GigaBeam WiFiber(R) Installed by Global Capacity Group in Dallas, TX.

HERNDON, Va. -- GigaBeam Corporation (NASDAQ:GGBM) announced today that WiFiber([R]) wireless fiber has been installed by Global Capacity Group, Inc. ("GCG"), a provider of network bandwidth to enterprises, in support of a campus local area network ("LAN") application in Dallas, Texas.

John Abraham, co-founder of GCG, said, "We were researching ways to quickly provide Gig-E bandwidth capacity for a customer that needed to extend LAN connectivity to a new location. We had less than two weeks to provide a solution and the option of trenching a terrestrial fiber network was impractical. GigaBeam's WiFiber was the ideal solution to address real world business circumstances. The WiFiber was successfully installed resulting in a very satisfied customer with gigabit per second connectivity, delivered on time and within budget."

Lou Slaughter, GigaBeam's Chairman and CEO, stated, "We are thrilled that GCG chose WiFiber for this application. Our WiFiber can be installed seamlessly within a terrestrial fiber network. It is an ideal choice for customers like Global Capacity Group that require significant bandwidth, fast and flexible deployment and a cost-effective solution."

GigaBeam WiFiber products operate in the 71-76 GHz and 81-86 GHz radio spectrum bands. This portion of the radio frequency spectrum has been authorized by the Federal Communications Commission for wireless point-to-point commercial use. Use of these frequency bands for commercial use was pioneered by GigaBeam's founders.

GigaBeam's technology, utilizing these large blocks of authorized contiguous spectrum, enables multi-Gigabit-per-second communications through use of Gigabit Ethernet and other standard protocols. The current speed achieved by GigaBeam's WiFiber G-1.25 product series is full duplex at one Gigabit-per-second (equivalent to 647 T1 lines or 1,000 DSL connections) which supports GigE protocol. GigaBeam recently announced its WiFiber G-2.7 series, to be released in Q4, 2006, which will operate at 2.7 Gbps. The protocols to be supported by the G-2.7 product series include 2 x GigE (2 x 1 Gbps); OC-48 / STM-16 (2.488 Gbps); SMPTE 292M (1.485 Gbps) and both 1 and 2 Gbps fiber channel. GigaBeam also plans deployment of future products capable of 10 Gigabits-per-second utilizing either the 10 Gigabit Ethernet or OC-192 protocol standards.

GigaBeam's WiFiber technology is similar to terrestrial fiber in terms of speed and reliability for deployment in Metropolitan Area Networks (MANS). However, WiFiber has a substantial advantage over terrestrial fiber because WiFiber can be deployed in a day and costs less to deploy than terrestrial fiber. Terrestrial fiber can take months to deploy and also require significant regulatory and environmental approvals prior to installation.

About GigaBeam Corporation

GigaBeam is a provider of high-performance wireless point-to-point communications access solutions that operate in the licensed 71-76 GHz and 81-86 GHz radio spectrum bands. GigaBeam equipment operates at multi-gigabit-per-second speeds. GigaBeam Corporation headquarters is located at 470 Springpark Place, Suite 900, Herndon, VA 20170. For more information, visit www.gigabeam.com.

Global Capacity Group, Inc.

Global Capacity Group launched in 2001 as a single point of contact to locate, procure and manage off-net capacity for Tier 1 carriers. The Houston-based company evolved into network-neutral bandwidth logistics experts, delivering a wide range of wholesale network services to both carriers and large enterprise customers. Today, GCG also provides enterprises the technical expertise to design, build and manage complex communications networks through the application layer, using best-in-class providers to deliver business-specific solutions. For more information, visit www.globalcapacity.com.

Safe Harbor Statement

Statements in this press release regarding GigaBeam's products, services, capabilities, performance, opportunities, development and business outlook that are forward-looking involve and are subject to known and unknown risks, uncertainties and other factors, some of which are beyond GigaBeam's control and difficult to predict, and could cause actual results to differ materially from these anticipated, expressed or forecasted in the forward-looking statements. Such risks and uncertainties may include, but are not limited to: lack of operating history, transitioning from a development company to an operating company, difficulties in distinguishing GigaBeam's products and services, ability to manufacture and deploy GigaBeam's products, lack of or delay in market acceptance and fluctuations in customer demand, dependence on a limited number of significant customers, reliance on third party vendors and strategic partners, availability of raw materials, subassemblies and components, ability to meet future capital requirements on acceptable terms, continuing uncertainty in the telecommunications industry and the global economy, intense competition in the telecommunications equipment industry and resulting impact on pricing and general financial performance, compliance with federal and state regulatory requirements, timing, availability and success of new technology and product introductions and the other factors discussed in GigaBeam's filings with the Securities and Exchange Commission.