Wise Investments

[Scrooge McDuck]

PCOM news....
August 5, 2003

CAMPBELL, Calif., Aug 5, 2003 /PRNewswire-FirstCall via COMTEX/ --

P-Com, Inc. (OTC Bulletin Board: PCOM), a worldwide provider of wireless telecom products and services, today announced a restructuring of its 7% Convertible Subordinated Notes due 2007, resulting in the conversion of the Notes into preferred stock.

As a result of the restructuring, principal and accrued interest of $21,138,000 has converted into 1,000,000 shares of Series B Convertible Preferred Stock with a stated value of $21.138 per share. Each share of Series B converts into common at $.20 per share. The holders of the Series B have agreed to convert into common stock upon receipt of shareholder approval increasing the number of authorized shares of common stock to allow for conversion, and upon completion of a qualified equity financing.

'This is a very positive step forward for P-Com that will allow us to significantly reduce our debt, including interest expense,'said P-Com Chairman George Roberts. 'This results in a significant improvement to our balance sheet and is an important step in the completion of our previously announced restructuring plan.'