SPEEDCOM Wireless Corporation Receives $3 Million in Funding

Apr 17, 2001, 01:00 ET from SPEEDCOM Wireless Corporation

    SARASOTA, Fla., April 17 /PRNewswire/ -- SPEEDCOM Wireless Corporation,
 (Nasdaq: SPWC) a leading fixed wireless broadband solutions provider, has
 received $3 million in institutional funding.
     The funding came through the sale of one-year, senior, subordinated notes
 to two institutional investors with an initial interest rate of 9% per annum.
 The investors also received warrants to acquire SPEEDCOM common stock at
 $5 per share.
     "We are extremely pleased to have completed the transaction in this
 difficult financing environment," said Jay Wright, SPEEDCOM's Chief Financial
 Officer. "The financing represents our first step toward increasing
 institutional investment in SPEEDCOM and provides us with additional working
 capital to continue our revenue growth, which we estimate will be more than
 double our fiscal 2000 results.  Further, we continue to believe SPEEDCOM will
 be EBITDA* positive by the third quarter of 2001."
 
     About SPEEDCOM Wireless Corporation
     SPEEDCOM Wireless Corporation (www.speedcomwireless.com) is a
 multinational wireless broadband solutions company based in Sarasota, Florida.
 The company has two divisions and employs more than 100 people with offices in
 Miami, Dallas, San Diego, Calgary, Sao Paulo, Mexico City, Singapore and
 Shanghai.  The Wave Wireless division (www.wavewireless.com) manufactures a
 variety of broadband wireless products, including the award-winning SPEEDLAN
 family of wireless Ethernet routers.  The InstallGuys division
 (www.installguys.com) provides a complete selection of wireless turnkey
 services ranging from site surveys and installation plans, to project
 management and training. Service providers (ISPs, CLECs, LECs), Telco
 operators and private organizations in more than 60 countries use SPEEDCOM's
 products and services to provide "backbone" and/or "last-mile" wireless
 connectivity at speeds from 11 Mbps up to 155 Mbps over distances of 25 miles
 or more.  Since 1998, all products have been manufactured in an ISO 9001-
 compliant environment.
 
     * Earnings before interest, taxes, depreciation and amortization
 
     SPEEDCOM is a registered trademark of SPEEDCOM Wireless Corporation.
 
     "Safe Harbor" Statement under the Private Securities Litigation Reform Act
 of 1995: The statements contained in this release which are not historical
 facts are forward- looking statements subject to risks and uncertainties that
 could cause actual results to differ materially from those set forth in the
 forward-looking statements.  Please see SPEEDCOM's filings with the SEC
 available on EDGAR at www.sec.gov for a description of other risks of
 investing in SPEEDCOM.
 
     CONTACT:  Media, Jenna Norwood, 941-358-9283, ext. 359, or
 jnorwood@speedcomwireless.com, or Investors, Gil Sharell, 941-358-9283,
 ext. 361, or gsharell@speedcomwireless.com, both of SPEEDCOM Wireless
 Corporation.
 
 

SOURCE SPEEDCOM Wireless Corporation
    SARASOTA, Fla., April 17 /PRNewswire/ -- SPEEDCOM Wireless Corporation,
 (Nasdaq: SPWC) a leading fixed wireless broadband solutions provider, has
 received $3 million in institutional funding.
     The funding came through the sale of one-year, senior, subordinated notes
 to two institutional investors with an initial interest rate of 9% per annum.
 The investors also received warrants to acquire SPEEDCOM common stock at
 $5 per share.
     "We are extremely pleased to have completed the transaction in this
 difficult financing environment," said Jay Wright, SPEEDCOM's Chief Financial
 Officer. "The financing represents our first step toward increasing
 institutional investment in SPEEDCOM and provides us with additional working
 capital to continue our revenue growth, which we estimate will be more than
 double our fiscal 2000 results.  Further, we continue to believe SPEEDCOM will
 be EBITDA* positive by the third quarter of 2001."
 
     About SPEEDCOM Wireless Corporation
     SPEEDCOM Wireless Corporation (www.speedcomwireless.com) is a
 multinational wireless broadband solutions company based in Sarasota, Florida.
 The company has two divisions and employs more than 100 people with offices in
 Miami, Dallas, San Diego, Calgary, Sao Paulo, Mexico City, Singapore and
 Shanghai.  The Wave Wireless division (www.wavewireless.com) manufactures a
 variety of broadband wireless products, including the award-winning SPEEDLAN
 family of wireless Ethernet routers.  The InstallGuys division
 (www.installguys.com) provides a complete selection of wireless turnkey
 services ranging from site surveys and installation plans, to project
 management and training. Service providers (ISPs, CLECs, LECs), Telco
 operators and private organizations in more than 60 countries use SPEEDCOM's
 products and services to provide "backbone" and/or "last-mile" wireless
 connectivity at speeds from 11 Mbps up to 155 Mbps over distances of 25 miles
 or more.  Since 1998, all products have been manufactured in an ISO 9001-
 compliant environment.
 
     * Earnings before interest, taxes, depreciation and amortization
 
     SPEEDCOM is a registered trademark of SPEEDCOM Wireless Corporation.
 
     "Safe Harbor" Statement under the Private Securities Litigation Reform Act
 of 1995: The statements contained in this release which are not historical
 facts are forward- looking statements subject to risks and uncertainties that
 could cause actual results to differ materially from those set forth in the
 forward-looking statements.  Please see SPEEDCOM's filings with the SEC
 available on EDGAR at www.sec.gov for a description of other risks of
 investing in SPEEDCOM.
 
     CONTACT:  Media, Jenna Norwood, 941-358-9283, ext. 359, or
 jnorwood@speedcomwireless.com, or Investors, Gil Sharell, 941-358-9283,
 ext. 361, or gsharell@speedcomwireless.com, both of SPEEDCOM Wireless
 Corporation.
 
 SOURCE  SPEEDCOM Wireless Corporation