R Wireless Inc. Hires New CFO and Debt Forbearance Agreement.

NEW YORK -- R Wireless, Inc. (Pink Sheets:RWLS) (the "Company") is pleased to announce Darren Bloom has assumed the role of Chief Financial Officer and member of the board. Until recently Mr. Bloom held a number of senior management positions with KPMG internationally. His prior roles include time at EDS corporate headquarters and Lanier Worldwide. Mr. Bloom holds MBAs from Columbia University and London Business School. Outgoing CFO Ned Baramov has resigned from all positions with R Wireless and subsidiaries in order to pursue other professional interests which will require most of his time and attention.

On July 21, 2005 Baker, Johnston & Wilson LLP ("BJW,'" former corporate counsel to the Company) signed an agreement to forbear collection of its receivable for services and expenses until 2007, effectively converting the receivable to long-term debt.

In connection with the forbearance, the Company agreed to issue to BJW a warrant to purchase shares of its common stock exercisable on and after January 1, 2006. Thus, if the warrants are exercised in full, the payable to BJW would be fully offset. The Company will have the right to call the warrants at any time beginning February 1, 2006, if the exercise price at least 2.5 times the then exercise price.

This announcement may contain forward-looking statements that involve risks, uncertainties and assumptions, which could cause actual results to differ materially from management's expectations. Factors that could cause differences include, but are not limited to raising capital, future acquisitions by the Company and general market conditions.