Calypso Wireless (fka CLYW)

[Visnusahasranama]

FOR IMMEDIATE RELEASE
Los Angeles, California, United States of America (Free-Press-Release.com) November 28, 2011 -- Dear Calypso Wireless, Inc. (OTC: CLYW / CLYW.PK) Shareholders,

By now you have either heard about it or have received proxy materials for a Special Shareholders Meeting to be conducted on December 15th, 2011 in Houston, Texas. You may receive your proxy materials by mail or by internet depending on whether you are a shareholder of record or a beneficial owner and whether you have individually elected to receive proxy materials from your broker via internet.

Voting instructions are contained in the proxy materials. Whether or not you plan to attend the meeting, we strongly encourage you to vote by proxy via the Internet prior to the meeting. Votes submitted electronically over the Internet must be received by 7:00 p.m., Eastern Time on December 14, 2011.

Such a special meeting is permitted by Calypso's By-laws, Articles of Incorporation and Delaware Corporate Law. The only matter on the agenda is the removal of David H. Williams as a Director of the Board of Directors of Calypso Wireless, Inc. The Company attempted to solve the deadlock in the Board of Directors through the appointment of a "Provisional Director," but so far such an action was opposed by Mr. Williams and the constant demands made by Mr. Williams’ attorneys have increased the Company's legal liabilities significantly. The reasons the Company is requesting the removal of Mr. Williams are detailed in the proxy materials sent. It is the belief of the Company’s management that the removal of Mr. Williams will strengthen the company as a whole by permitting it to go forward and conduct business in a more cooperative and collaborative environment. The Company appreciates your support and is looking forward to its Shareholders determining the result of such an important decision. Upon the successful conclusion of the initiative, the Company will immediately move forward to strengthen the composition of the Board of Directors and Management as resources permit.

We are also happy to report that final settlement documentation with Mr. Drago Daic is in the process of being executed. The case against Mr. Daic will be completely dismissed as well as all previous agreements. Mr. Daic will also vacate the judgment he holds against Calypso Wireless, Inc. and any countersuits will be dismissed. A mutually agreed upon press release will serve as notification to the shareholders that this process has been completed.

Since Calypso Wireless Inc. went public in 2002 tax returns have never been filed for the Company with the IRS.

Tax Returns for Calypso Wireless Inc. have recently been filed with the IRS for the years of 2003, 2004, 2005 and 2006. Additionally, abatement for penalties and interest owed on payroll taxes has been requested from the IRS. We are working on completing the internal financial statements for 2007 and 2008. We expect this process to be completed within six weeks. The Company believes it will then be in a position to complete the next four years of IRS tax filings. Thereafter, the Company will begin preparing for an audit. The Company will need to have funding to engage auditors. Additionally, we will need to determine with the SEC what exact filings will be required from the SEC for Calypso to be considered in good standing.

The Company engaged the law firm of BuchalterNemer specifically to assist with this process. Recent threats by Director Dave Williams to sue the law firm have caused the firm to seek to withdraw from representing Calypso Wireless Inc. Calypso will need to seek alternative assistance in the process of becoming compliant with the SEC.

Best regards,

Cristian Turrini & Kyle Pierce

source: http://www.free-press-release.com/news-calypso-wireless-update-1322530297.html