Wednesday, August 23, 2006

GigaBeam Completes $10 Million Institutional Financing for its WiFiber

GigaBeam completed the private placement of $10 million of Series C convertible preferred stock and common stock purchase warrants to purchase approximately 860,653 shares of common stock for an aggregate purchase price of $10 million to a limited number of institutional investors.

GigaBeam WiFiber products operate in the 71-76 GHz and 81-86 GHz radio spectrum bands. This portion of the radio frequency spectrum has been authorized by the FCC for wireless point-to-point commercial use.

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