AirNet Communications Receives Additional Nasdaq Listing Extension; Company Has Until August 15, 2003 to Regain Minimum Bid Price Compliance.

Business Editors/High-Tech Writers

MELBOURNE, Fla.--(BUSINESS WIRE)--July 9, 2003

AirNet Communications Corporation (Nasdaq:ANCC) announced today that the Nasdaq Listing Qualifications Panel ("Panel") has granted AirNet an additional extension to regain $1.00 closing bid price compliance.

On or before August 15, 2003, AirNet must evidence a closing bid price of at least $1.00 per share and, immediately thereafter, a closing bid price of at least $1.00 per share for a minimum of ten consecutive trading days.

In the event AirNet fails to comply with any of the terms of the exception or if the Company falls out of compliance with other requirements, its securities may be transferred to The Nasdaq SmallCap Market provided the Company is able to evidence compliance, as well as an ability to sustain compliance, with all requirements for continued listing on that Market. Otherwise, AirNet's securities will be delisted from The Nasdaq Stock Market.

The Panel determined that an additional short extension was merited given the Company appears to have diligently pursued its plan on compliance as presented to the Panel. The Company requested the extension from July 31, 2003 to August 15, 2003 in order to give its shareholders sufficient time to consider all proposals at the upcoming shareholders meeting.

The Company announced that it plans to hold its annual meeting of stockholders in Melbourne, Florida at the Rialto Hilton on Friday, August 8, 2003 at 10:00 A.M.

With regard to the previously announced investment agreement for $16M in Senior Secured Convertible Notes, AirNet also announced that the investors have agreed to extend the closing until no later than August 15, 2003.

About AirNet

AirNet Communications Corporation is a leader in wireless base stations and other telecommunications equipment that allow service operators to cost effectively and simultaneously offer high-speed data and voice services to mobile subscribers. AirNet's patented broadband, software-defined AdaptaCell(R) base station solution provides a high capacity base station with a software upgrade path to high speed data. The Company's Digital AirSite(R) Backhaul Free(TM) base station carries wireless voice and data signals back to the wireline network, eliminating the need for a physical backhaul link, thus reducing operating costs. AirNet has 69 patents issued or pending. More information about AirNet may be obtained by calling 321.984.1990, or by visiting the AirNet Web site at http://www.airnetcom.com.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995

Certain statements in this news release may constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 (the Reform Act), Section 27A of the United States Securities Act of 1933 and Section 21E of the United States Securities and Exchange Act of 1934. These forward-looking statements may relate to anticipated financial performance, management's plans and objectives for future operations, business prospects, market conditions, financial forecasts and other matters. All statements contained in this news release that do not relate to matters of historical fact should be considered forward-looking statements, and are generally identified by words such as "anticipate,'' "believe,'' "estimate,'' "expect,'' "intend,'' "plan'' and "objective'' and other similar expressions. Readers should not place undue reliance on the forward-looking statements contained in this news release. Such statements are based on management's beliefs and assumptions and on information currently available to management and are subject to risks, uncertainties and changes in condition, significance, value and effect. Such risks include the fact that the Company's securities may be delisted from the Nasdaq National Market for failure to comply with applicable maintenance standards. Other risks or uncertainties are that our stockholders may not approve of any contemplated financing; that currently the sale of the securities contemplated by the financing may be highly dilutive to existing common stock holders; that the lenders may foreclose on all assets of the company (including all intellectual property rights) in the event of a default under the security agreement associated with the debt financing, that there can be no assurances that this investment agreement will close in August, if at all, that the company may not be able to retain key employees, that the company may need additional investment capital in the future, and that the company may not be able to continue to operate as a going concern prior to or after the consummation of the transaction. These and other risks are detailed in reports and documents filed by the Company with the United States Securities and Exchange Commission. Such risks, uncertainties and changes in condition, significance, value and effect, many of which are beyond the Company's control, could cause the Company's actual results and other future events to differ materially from those anticipated. The Company does not, however, assume any obligation to update these forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking statements.

AirNet(R), AdaptaCell(R) and AirSite(R) are registered trademarks with the U.S. Patent and Trademark Office. The stylized AirNet mark, Super Capacity(TM), Backhaul Free(TM), and We're Ready for Anything(TM) are trademarks of AirNet Communications Corporation. Other names are registered trademarks or trademarks of their respective companies or organizations.