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Airspan Reverse Stock Split Effective, New Ticker AIRO

9/18/09 - Airspan Networks Inc. (PINKSHEETS: AIRO) previously (PINKSHEETS: AIRN) announced that its 1-for-15 reverse stock split became effective today. The Company's common stock is now trading on a split-adjusted basis under the trading symbol "AIRO" and under the new CUSIP number 00950H201. The previous trading symbol was AIRN.

As a result of the reverse stock split, the Company's shareholders will receive one share of the Company's common stock in exchange for every fifteen shares they held immediately prior to the effective time of the reverse stock split. Airspan will not issue any fractional shares of its common stock as a result of the reverse stock split. Instead, it will pay an amount equal to $.08 per whole pre-reverse stock split share in cash to registered holders of fractional shares.

Following the reverse stock split, Airspan will continue to have 100 million authorized shares of common stock. At September 3, 2009, the Company had 59,827,932 outstanding shares of common stock or 3,998,529 shares after giving effect to the reverse stock split.

Airspan has retained its transfer agent, American Stock Transfer & Trust Company, LLC ("AST"), to act as exchange agent for the reverse stock split. AST will manage the exchange of pre-reverse stock split shares for post-reverse stock split shares. As soon as practicable, AST will provide shareholders of record as of the effective time of the reverse stock split with a letter of transmittal providing instructions for the exchange of their certificates representing pre-reverse stock split shares of common stock for new certificates of post-reverse stock split shares of common stock. Shareholders who hold their shares in "street name" will be contacted by their banks or brokers with any relevant instructions.

In addition, on September 11, 2009, the Company commenced mailing a proxy statement to shareholders seeking advisory shareholder approval, at a special meeting of shareholders to be held on October 6, 2009, of the previously announced sale of 1,250,000 shares of Series C Preferred Stock to Oak Investment Partners XI, Limited Partnership ("Oak") for a purchase price of $10 million in cash. At the special shareholders' meeting, shareholder approval is also being sought for an amendment to the terms of the Company's Series B Preferred Stock held by Oak to provide common shareholders the right to share in 10% of any recovery by the Series B Preferred Shareholders in any liquidation and certain sales of the Company which would be deemed to be a liquidation under the terms of the Series B Preferred Stock. The Record Date for shareholders to vote at the special meeting is September 3, 2009.

Eric Stonestrom, Airspan's Chief Executive Officer, said, "We urge all shareholders to read the proxy statement carefully and to vote their shares on this important issue, which is critical to Airspan's future. With this new funding, we believe that Airspan will be well positioned to weather the current economic downturn and to benefit from some of the current initiatives in our industry. After a long process wherein we looked at many strategic alternatives, we believe the new funding from Oak Partners represents the best path forward for Airspan and our stakeholders."

The Company's Board of Directors has approved the new investment by Oak and the amendment to the terms of the Series B Preferred Stock and has determined that they are advisable and in the best interests of the Company and its shareholders. The Board of Directors has recommended a vote "For" both proposals at the special shareholders' meeting.

Stephens Inc. acted as financial advisor to a special committee of Airspan's Board of Directors in connection with the Series C Preferred Stock sale.

Airspan is a leading WiMAX pure player and the solution-provider of choice for some of the world's largest WiMAX deployments. Developing leading-edge technology for broadband access and IP telephony, Airspan continues to supply operators around the world with best-of-breed solutions.

By Robert Hoskins

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