P-Com and Telaxis Update Merger Status

P-Com, Inc. (Nasdaq:PCOM), a worldwide provider of wireless telecom products and services, and Telaxis Communications Corporation (Nasdaq:TLXS), a developer of wireless fiber optic connectivity products, today provided an update relating to the proposed merger of the two companies announced on September 10, 2002. Given the changes in business and financial conditions that have occurred since that date, the parties expect that, if a merger of the companies is consummated, it will be on terms different than previously announced and as set forth in the definitive merger agreement previously signed. The two companies are continuing discussions relating to a revised merger agreement. The parties do not expect any merger to be consummated in 2002 and cannot provide any estimated time for consummation of any merger.

About P-Com, Inc.
P-Com, Inc. develops, manufactures, and markets point-to-point, point-to-multipoint, and spread spectrum wireless access systems to the worldwide telecommunications market, and through its wholly owned subsidiary, P-Com Network Services, Inc., provides related installation support, engineering, program management and maintenance support services to the telecommunications industry in the United States. P-Com broadband wireless access systems are designed to satisfy the high-speed, integrated network requirements of Internet access associated with Business to Business and E-Commerce business processes. Cellular and personal communications service (PCS) providers utilize P-Com point-to-point systems to provide backhaul between base stations and mobile switching centers. Government, utility, and business entities use P-Com systems in public and private network applications. For more information visit www.p-com.com or call (408) 866-3666.

About Telaxis
Telaxis is developing its FiberLeap(TM) product family to enable direct fiber optic connection to wireless access units and to transparently transmit fiber optic signals over a wireless link without the use of conventional modems. Taking advantage of Telaxis' high-frequency millimeter-wave expertise, the FiberLeap(TM) product family is being developed to use the large amounts of unallocated spectrum above 40 GHz to provide data rates of OC-3 (155 Mbps), OC-12 (622 Mbps), and Gigabit Ethernet. Telaxis has recently demonstrated its initial EtherLeap(TM) product, an 802.11-based Ethernet Local Area Network (LAN) radio operating at millimeter-wave frequencies. For more information visit www.tlxs.com, call (413) 665-8551 or email IR@tlxs.com.

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             CONTACT: 
             P-Com
             Media Contact:
             Greg Berardi, 415/239-7826
             greg@bluemarlinpartners.com
             or
             Investor Contact:
             Leighton Stephenson, 408/866-3666
             leighton.stephenson@p-com.com
             or
             Telaxis
             Investor Contact:
             David Renauld, 413/665-8551
             drenauld@tlxs.com

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