AIT Wireless, Inc. Signs LOI to Purchase Eastern Europe Gas Fields.

LAKELAND, Fla. -- AIT Wireless, Inc. (OTC Pink Sheets: ATWL), moves aggressively on their expansion into the petroleum industry. Only weeks after closing on the purchase of a domestic oil field in West Virginia, AIT announced today the signing of a Letter of Intent to acquire a sizable interest in a producing natural gas field in Eastern Europe. This latest announcement reinforces AIT's efforts to making further inroads to diversify its telecom focus into the oil and gas industry.

The current field targeted for acquisition is a producing natural gas field in Eastern Europe supplying gas for both domestic consumption and export sales in the region. The production history and natural gas reserve data is well documented and goes back more than a decade. Records indicated that tens of millions of cubic feet of natural gas have been successfully extracted and sold from the areas producing fields. AIT's acquired interest in the field is expected to be approximately 26% and would provide on-going cash flow from the field's current natural gas production.

"It has significant oil and natural gas reserves with current revenue streams. This project may also afford us the opportunity to expand our Telecom business. The country of interest, wish I am not at liberty to disclose at this point, has embarked on a major initiative to upgrade its overall communications infrastructure", commented Ernest Phillips, President, AIT Wireless, Inc.

In conjunction with an optimization plan on the current wells, AIT expects to be involved with bringing additional gas reserves into production through additional drilling.

This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These include, but are not limited to, statements regarding the Company's plans, intentions and expectations. Forward-looking statements are based on the opinions and estimates of management at the time the statements are made. Such statements are inherently subject to a variety of risks, uncertainties and other factors that could cause actual results to differ materially from those expected or implied by the forward-looking statements. These factors include general economic and business conditions nationally, internationally and in the regions and countries in which we operate; demographic changes; technology changes; increased competition; changes in business strategy or development plans; our high leverage and our ability to access capital markets; our ability to attract and retain qualified personnel; existing governmental regulations. Given these factors, investor and analysts should not place undue reliance on forward-looking statements.