Clearwire Expands Funding Round to $23 Million.

Business Editors & High Tech Writers

DALLAS--(BUSINESS WIRE)--March 11, 2002

Wireless broadband provider continues to attract investor support

Clearwire Holdings Inc., parent company of Dallas-based Clearwire Technologies Inc., announced today that it completed additional equity funding of approximately $3 million, bringing the previously announced $20 million funding round to $23 million. Since March of 2001, Clearwire has received total funding commitments of $100 million, and with today's announcement, the company has drawn down a total of $80 million. The new financing came primarily from Edgewater Funds, a private equity and venture capital fund that invests in outstanding growth companies in the communications, business products and services and information technology business sectors.

"The support from Edgewater Funds is extremely encouraging - especially considering the challenging environment in today's capital markets," said Thomas P. McMillin, Executive Vice President and CFO of Clearwire Holdings. "Coupled with the $20 million in funding Clearwire received in December, this is another example of investor support for the growth of wireless broadband as a viable alternative to DSL and cable broadband services. Clearwire's wireless broadband strategy, centered on self-installed, `plug and play' capability, will prove to be one of the most attractive and cost effective broadband delivery methods available to business and residential customers."

With the additional funding, Clearwire will continue efforts to rationalize MMDS/ITFS spectrum, test second-generation wireless broadband equipment and maintain operational readiness. Clearwire is one of the largest holders of 2.5GHz wireless broadband spectrum in the U.S. The MMDS/ITFS spectrum band represents 200 MHz of spectrum designated for two-way high-speed data and portable broadband services.

"Preliminary testing of second-generation wireless broadband equipment indicates the opportunity to offer portability, competitive speeds, self-installation capabilities, greater network reliability and lower operating costs," said Clearwire President and COO Leo Cyr. "Portable wireless broadband service will offer a very competitive alternative to fixed broadband methods which include DSL and cable modems, and will offer increased availability and utility given the nature of wireless service and coverage."

About Edgewater Funds

The Edgewater Funds, based in Chicago and Newport Beach, Calif., manages approximately $450 million and focuses on investments in basic industries and information technology. Recent Edgewater investments include AirClic, Astracon, eBuilt, EpicEdge, Infographics and RC Networks. More information on Edgewater Funds is available at www.edgewaterfunds.com.

About Clearwire Holdings Inc.

Clearwire Holdings Inc. is the parent company of Clearwire Technologies Inc., which was formed in 1998 to develop and operate wireless broadband Internet access networks across the United States. Clearwire provides high-speed Internet access and data services to small and mid-sized businesses. Using proven wireless access technology, Clearwire delivers reliable, cost-effective services with quick connectivity - usually within five business days - and a customer-friendly installation process. Through its relationship with the ITFS Spectrum Development Alliance, Clearwire has access to one of the largest 2.5 GHz footprints in the country. With recent funding events and a management team experienced in all aspects of the telecom industry, Clearwire is positioned for rapid, profitable expansion into new, previously underserved, markets. Clearwire is headquartered in Dallas and is a Wireless Communications Association International (www.wcai.com) board member. More information on Clearwire is available at www.clearwire.com.

Clearwire(TM) and the Clearwire logo are trademarks of Clearwire Technologies Inc. All other trademarks or registered trademarks are the property of their respective holders.