Calypso Wireless Announces International Business Veteran as CFO; Montiel to Oversee Re-application for OTC BB Listing.

MIAMI LAKES, Fla. -- Please replace the release with the following corrected version due to multiple revisions.

The corrected release reads:

CALYPSO WIRELESS ANNOUNCES INTERNATIONAL BUSINESS VETERAN AS CFO; MONTIEL TO OVERSEE APPLICATION TO BECOME LISTED ON THE AMERICAN STOCK EXCHANGE AND THE OTC BB

Calypso Wireless, Inc. (Pink Sheets:CLYW), an emerging leader in advanced wireless telecommunications technology announced today that the company has retained the services of Javier Montiel, CPA to serve as Calypso's Chief Financial Officer.

"Javier Montiel comes very highly recommended to the company. He possesses extensive experience overseeing the finances and financial reporting of international companies such as Calypso. Together with the rest of the management team and our board of directors, Mr. Montiel and I will reexamine the best course of action to get the American Stock Exchange and OTC BB listing application with the NASD back on track," says George Schilling, CEO of Calypso Wireless, Inc.

The company also believes that the specialist-based system promotes liquidity and narrower spreads, decreases volatility and provides the stock with additional protection against short selling. Calypso Wireless is looking forward to working with AMEX to obtain the listing as quickly as possible.

Mr. Montiel has been a partner in Tatum Partners since 2001. Prior to that time he was Chief Financial Officer at ePagos, Inc., a Miami based e-business solutions enabler for small and medium sized businesses in Latin America. Prior to this, during the period of 1995 - 1997, Mr. Montiel was Chief Financial Officer of Santillana USA Publishing Company, Inc., a private multinational publishing company based in Spain. From 1995 to 1998, he served as Vice President and Chief Financial Officer for United International Holdings, Inc., a holding company with operations in 20 countries. Mr. Montiel has focused in the international area for 10 years, including developing and directing financial functions for medium to large multinational companies. He obtained a BBA in Finance from Florida International University in 1975 and a Certificate of Accounting from the University of Miami in 1985.

About Tatum CFO Partners

Tatum CFO Partners, LLC, a division of Tatum Partners, which also operates Tatum CIO Partners, LLP, is the largest professional services provider of financial leadership in the country. The firm currently has over 400 partners in 30 offices nationwide. Tatum's partners are engaged as supplemental, interim, project, or employed executives for clients that range from emerging growth to large multinational public companies. The company has successfully undertaken over 2,000 client engagements in more than 100 industries in over 30 geographical markets nationwide. For more information about Tatum Partners and its products and services, please visit the company's Web site at http://www.tatumpartners.com/

About Calypso Wireless, Inc.

Calypso Wireless is the company behind the revolutionary ASNAP(tm) technology for which Calypso was granted US Patent No. 6,680,923, titled "Communication system method" (http://www.uspto.gov search U.S. patent number 6,680,923), Calypso's technology enables cell phones and other mobile devices to automatically detect an available wireless local area network and then seamlessly switch between the signals from a GSM/GPRS or CDMA cellular tower to a short range broadband network such as cable or DSL with Wi-Fi. The wireless customer remains connected to the GSM/GPRS or CDMA network until his cell phone automatically detects and switches to a Wi-Fi network. The integration of ASNAP(TM) technology will enable greatly enhanced services such as real time video conferencing via phones or any mobile devise powered with the company's technology. The patent has also given Calypso the rights to offer license agreements to major carriers as well as OEM's. The company also recently announced that it has applied for a patent covering technology that would allow users of mobile devices such as cellular phones, PDAs, satellite radios and portable music players, such as Apple Computer's iPod to listen to satellite broadcasts on those devices from either Satellite transmitters or wireless LAN access points, such as Wi-Fi.

Calypso Wireless is a publicly traded company headquartered in Miami Lakes, FL. Its common stock trades under the ticker symbol CLYW. For more information about Calypso Wireless and its products and services, please visit the company's Web site at http://www.calypsowireless.com.

This release is intended as a forward-looking statement within the meaning of the Private Securities Litigation Reform Act of 1995. The risks and uncertainties that may affect the operations, performance development and results of the Company's business include but are not limited to (i) The ability to provide technology in the future, (ii) Unexpected changes in the technology market, (iii) The success of the Company's expansion and sales and marketing strategies (iv) Competition within the Data Synchronization market (v) The ability of the Company to continue to finance its long-term strategy and expansion (vi) The ability of the Company to motivate and retain the services of its key personnel and hire additional qualified personnel to meet evolving staffing needs.