Gigabeam Corporation (fka GGBMQ)

[aries4747]

GigaBeam Completes Restructuring and is Poised for Significant Growth
Mon Nov 2, 2009 5:01pm EST

DURHAM, N.C., Nov. 2, 2009 (GLOBE NEWSWIRE) -- GigaBeam announced today that the
court has approved the sale process, which is a vital piece to restructuring the
business assets. GigaBeam filed its voluntary petition under Chapter 11 of the
US Bankruptcy Code on September 2, 2009 with the support of its senior investors
in an effort to restructure a complicated balance sheet with many unmanageable
liabilities. As a result of this latest transaction GigaBeam is in full
operation as a private entity and out of Chapter 11. The public entity connected
to symbol GGBM.PK is no longer operating and will continue through the
bankruptcy process.

S. Jay Lawrence, GigaBeam's CEO, stated, "This has been a thorough and well
managed process. I would like to thank our investor syndicate and in particular
Midsummer Investment, the agent for the senior secured note holders, who led our
investor syndicate, including Crescent Fund, Enable Capital Partners, Bushido
Investments, and Rockmore Capital, for providing us the support and funding we
required to undertake this endeavor. I would also like to thank all of our
customers, vendors, employees, and other stakeholders for their support. We have
completed the restructuring in record time and as a result the company is now
healthier than it has ever been. I look forward to our future and to continuing
to advance our business. We have come a long way and are looking forward to
growing GigaBeam into a major provider of backhaul radio systems worldwide."

GigaBeam has proven its ability to deliver world class communication solutions
and now that it is unencumbered by debt expects to maximize its financial
position. In keeping with the vision and strategy launched nearly two years ago,
and given the engagement level with its client base, the Company anticipates a
very bright future.

The Company would also like to note the professionals who helped guide the
process including:

GigaBeam's Corporate Counsel, Amy Trombly, of Trombly Business Law in Newton, MA
with whom GigaBeam has had a long standing and productive relationship.

GigaBeam's Bankruptcy Counsel, Daniel K. Astin of Ciardi Ciardi & Astin,
Wilmington, Delaware.

Investor's Bankruptcy Counsel, Adam Friedman of Olshan Grundman Frome Rosenzweig
& Wolosky LLP, New York.

Investment Banking services were provided by John Bambach of Focus Management
Group.

About GigaBeam:

GigaBeam offers fixed wireless communication equipment as well as design and
implementation services of fixed wireless networks using GigaBeam products.
Their flagship product, the Gi-CORE, provides Gigabit Ethernet payloads while
their complete portfolio offers payloads from 10 Mbps to 1000Mbps. GigaBeam's
solutions have been deployed in over 20 countries worldwide. GigaBeam is in the
unique position to deliver a complete and turn-key wireless network designed and
implemented in multiple layers to provide flexible service delivery options,
ensure the infrastructure can be scaled to meet future bandwidth demands, and to
facilitate a broad range of application requirements, including mobile broadband
Internet service. To learn more about GigaBeam's wireless technology, please
visit www.gigabeam.com

The GigaBeam Corporation logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=4813

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CONTACT: GigaBeam
Marijke McCandless, Vice President of Corporate
Communications
919-698-6469
[e-mail]