On November 28, 2011, the Company granted an aggregate of 100,000 common stock options to two directors of the Company. The options are exercisable at $3.75 per share, vest after 1 year and expire after 3 years. The fair value of these options was determined to be $112,619 using the Black-Scholes Option Pricing Model. On January 27, 2012, the Company’s Chief Executive Officer, Mr. Paul McGinn, received options to purchase 1,956,895 shares of the Company’s common stock at an exercise price of $3.00 per share.  All of these options expire five years from the date of grant.  Options to purchase 571,585 shares vested upon grant; options to purchase an additional 571,585 shares will vest on each of January 27, 2013 and January 27, 2014.  Options to purchase 242,141 shares will vest on January 27, 2015. The fair value of these options was determined to be $2,414,031 using the Black-Scholes Option Pricing Model. On March 26, 2012, a member of the Company’s Board of Directors, Mr. Akram Baker, received options to purchase 50,000 shares of the Company’s common stock at an exercise price of $3.75 per share.  These options vest on February 8, 2013 and expire on February 8, 2015. The fair value of these options was determined to be $65,813 using the Black-Scholes Option Pricing Model. On March 26, 2012, the Company’s Counsel, Wuersch & Gering LLP, received options to purchase 400,000 shares of the Company’s common stock at an exercise price of $3.75 per share.  These options vest on March 26, 2013 and expire on March 26, 2015. The fair value of these options was determined to be $460,214 using the Black-Scholes Option Pricing Model. The significant assumptions used in the Black-Scholes Option Pricing Model during the six months ended March 31, 2012 were as follows: <table style="WIDTH: 190pt; BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0"> <tr style="HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="69%" nowrap="nowrap">   </td> <td style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="31%" nowrap="nowrap"> Range </td> </tr> <tr style="HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="69%" nowrap="nowrap"> Expected dividends </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="31%" nowrap="nowrap"> -% </td> </tr> <tr style="HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="69%" nowrap="nowrap"> Expected term (years) </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="31%" nowrap="nowrap"> 1.9 – 4.0 </td> </tr> <tr style="HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="69%" nowrap="nowrap"> Volatility </td> <td style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #c2f4c1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="31%" nowrap="nowrap"> 54.5% - 68.6% </td> </tr> <tr style="HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="69%" nowrap="nowrap"> Risk-free rate </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="31%" nowrap="nowrap"> 0.03% - 0.37% </td> </tr> </table> During the three months ended March 31, 2012, aggregate options expense was $840,640. The remaining $2,212,037 will be expensed over the remaining vesting period. A summary of option activity for the six months ended March 31, 2012 is reflected below: <table style="WIDTH: 268pt; BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0"> <tr style="HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="48%" nowrap="nowrap">   </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="23%" nowrap="nowrap">   </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="4%" nowrap="nowrap">   </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="25%" nowrap="nowrap"> Weighted- </td> </tr> <tr style="HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="48%" nowrap="nowrap">   </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="23%" nowrap="nowrap">   </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="4%" nowrap="nowrap">   </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="25%" nowrap="nowrap"> Average </td> </tr> <tr style="HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="48%" nowrap="nowrap">   </td> <td style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="23%" nowrap="nowrap"> Options </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="4%" nowrap="nowrap">   </td> <td style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="25%" nowrap="nowrap"> Exercise Price </td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #c2f4c1; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="48%" nowrap="nowrap"> Outstanding at September 30, 2011 </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #c2f4c1; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="23%" nowrap="nowrap">        - </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #c2f4c1; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="4%" nowrap="nowrap">   </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #c2f4c1; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="25%" nowrap="nowrap"> $                       - </td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="48%" nowrap="nowrap"> Granted </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="23%" nowrap="nowrap"> 2,506,895 </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="4%" nowrap="nowrap">   </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="25%" nowrap="nowrap"> 3.16 </td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #c2f4c1; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="48%" nowrap="nowrap"> Canceled </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #c2f4c1; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="23%" nowrap="nowrap"> - </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #c2f4c1; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="4%" nowrap="nowrap">   </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #c2f4c1; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="25%" nowrap="nowrap"> - </td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="48%" nowrap="nowrap"> Forfeited </td> <td style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="23%" nowrap="nowrap"> - </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="4%" nowrap="nowrap">   </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="25%" nowrap="nowrap"> - </td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #c2f4c1; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="48%" nowrap="nowrap"> Outstanding at March 31, 2012 </td> <td style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #c2f4c1; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="23%" nowrap="nowrap"> 2,506,895 </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #c2f4c1; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="4%" nowrap="nowrap">   </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #c2f4c1; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="25%" nowrap="nowrap"> $                 3.16 </td> </tr> <tr style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="48%" nowrap="nowrap"> Exercisable at March 31, 2012 </td> <td style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0.75pt" valign="bottom" width="23%" nowrap="nowrap"> 571,585 </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="4%" nowrap="nowrap">   </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 1pt; PADDING-TOP: 0in" valign="bottom" width="25%" nowrap="nowrap"> $                 3.00 </td> </tr> </table> The weighted average remaining life of options outstanding at March 31, 2012 was 4.41 years. The aggregate intrinsic value of the exercisable options at March 31, 2012 was $400,110.

Note 11:  Commitments and Contingencies On March 26, 2012, the Company entered into a Corporate Development Agreement and a Corporate Consulting Agreement with ENEX Group Management SA, a related party. Pursuant to the Corporate Development Agreement, ENEX Group Management SA will assist the Company in raising capital.  ENEX Group Management S.A. shall receive placement agent fees consisting of commissions as follows: (i) for the sale of the Company’s common stock, 15% on the first million dollars, 12% on the second million dollars and 10% on the third million dollars and thereafter; (ii) for the sale of preferred stock, 10% on the first million dollars, 8% on the second million dollars, 6% on the third million dollars, 4% on the fourth million dollars and 2% on the fifth million dollars and anything thereafter; (iii) for debt placements, 0.5% of the aggregate value of senior secured financing, 0.5% of the aggregate value of securitization credit financing, and for subordinated debt, the same fees as for the sale of preferred stock; and (iv) for the introduction to mergers and acquisitions transactions, the same fees as those owed for the sale of preferred stock. Pursuant to the Corporate Consulting Agreement, ENEX Group Management S.A. shall render advisory services to the Company.  The Company will pay fees to ENEX Group Management S.A., including a monthly advisory services fee of $9,500 and payments for services rendered by personnel of ENEX Group Management S.A. in the capacities of Chief Financial Officer and Chairman of the Board of the Company, in the amounts of $19,500 and $12,500 per month respectively. On March 22, 2012, the Company entered into a Corporate Development Agreement and a Corporate Consulting Agreement with CRG Finance AG. Pursuant to the Corporate Development Agreement, CRG Finance will assist the Company in raising capital.  CRG Finance AG shall receive placement agent fees consisting of commissions as follows: (i) for the sale of the Company’s common stock, 15% on the first million dollars, 12% on the second million dollars and 10% on the third million dollars and thereafter; (ii) for the sale of preferred stock, 10% on the first million dollars, 8% on the second million dollars, 6% on the third million dollars, 4% on the fourth million dollars and 2% on the fifth million dollars and anything thereafter; (iii) for debt placements, 0.5% of the aggregate value of senior secured financing, 0.5% of the aggregate value of securitization credit financing, and for subordinated debt, the same fees as for the sale of preferred stock; and (iv) for the introduction to mergers and acquisitions transactions, the same fees as those owed for the sale of preferred stock. Pursuant to the Corporate Consulting Agreement, CRG Finance AG shall render advisory services to the Company.  The Company will pay a monthly advisory services fee of $9,500 to CRG Finance AG.

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See accompanying notes to unaudited consolidated financial statements. [Abstract]0 (A) The acquisition of Communications Infrastructure Group, LLC by CIG Wireless Corp. closed on December 5, 2011 (see Note 3 to the consolidated financial statements). (A) The acquisition of Communications Infrastructure Group, LLC by CIG Wireless Corp. closed on December 5, 2011 (see Note 3 to the consolidated financial statements). 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[Abstract]00 (A) The acquisition of Communications Infrastructure Group, LLC by CIG Wireless Corp. closed on December 5, 2011 (see Note 3 to the consolidated financial statements). (A) The acquisition of Communications Infrastructure Group, LLC by CIG Wireless Corp. closed on December 5, 2011 (see Note 3 to the consolidated financial statements). 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Note 3: Acquisitions
6 Months Ended

Mar. 31, 2012

Schedule of Business Acquisitions, by Acquisition [Table Text Block]
Note 3: Acquisitions

On October 7, 2011, CIG Wireless acquired all membership interests in CIG Services, LLC, from Communications Infrastructure Group, LLC (“CIG LLC”) for nominal consideration. CIG Services, LLC was formed by CIG LLC on September 23, 2011 as a wholly-owned subsidiary. No allocation of the purchase price table is presented because there were no assets or liabilities as of the acquisition date.

On December 5, 2011, CIG Wireless acquired 100% of the membership interest in CIG, LLC from BAC Berlin Atlantic Holding GmbH & Co. KG for 750,000 common shares. Both parties agreed, for the convenience of month end closing procedures, to account for the acquisition as if it occurred on November 30, 2011. The results of operations and cash flows obtained through the use of November 30, 2011, rather than December 5, 2011, are not considered to be materially different.

The purchase price for the acquisition of CIG LLC was $75,000 consisting of the 750,000 common shares issued and valued at $0.10 per share which was the previous sales price of the Company’s common stock for cash.

The allocation of the purchase price and the estimated fair market values of the assets acquired and liabilities assumed are shown below.

Cash

$ 519,910

Accounts receivable

155,167

Accounts receivable from related parties

1,993,279

Prepaid expenses and other current assets

26,306

Property and equipment, net of accum depreciation

16,285,399

Construction in progress

1,124,595

Deferred rent assets

162,561

Long-term prepaid rent

173,618

Total assets acquired

20,440,835

Accounts payable and accrued expenses

1,160,987

Accounts payable to related parties

3,485,745

Deferred revenue

180,885

Deferred rent liabilities

262,530

Asset retirement obligation

477,932

Long-term subordinated obligations

13,826,198

Total liabilities assumed

19,394,277

Net assets acquired

1,046,558

Purchase price

(75,000)

Bargain purchase gain

$ 971,558

The consolidated financial statements herein are presented under predecessor entity reporting and because the acquiring entity had no operations, prior historical information of the acquirer is not presented.

X

- Definition

Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141R

-Appendix F

-Paragraph F4

-Subparagraph e

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6909870&loc=d3e1392-128463

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141

-Paragraph 51

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Name Statement of Financial Accounting Standard (FAS)

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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Note 2: Going Concern
6 Months Ended

Mar. 31, 2012

Going Concern Note
Note 2: Going Concern

The accompanying financial statements have been prepared on a going concern basis of accounting which contemplates continuity of operations, realization of assets, liabilities, and commitments in the normal course of business. The accompanying financial statements do not reflect any adjustments that might result if the Company is unable to continue as a going concern. The Company has a working capital deficit as of March 31, 2012. As shown in the accompanying financial statements, the Company has also incurred significant losses since inception. These conditions raise substantial doubt as to the Company’s ability to continue as a going concern. There is no assurance that management will be successful in raising additional funds. As of the date of this report, management is involved in negotiations with several different financing partners in and outside of the United States of America and reasonably expects positive developments and results within the weeks and months to come.

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CIG Wireless Corp. - Balance Sheets (CIG LLC, USD $)

Mar. 31, 2012

Sep. 30, 2011

Current assets:

Cash $ 282,806 $ 214,675

Accounts receivable 126,056 197,634

Accounts receivable from related parties 674,617 858,957

Prepaid expenses and other current assets 40,746 43,600

Total current assets 1,124,225 1,314,866

Property and equipment, net of accumulated depreciation 17,274,669 15,166,970

Construction in progress 280,267 563,913

Deferred rent assets 43,879 147,157

Long-term prepaid rent 171,384 174,759

Total assets 18,894,424 17,367,665

Current liabilities:

Accounts payable and accrued expenses 1,239,080 1,636,583

Accounts payable to related parties 591,118 453,920

Notes payable 35,000

Notes payable to related parties 1,110,960

Convertible notes payable to related parties 400,000

Deferred revenue 155,688 161,921

Total current liabilities 3,531,846 2,252,424

Deferred rent liabilities 336,209 270,976

Asset retirement obligation 517,184 480,740

Long-term subordinated obligations to related parties 12,598,450 13,184,767

Total liabilities 16,983,689 16,188,907

Common stock, 100,000,000 shares authorized, $0.00001 par value; 19,766,610 issued and outstanding 198

Additional paid-in capital 3,117,153 890,556

Retained earnings (accumulated deficit) (1,206,616) 288,202

Total stockholders’ equity 1,910,735 1,178,758

Total liabilities and stockholders’ equity $ 18,894,424 $ 17,367,665

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CIG Wireless Corp. - Statements of Cash Flows (USD $)
2 Months Ended 4 Months Ended 6 Months Ended

Nov. 30, 2011

Mar. 31, 2012

Mar. 31, 2011

Cash flows from operating activities:

Net loss $ (143,966) $ (102,811)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

Depreciation and accretion 143,660 323,098 424,418

Gain on sale of assets to related parties (49,805)

Management fees revenue from related parties (16,567) (49,163)

Losses allocated to related party investors (612,137) (1,851,862)

Changes in assets and liabilities:

Accounts receivable 28,311 (896)

Prepaid expenses and other current assets 11,529 (91,792)

Deferred rent asset (19,315) (62,196)

Long-term prepaid rent 761 4,599

Accounts payable and accrued expenses (317,064) 1,689,668

Accounts payable to related parties (44,839) 659,676

Deferred revenue 12,643 19,190

Deferred rent liabilities 779 96,495

Net cash provided by (used in) operating activities (956,205) 685,521

Cash flows from investing activities:

Proceeds from sale of fixed assets 1,096,083

Cash paid for purchase and construction of fixed assets (379,643) (3,892,609)

Net cash provided by (used in) investing activities (379,643) (2,796,526)

Cash flows from financing activities:

Contributions from related party investors 250,000

Distributions to related party investors (1,641,297)

Net advances (to) from related parties 1,309,841 (2,233,754)

Net cash provided by (used in) financing activities 1,309,841 (3,625,051)

Net change in cash (26,007) (5,736,056)

Cash at beginning of period 214,675 188,668 6,254,489

Cash at end of period 188,668 518,433

Noncash Investing and Financing Activities:

Asset retirement obligation 62,524

Parent Company [Member]

Cash flows from operating activities:

Net loss (735,575)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

Depreciation and accretion 323,098

Amortization of debt discounts 73,333

Gain on sale of assets to related parties (91,871)

Management fees revenue from related parties (33,955)

Losses allocated to related party investors (1,344,544)

Bargain purchase gain (971,558)

Options expense 840,640

Changes in assets and liabilities:

Accounts receivable 118,267

Prepaid expenses and other current assets (8,675)

Deferred rent asset 109,025

Long-term prepaid rent 2,614

Accounts payable and accrued expenses (324,036)

Accounts payable to related parties (2,460,087)

Deferred revenue (18,876)

Deferred rent liabilities 74,068

Net cash provided by (used in) operating activities (4,448,132)

Cash flows from investing activities:

Proceeds from sale of fixed assets 344,246

Cash paid for purchase and construction of fixed assets (538,658)

Cash acquired in acquisition of CIG LLC 519,910

Net cash provided by (used in) investing activities 325,498

Cash flows from financing activities:

Contributions from related party investors 12,000

Distributions to related party investors (175,600)

Borrowings on related parties convertible debt 400,000

Payments on related parties debt (456)

Borrowings on related parties debt 1,000,000

Net advances (to) from related parties 1,454,693

Net cash provided by (used in) financing activities 2,690,637

Net change in cash (1,431,997)

Cash at beginning of period 1,714,803

Cash at end of period 282,806

Noncash Investing and Financing Activities:

Conversion of preferred shares to common 10

Common stock issued for preferred dividend 16,301

Common stock issued for acquisition of CIG LLC 75,000

Asset retirement obligation 41,683

Debt discounts due to beneficial conversion features $ 73,333

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Note 1: Basis of Presentation
6 Months Ended

Mar. 31, 2012

Business Description and Basis of Presentation [Text Block]
Note 1: Basis of Presentation

Basis of Presentation

The accompanying unaudited interim consolidated financial statements of CIG Wireless, Corp. and its subsidiaries (the “Company” and “CIG Wireless”) have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company’s September 30, 2011 Annual Report filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the consolidated financial statements which would substantially duplicate the disclosure contained in the audited consolidated financial statements for the most recent fiscal year end September 30, 2011 as reported on Form 10-K, have been omitted.

Reclassifications

Certain prior period amounts have been reclassified to conform to current period presentation.

Losses Allocated to Related Party Investors

The Company has entered into six Atypical Silent Partnership Agreements with related party limited partnership investors which made loans to the Company for acquisition of tower assets which are segregated on the books by investment group. Profits from these towers are allocated to the related party investors until they obtain designated rates of return of between 8 – 20%. Once the rates of return are obtained by the related party investors, subsequent profits are allocated based upon ownership. Operating expenses and losses from these towers are 100% allocated to the investors until there is a net profit.

The losses allocated to these related party investors are reflected in the statements of operations in “losses allocated to related party investors.” The total losses allocated during the period from December 1, 2011 through March 31, 2012, the period from October 1, 2011 through November 30, 2011 and the six months ended March 31, 2011 were $1,344,544, $612,137 and $1,851,862, respectively.

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CIG Wireless Corp. - Balance Sheets (Parentheticals) (CIG LLC, USD $)

Mar. 31, 2012

Sep. 30, 2011

CIG LLC

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Note 11: Commitments and Contingencies
6 Months Ended

Mar. 31, 2012

Commitments and Contingencies Disclosure [Text Block]
Note 11: Commitments and Contingencies

On March 26, 2012, the Company entered into a Corporate Development Agreement and a Corporate Consulting Agreement with ENEX Group Management SA, a related party. Pursuant to the Corporate Development Agreement, ENEX Group Management SA will assist the Company in raising capital. ENEX Group Management S.A. shall receive placement agent fees consisting of commissions as follows: (i) for the sale of the Company’s common stock, 15% on the first million dollars, 12% on the second million dollars and 10% on the third million dollars and thereafter; (ii) for the sale of preferred stock, 10% on the first million dollars, 8% on the second million dollars, 6% on the third million dollars, 4% on the fourth million dollars and 2% on the fifth million dollars and anything thereafter; (iii) for debt placements, 0.5% of the aggregate value of senior secured financing, 0.5% of the aggregate value of securitization credit financing, and for subordinated debt, the same fees as for the sale of preferred stock; and (iv) for the introduction to mergers and acquisitions transactions, the same fees as those owed for the sale of preferred stock. Pursuant to the Corporate Consulting Agreement, ENEX Group Management S.A. shall render advisory services to the Company. The Company will pay fees to ENEX Group Management S.A., including a monthly advisory services fee of $9,500 and payments for services rendered by personnel of ENEX Group Management S.A. in the capacities of Chief Financial Officer and Chairman of the Board of the Company, in the amounts of $19,500 and $12,500 per month respectively.

On March 22, 2012, the Company entered into a Corporate Development Agreement and a Corporate Consulting Agreement with CRG Finance AG. Pursuant to the Corporate Development Agreement, CRG Finance will assist the

Company in raising capital. CRG Finance AG shall receive placement agent fees consisting of commissions as follows: (i) for the sale of the Company’s common stock, 15% on the first million dollars, 12% on the second million dollars and 10% on the third million dollars and thereafter; (ii) for the sale of preferred stock, 10% on the first million dollars, 8% on the second million dollars, 6% on the third million dollars, 4% on the fourth million dollars and 2% on the fifth million dollars and anything thereafter; (iii) for debt placements, 0.5% of the aggregate value of senior secured financing, 0.5% of the aggregate value of securitization credit financing, and for subordinated debt, the same fees as for the sale of preferred stock; and (iv) for the introduction to mergers and acquisitions transactions, the same fees as those owed for the sale of preferred stock. Pursuant to the Corporate Consulting Agreement, CRG Finance AG shall render advisory services to the Company. The Company will pay a monthly advisory services fee of $9,500 to CRG Finance AG.

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XML 32 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6

CIG Wireless Corp. - Statements of Operations (USD $)
2 Months Ended 3 Months Ended 4 Months Ended 6 Months Ended

Nov. 30, 2011

Mar. 31, 2012

Mar. 31, 2011

Mar. 31, 2012

Mar. 31, 2011

Operating Expenses:

Depreciation and accretion $ 143,660 $ 244,666 $ 213,034 $ 323,098 $ 424,418

General and administrative expenses 645,928 2,113,490 141,626 2,604,388 644,852

Shared services with related parties 44,839 322,443 207,434 344,862 659,676

Gain on sale of assets to related party investors (8,121) (91,871) (49,805)

Total operating expenses 1,011,128 2,940,528 733,879 3,536,878 2,931,418

Loss from operations (752,158) (2,512,327) (325,609) (2,970,624) (2,016,531)

Gain (Loss) on foreign currency exchange 176 6,661 (42,649) 6,749 1

Bargain purchase gain 971,558

Losses allocated to related party investors 612,137 1,038,476 213,172 1,344,544 1,851,862

Total other income 608,192 960,781 187,147 2,235,049 1,913,720

Preferred stock dividend (16,301)

Net loss attributable to common stockholders (143,966) (1,554,546) (138,462) (751,876) (102,811)

Net loss per common share attributable to common stockholders - basic and diluted (in Dollars per share) $ (0.08) $ (0.04)

Weighted average common shares outstanding - basic and diluted (in Shares) 19,766,610 19,558,524

CIG LLC

Rent 242,403 382,356 368,584 503,557 778,362

Origination fees from related parties 19,800 19,800 54,804

Services 374 15,374 8,942 32,558

Management fees from related parties 16,567 25,671 24,312 33,955 49,163

Total revenues 258,970 428,201 408,270 566,254 914,887

Operating Expenses:

Site rental 72,058 185,563 68,726 221,592 289,408

Search rings 452,018

Other costs 104,643 82,487 103,059 134,809 510,851

Net loss (143,966) (1,554,546) (138,462) (735,575) (102,811)

Interest income from related parties 16,624 61,857

Interest expenses to related parties $ (4,121) $ (84,356) $ (87,802)

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-Paragraph 38

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Note 6: Long-term Subordinated Obligations
6 Months Ended

Mar. 31, 2012

Subordinated Borrowings Disclosure [Text Block]
Note 6: Long-term Subordinated Obligations to Related Parties

Between November 2009 and February 2010, the Company entered into six Atypical Silent Partnership Agreements with related party limited partnership investors which made contributions to the Company for acquisition of tower assets which are segregated on the books by investment group. No separate legal entity was created through these agreements. The investment agreements all have similar terms, conditions, and termination dates as defined in the agreements. Termination dates range from December 31, 2014 through September 30, 2015. On each such termination date, each respective investor may elect termination of the arrangement and the Company must then make distributions. Because these are mandatory variable repayment obligations occurring on each termination date, the net obligations to these investors are accounted for as long-term subordinated obligations. Management fees, origination fees and interest charged to the investors and third-party consulting and other revenue received by the Company not related to the tower ownership or operations are segregated as Company revenue with minimal or no offset by Company overhead expenses.

Except for each termination date, the Company has sole discretion on whether to pay any proceeds from operations or tower sales to the investors.

The following is a summary of the net profits and liquidation interests of the six investors:

Interests

Investor Name

Related Party

Company

InfraTrust Fuenf GmbH u. Co. KG (IT5)

99.999%

0.001%

Infrastructure Asset Pool, LLLP (ITAP)

99.999%

0.001%

InfraTrust Zwei GmbH u. Co. KG (IT2)

99.999%

0.001%

InfraTrust Premium Sieben GmbH & Co. KG (ITP7)

70%

30%

InfraTrust Premium Neun GmbH & Co. KG (ITP9)

60%

40%

Diana Damme (Damme)

60%

40%

Profits are allocated to the related party investors until they obtain designated rates of return of between 8 – 20%. Once the rates of return are obtained by the related party investors, subsequent profits are allocated based upon ownership. Losses are 100% allocated to the investors until there is a net profit.

During the period from December 1, 2011 through March 31, 2012, contributions by these related party investors totaled $12,000 and distributions to these related party investors totaled $175,600.

Infrastructure Asset Management GmbH (IAM) is the general partner of IT2, ITAP, IT5, IT7, ITP9 and was related to the Company through common ownership until August 3, 2011 when IAM was sold to Enex Group Management, SA. (Enex). Enex bought 8.3% of CIG in October 2011 and it has shared a Chief Financial Officer with the Company since that date.

X

- Definition

The entire disclosure for borrowings under subordinated debt agreements that qualify as available in computing net capital under SEC's uniform net capital rule, including restrictive covenants, collateral, interest rates and due dates, amounts due by date and amount owed in total.

+ References

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-Publisher AICPA

-Name Audit and Accounting Guide (AAG)

-Number AAG-BRD

-Chapter 4

-Paragraph 80

-Subparagraph Exhibit 4-8, 9

-IssueDate 2006-05-01

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Note 5: Asset Retirement Obligations
6 Months Ended

Mar. 31, 2012

Asset Retirement Obligations, Policy [Policy Text Block]
Note 5: Asset Retirement Obligations

The changes in the carrying value of the Company’s asset retirement obligations for the six months ended March 31, 2012 and 2011 are as follows:

Balance as of September 30, 2010

$ 448,389

Additions

62,524

Disposals

(45,961)

Accretion

10,285

Balance as of March 31, 2011

475,237

Balance as of September 30, 2011

480,740

Additions

41,683

Disposals

(23,497)

Accretion

18,258

Balance as of March 31, 2012

$ 517,184

X

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-SubTopic 20

-URI http://asc.fasb.org/subtopic&trid=2175671

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-Name FASB Interpretation (FIN)

-Number 47

-Paragraph 3

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Note 9: Third Party Debt
6 Months Ended

Mar. 31, 2012

Third Party Debt
Note 9: Third Party Debt

On October 2, 2010, the Company borrowed $10,000 from CRG Finance AG. On February 14, 2011, the Company borrowed an additional $25,000 from CRG Finance AG. The loans are unsecured, due upon demand and bear interest at 10% per annum.

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Note 7: Related Party Transactions
6 Months Ended

Mar. 31, 2012

Related Party Transactions Disclosure [Text Block]
Note 7: Related Party Transactions

The Company shares services with related parties and is allocated a proportionate share of the associated expenses and overhead. During the period from December 1, 2011 through March 31, 2012, the period from October 1, 2011 through November 30, 2011 and the six months ended March 31, 2011, total allocated expenses were approximately $344,862, $44,839 and $659,676, respectively.

Accounts receivable from related parties consisted of the following at:

Successor Entity

Predecessor Entity

March 31,

September 30,

2012

2011

BAC InfraTrust Acht GmbH & Co. KG (IT8)

$ 351,575

$ 515,382

ITAP, LLLP

90,983

90,983

ENEX Group Management SA

-

78,560

InfraTrust KG

146,787

48,000

CIG Wireless, Inc.

-

46,229

Media Management GmbH

-

5,000

Berlin Atlantic Capital US, LLC

-

36,863

CIG Properties, Inc.

75,276

-

Tower Development 1, LLC

226

-

Structured Life Group, LLC

9,770

-

German fund entities (IT5, ITP7 and ITP9)

-

37,940

$ 674,617

$ 858,957

Accounts payable to related parties consisted of the following at:

Successor Entity

Predecessor Entity

March 31,

September 30,

2012

2011

Berlin Atlantic Capital US, LLC

$ 472,938

$ 400,000

BAC InfraTrust Sechs GmbH & Co. KG (IT6)

71,628

41,726

Infrastructure Asset Management GmbH

10,940

-

Other miscellaneous

12,000

12,000

Employee payables

23,612

194

$ 591,118

$ 453,920

Some of the related party payables bear interest at rates ranging from 5.5% to 12.1% per annum. Interest expense to related parties totaled $16,953, $4,121 and zero during the period from December 1, 2011 through March 31, 2012, the period from October 1, 2011 through November 30, 2011 and the six months ended March 31, 2011, respectively.

The Company also assists certain investment partners who are related parties in the identification and acquisition of tower assets including towers and tower sites. The Company locates and purchases (or builds) the tower assets and later sells the towers to the related parties at agreed-upon terms upon ultimate funding of the related parties. In connection with the purchase of tower assets to be sold to related parties, the Company charges origination fees of 5% of the purchase price of the tower assets payable upon completion and funding of the transaction by the related party. The Company also charges interest to the related parties for the period the identified assets are owned and held by the Company. During the period from December 1, 2011 through March 31, 2012, the period from October 1, 2011 through November 30, 2011 and the six months ended March 31, 2011, origination fees revenue totaled $19,800, zero and $54,804, respectively. Related party interest income totaled $61,857 during the six months ended March 31, 2011. There was no related party interest income during the six months ended March 31, 2012.

During the six months ended March 31, 2012, the Company sold 1 tower to an affiliate, InfraTrust Acht GmbH & Co. KG (IT8), for cash proceeds of $344,246 resulting in a gain on the sale of $91,871. The gain was allocated to the investors through the losses allocated to related party creditors in the statement of operations.

During the six months ended March 31, 2011, the Company sold 3 towers to an affiliate, InfraTrust Acht GmbH & Co. KG (IT8) for cash proceeds of $1,096,083 resulting in a gain on the sale of $49,805. The gain was allocated to the investors through netting against the overall operating losses allocated to the investors.

The Company receives management fees from its investment partners based upon the annual contributions made by each partner and from affiliated companies for managing the telecommunication towers. Management fees from investment partners are accounted for against the long-term subordinated obligations owed to these investment partners and totaled $33,955, $16,567 and $49,163 during the period from December 1, 2011 through March 31, 2012, the period from October 1, 2011 through November 30, 2011 and the six months ended March 31, 2011, respectively.

X

- Definition

The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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Note 8: Related Party Debt
6 Months Ended

Mar. 31, 2012

Debt Disclosure [Text Block]
Note 8: Related Party Debt

Notes Payable to Related Parties

On December 15, 2011, the Company borrowed $1,000,000 from ENEX Group Management SA. The funds borrowed are unsecured, with interest at 4% per annum and shall be due and payable within thirty days of demand.

On August 8, 2011, the Company borrowed $100,000 from ENEX Group Management SA. The funds borrowed are unsecured, with interest at 3% per annum and shall be due and payable within thirty days of demand. The unpaid balance on this loan was $99,980 as of March 31, 2012.

On May 15, 2010, the Company borrowed $11,000 from Ms. Shostak, the Company’s former sole officer and Director. The loan is unsecured, bears no interest and is due on demand. The unpaid balance on this loan was $10,980 as of March 31, 2012.

The total due under the above related party notes was $1,110,960 as of March 31, 2012.

Convertible Notes Payable to Related Parties

On March 3, 2012, the Company borrowed $200,000 from ENEX Group Management SA. The note is secured by assets of the Company, bears interest at 4% per annum and matures within thirty days of demand. The note is convertible into common stock of the Company at $3.00 per share. The Company evaluated the conversion option for derivative treatment under FASB ASC 815-15 and determined it did not qualify as a derivative. The Company then evaluated the note for a beneficial conversion feature under FASB ASC 470-20 and determined a beneficial conversion feature existed. The intrinsic value of the beneficial conversion feature was determined to be $30,000 and was recorded as a debt discount that was fully amortized to interest expense during the six months ended March 31, 2012.

On March 26, 2012, the Company borrowed $200,000 from ENEX Group Management SA. The note is secured by assets of the Company, bears interest at 4% per annum and matures within thirty days of demand. The note is convertible into common stock of the Company at $3.00 per share. The Company evaluated the conversion option for derivative treatment under FASB ASC 815-15 and determined it did not qualify as a derivative. The Company then evaluated the note for a beneficial conversion feature under FASB ASC 470-20 and determined a beneficial conversion feature existed. The intrinsic value of the beneficial conversion feature was determined to be $43,333 and was recorded as a debt discount that was fully amortized to interest expense during the six months ended March 31, 2012.

X

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The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Note 10: Stockholders' Equity
6 Months Ended

Mar. 31, 2012

Stockholders' Equity Note Disclosure [Text Block]
Note 10: Stockholders’ Equity

Common and Preferred Stock

On October 4, 2011, a 4-for-1 stock dividend was paid. All share and per share amounts herein have been retroactively restated to reflect this dividend.

As the initial step in the change in control of the Cyber Supply shell and before its planned acquisition of CIG Wireless, on October 3, 2011, Ms. Shostak, Cyber Supply’s former president and sole Director, sold 11,500,000 common shares to two purchasers in a private transaction and cancelled another 13,500,000 shares.

Ms. Shostak sold her shares to Wireless Investment Fund AG, a Swiss investment company (“WIF”), and ENEX Capital Partners AG, a Swiss investment company (“ENEX Capital”). WIF acquired 10,000,000 shares from Ms. Shostak for $43,478 and ENEX Capital acquired the remaining 1,500,000 shares for $6,522. After giving effect to such stock transfers and cancellations, there were 18,008,500 common shares issued and outstanding, of which WIF owned 55.5% and ENEX Capital owned 8.3%.

On October 7, 2011, the Company sold to a Delaware investment company 1,000,000 shares of Series A 4% Convertible Redeemable Preferred Stock, par value $0.00001 per share, at $2.00 per share, resulting in an aggregate of $2,000,000 in proceeds. This preferred stock, including $16,301 in accrued dividends, was converted into 1,008,110 common shares on December 23, 2011.

On December 5, 2011, the Company issued 750,000 common shares to acquire CIG, LLC valued at $75,000 (see Note 3).

Common Stock Options

On November 28, 2011, the Company granted an aggregate of 100,000 common stock options to two directors of the Company. The options are exercisable at $3.75 per share, vest after 1 year and expire after 3 years. The fair value of these options was determined to be $112,619 using the Black-Scholes Option Pricing Model.

On January 27, 2012, the Company’s Chief Executive Officer, Mr. Paul McGinn, received options to purchase 1,956,895 shares of the Company’s common stock at an exercise price of $3.00 per share. All of these options expire five years from the date of grant. Options to purchase 571,585 shares vested upon grant; options to purchase an additional 571,585 shares

will vest on each of January 27, 2013 and January 27, 2014. Options to purchase 242,141 shares will vest on January 27, 2015. The fair value of these options was determined to be $2,414,031 using the Black-Scholes Option Pricing Model.

On March 26, 2012, a member of the Company’s Board of Directors, Mr. Akram Baker, received options to purchase 50,000 shares of the Company’s common stock at an exercise price of $3.75 per share. These options vest on February 8, 2013 and expire on February 8, 2015. The fair value of these options was determined to be $65,813 using the Black-Scholes Option Pricing Model.

On March 26, 2012, the Company’s Counsel, Wuersch & Gering LLP, received options to purchase 400,000 shares of the Company’s common stock at an exercise price of $3.75 per share. These options vest on March 26, 2013 and expire on March 26, 2015. The fair value of these options was determined to be $460,214 using the Black-Scholes Option Pricing Model.

The significant assumptions used in the Black-Scholes Option Pricing Model during the six months ended March 31, 2012 were as follows:

Range

Expected dividends

-%

Expected term (years)

1.9 – 4.0

Volatility

54.5% - 68.6%

Risk-free rate

0.03% - 0.37%

During the three months ended March 31, 2012, aggregate options expense was $840,640. The remaining $2,212,037 will be expensed over the remaining vesting period.

A summary of option activity for the six months ended March 31, 2012 is reflected below:

Weighted-

Average

Options

Exercise Price

Outstanding at September 30, 2011

 -

$ -

Granted

2,506,895

3.16

Canceled

-

-

Forfeited

-

-

Outstanding at March 31, 2012

2,506,895

$ 3.16

Exercisable at March 31, 2012

571,585

$ 3.00

The weighted average remaining life of options outstanding at March 31, 2012 was 4.41 years. The aggregate intrinsic value of the exercisable options at March 31, 2012 was $400,110.

X

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CIG Wireless Corp. - Statement of Changes in Member's Capital (Deficit) For the Period from Inception through December 31, 2011 (USD $)

Consolidated Entities [Member]

CIG LLC

Consolidated Entities [Member]

Retained Earnings [Member]

Consolidated Entities [Member]

Preferred Stock [Member]

Common Stock [Member]

Additional Paid-in Capital [Member]

Retained Earnings [Member]

Total

Balance at at Sep. 30, 2010

Net loss $ (143,966) $ (143,966)

Balance at at Nov. 30, 2011 $ 890,556 $ 144,236 $ 1,034,792

X

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Note 4: Construction in Progress
6 Months Ended

Mar. 31, 2012

Allowance for Funds Used During Construction, Policy [Policy Text Block]
Note 4: Construction in Progress

During the six months ended March 31, 2011, the construction of communication towers with a total cost of $1,161,987 was completed and the tower cost was capitalized as property and equipment. As of March 31, 2012, the cost of towers in progress was $280,267.

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CIG Wireless Corp. - Balance Sheets (CIG LLC, USD $)	Mar. 31, 2012	Sep. 30, 2011
Current assets:
Cash	$ 282,806	$ 214,675
Accounts receivable	126,056	197,634
Accounts receivable from related parties	674,617	858,957
Prepaid expenses and other current assets	40,746	43,600
Total current assets	1,124,225	1,314,866
Property and equipment, net of accumulated depreciation	17,274,669	15,166,970
Construction in progress	280,267	563,913
Deferred rent assets	43,879	147,157
Long-term prepaid rent	171,384	174,759
Total assets	18,894,424	17,367,665
Current liabilities:
Accounts payable and accrued expenses	1,239,080	1,636,583
Accounts payable to related parties	591,118	453,920
Notes payable	35,000
Notes payable to related parties	1,110,960
Convertible notes payable to related parties	400,000
Deferred revenue	155,688	161,921
Total current liabilities	3,531,846	2,252,424
Deferred rent liabilities	336,209	270,976
Asset retirement obligation	517,184	480,740
Long-term subordinated obligations to related parties	12,598,450	13,184,767
Total liabilities	16,983,689	16,188,907
Common stock, 100,000,000 shares authorized, $0.00001 par value; 19,766,610 issued and outstanding	198
Additional paid-in capital	3,117,153	890,556
Retained earnings (accumulated deficit)	(1,206,616)	288,202
Total stockholders’ equity	1,910,735	1,178,758
Total liabilities and stockholders’ equity	$ 18,894,424	$ 17,367,665

CIG Wireless Corp. - Statements of Cash Flows (USD $)	2 Months Ended	4 Months Ended	6 Months Ended
CIG Wireless Corp. - Statements of Cash Flows (USD $)	Nov. 30, 2011	Mar. 31, 2012	Mar. 31, 2011
Cash flows from operating activities:
Net loss	$ (143,966)		$ (102,811)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and accretion	143,660	323,098	424,418
Gain on sale of assets to related parties			(49,805)
Management fees revenue from related parties	(16,567)		(49,163)
Losses allocated to related party investors	(612,137)		(1,851,862)
Changes in assets and liabilities:
Accounts receivable	28,311		(896)
Prepaid expenses and other current assets	11,529		(91,792)
Deferred rent asset	(19,315)		(62,196)
Long-term prepaid rent	761		4,599
Accounts payable and accrued expenses	(317,064)		1,689,668
Accounts payable to related parties	(44,839)		659,676
Deferred revenue	12,643		19,190
Deferred rent liabilities	779		96,495
Net cash provided by (used in) operating activities	(956,205)		685,521
Cash flows from investing activities:
Proceeds from sale of fixed assets			1,096,083
Cash paid for purchase and construction of fixed assets	(379,643)		(3,892,609)
Net cash provided by (used in) investing activities	(379,643)		(2,796,526)
Cash flows from financing activities:
Contributions from related party investors			250,000
Distributions to related party investors			(1,641,297)
Net advances (to) from related parties	1,309,841		(2,233,754)
Net cash provided by (used in) financing activities	1,309,841		(3,625,051)
Net change in cash	(26,007)		(5,736,056)
Cash at beginning of period	214,675	188,668	6,254,489
Cash at end of period	188,668		518,433
Noncash Investing and Financing Activities:
Asset retirement obligation			62,524
Parent Company [Member]
Cash flows from operating activities:
Net loss		(735,575)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and accretion		323,098
Amortization of debt discounts		73,333
Gain on sale of assets to related parties		(91,871)
Management fees revenue from related parties		(33,955)
Losses allocated to related party investors		(1,344,544)
Bargain purchase gain		(971,558)
Options expense		840,640
Changes in assets and liabilities:
Accounts receivable		118,267
Prepaid expenses and other current assets		(8,675)
Deferred rent asset		109,025
Long-term prepaid rent		2,614
Accounts payable and accrued expenses		(324,036)
Accounts payable to related parties		(2,460,087)
Deferred revenue		(18,876)
Deferred rent liabilities		74,068
Net cash provided by (used in) operating activities		(4,448,132)
Cash flows from investing activities:
Proceeds from sale of fixed assets		344,246
Cash paid for purchase and construction of fixed assets		(538,658)
Cash acquired in acquisition of CIG LLC		519,910
Net cash provided by (used in) investing activities		325,498
Cash flows from financing activities:
Contributions from related party investors		12,000
Distributions to related party investors		(175,600)
Borrowings on related parties convertible debt		400,000
Payments on related parties debt		(456)
Borrowings on related parties debt		1,000,000
Net advances (to) from related parties		1,454,693
Net cash provided by (used in) financing activities		2,690,637
Net change in cash		(1,431,997)
Cash at beginning of period		1,714,803
Cash at end of period		282,806
Noncash Investing and Financing Activities:
Conversion of preferred shares to common		10
Common stock issued for preferred dividend		16,301
Common stock issued for acquisition of CIG LLC		75,000
Asset retirement obligation		41,683
Debt discounts due to beneficial conversion features		$ 73,333

CIG Wireless Corp. - Balance Sheets (Parentheticals) (CIG LLC, USD $)	Mar. 31, 2012	Sep. 30, 2011
CIG LLC
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, par value (in Dollars per share)	$ 0.00001	$ 0.00001
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Common stock, shares authorized	100,000,000	100,000,000
Common stock, par value (in Dollars per share)	$ 0.00001	$ 0.00001
Common stock, issued	19,766,610	0
Common stock, outstanding	19,766,610	0

Document And Entity Information (USD $)	6 Months Ended
Document And Entity Information (USD $)	Mar. 31, 2012	May 21, 2012	Mar. 31, 2011
Document and Entity Information [Abstract]
Entity Registrant Name	CIG Wireless Corp.
Document Type	10-Q
Current Fiscal Year End Date	--09-30
Entity Common Stock, Shares Outstanding		19,766,610
Entity Public Float			$ 130,170
Amendment Flag	false
Entity Central Index Key	0001432754
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Smaller Reporting Company
Entity Well-known Seasoned Issuer	No
Document Period End Date	Mar. 31, 2012
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q2

CIG Wireless Corp. - Statements of Operations (USD $)	2 Months Ended	3 Months Ended		4 Months Ended	6 Months Ended
CIG Wireless Corp. - Statements of Operations (USD $)	Nov. 30, 2011	Mar. 31, 2012	Mar. 31, 2011	Mar. 31, 2012	Mar. 31, 2011
Operating Expenses:
Depreciation and accretion	$ 143,660	$ 244,666	$ 213,034	$ 323,098	$ 424,418
General and administrative expenses	645,928	2,113,490	141,626	2,604,388	644,852
Shared services with related parties	44,839	322,443	207,434	344,862	659,676
Gain on sale of assets to related party investors		(8,121)		(91,871)	(49,805)
Total operating expenses	1,011,128	2,940,528	733,879	3,536,878	2,931,418
Loss from operations	(752,158)	(2,512,327)	(325,609)	(2,970,624)	(2,016,531)
Gain (Loss) on foreign currency exchange	176	6,661	(42,649)	6,749	1
Bargain purchase gain				971,558
Losses allocated to related party investors	612,137	1,038,476	213,172	1,344,544	1,851,862
Total other income	608,192	960,781	187,147	2,235,049	1,913,720
Preferred stock dividend				(16,301)
Net loss attributable to common stockholders	(143,966)	(1,554,546)	(138,462)	(751,876)	(102,811)
Net loss per common share attributable to common stockholders - basic and diluted (in Dollars per share)		$ (0.08)		$ (0.04)
Weighted average common shares outstanding - basic and diluted (in Shares)		19,766,610		19,558,524
CIG LLC
Rent	242,403	382,356	368,584	503,557	778,362
Origination fees from related parties		19,800		19,800	54,804
Services		374	15,374	8,942	32,558
Management fees from related parties	16,567	25,671	24,312	33,955	49,163
Total revenues	258,970	428,201	408,270	566,254	914,887
Operating Expenses:
Site rental	72,058	185,563	68,726	221,592	289,408
Search rings					452,018
Other costs	104,643	82,487	103,059	134,809	510,851
Net loss	(143,966)	(1,554,546)	(138,462)	(735,575)	(102,811)
Interest income from related parties			16,624		61,857
Interest expenses to related parties	$ (4,121)	$ (84,356)		$ (87,802)

CIG Wireless Corp. - Statement of Changes in Member's Capital (Deficit) For the Period from Inception through December 31, 2011 (USD $)	Consolidated Entities [Member] CIG LLC	Consolidated Entities [Member] Retained Earnings [Member]	Consolidated Entities [Member]
Balance at at Sep. 30, 2010
Net loss		$ (143,966)	$ (143,966)
Balance at at Nov. 30, 2011	$ 890,556	$ 144,236	$ 1,034,792