5G Wireless Communications, Inc. Reports Results of October 20, 2005 Annual Shareholders Meeting.

MARINA DEL REY, Calif. -- 5G Wireless Communications, Inc. (OTCBB:FGWC) today reported the results of its Annual Shareholders Meeting held yesterday at its corporate offices in Marina del Rey, Calif. As outlined in its Definitive Proxy Statement, common stockholders of record as of close of business on September 8, 2005 were entitled to vote by mail or in person to decide on a variety of issues.

In the matter of the election of the six nominees as directors for the Company until the next Annual Meeting of stockholders and until their respective successors shall be elected and qualified, the following results were recorded:

Jerry Dix -- FOR: 505,155,989;
    Don Boudewyn -- FOR: 505,455,989;
    Phil E. Pearce -- FOR: 505,155,989;
    Stanley A. Hirschman -- FOR: 505,165,989;
    Murray H. Williams -- FOR: 505,168,689;
    Kirk Haney -- FOR: 505,161,089;

Based on the above results, all nominees were ELECTED as directors of the Company.

In the matter to approve the decision by the Company's Audit Committee to retain Squar, Milner, Reehl & Williamson, LLP as the Company's independent registered accounting firm for the fiscal year that commenced on January 1, 2005, the following results were recorded:

FOR: 436,403,237 shares
    AGAINST: 408,000 shares
    ABSTAINED: 827,800 shares

Based on the above results, the decision by the Company's Audit Committee to retain Squar Milner, Reehl & Williamson, LLP as the Company's independent registered accounting firm has been APPROVED.

In the matter to approve the termination of the Company's status as a business development company under the Investment Company Act of 1940 and the filing of a Form N-54C with the Securities and Exchange Commission, the following results were recorded:

FOR: 505,532,839 shares
    AGAINST: 330,850 shares
    ABSTAINED: 512,100 shares

Based on the above results, the termination of the Company's status as a business development company under the Investment Company Act of 1940 and the filing of a Form N-54C with the Securities and Exchange Commission was APPROVED.

In the matter to approve the filing of a new registration statement, the following results were recorded;

FOR: 505,695,689 shares
    AGAINST: 308,000 shares
    ABSTAINED: 272,100 shares

Based on the above results, the filing of a new registration statement has been APPROVED.

These results were verified and certified by Stonefield Josephson, Inc., an accounting firm retained by the company to tabulate and verify the vote.

There being no further business to come before the meeting, the meeting was adjourned.

About 5G Wireless Communications, Inc.

5G Wireless Communications, Inc. (OTCBB:FGWC), located in Marina del Rey, Calif., develops and markets broadband wireless networks for university and municipal campuses and provides Wi-Fi networking equipment for a select group of VARs and WISPs.

For additional information, please visit www.5gwireless.com or call 800-916-1611.

Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934 and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications may arise, which could prevent the prompt implementation of any strategically significant plan(s) outlined above. The company cautions that these forward looking statements are further qualified by other factors including, but not limited to, those set forth in the company's Form 10-KSB filing and other filings with the United States Securities and Exchange Commission. The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.

All product or service names mentioned herein are the trademarks of their respective owners.