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World Wireless Communications, Inc. Announces Year End Results and Delay of 10-K Filing.

World Wireless Communications, Inc. , a developer of wireless and internet based telemetry systems, today announced that the filing of its Form 10-K for the year ended December 31, 2002 will be further delayed to approximately May 5, 2003. The Company's senior lenders have agreed to restructure the Company's senior secured debt conditional upon and subject to the Company's obtaining certain additional financing. The Company is currently engaged in discussions to seek such financing, although the results thereof are not assured.

The Company is in the process of determining what impact, if any, such restructuring would have on the results of operations for the period ended December 31, 2002.

As of this date the Company has not yet engaged its independent accountant for the purposes of auditing the December 31, 2002 financial statements. As a result, the filing on May 5, 2003 is expected to be incomplete pending engagement, review, and audit by the independent accountants.It is expected that the Company will file an amended report by approximately May 26, 2003 to include the independent accountants' opinion.

The Company reports the following balance sheet as of December 31, 2002 and 2001 and results of operations for the year ended December 31, 2002 and the years ended December 31, 2001 and 2000 without giving effect to any possible impact from such restructuring.
 WORLD WIRELESS COMMUNICATIONS, INC. AND SUBSIDIARIES
 CONSOLIDATED BALANCE SHEETS

 December 31,
 2002 2001
 (unaudited)
 ASSETS
 Current Assets
 Cash $14,896 $223,738
 Investment in
 securities
 available for sale 375 688
 Trade receivables,
 net of allowance
 for doubtful accounts 64,863 68,002
 Other receivables 18,417 19,502
 Inventory 411,625 445,976
 Prepaid expenses 39,534 69,526
 Total Current Assets 549,710 827,432
 Equipment, net of
 accumulated depreciation 188,785 369,453
 Deferred debt placement fees -- 477,650
 Other assets 13,131 12,337

 Total Assets $751,626 $1,686,872

 LIABILITIES AND STOCKHOLDERS' DEFICIT
 Current Liabilities
 Trade accounts payable $1,172,853 $746,699
 Accrued liabilities 528,341 281,578
 Accrued interest 989,235 174,892
 Deferred revenue 30,000 30,000
 Notes payable -- related party 6,810,000 3,098,216
 Obligations under
 capital lease -- current portion 492 5,076

 Total Current Liabilities 9,530,921 4,336,461

 Long-Term Obligations Under
 Capital Lease -- 4,009

 Commitments and Contingencies -- --

 Mandatorily Redeemable
 10% Preferred Stock --
 $0.001 par value;
 1,000 and 0 shares
 authorized; 0 shares
 issued and outstanding -- --

 Stockholders' Equity (Deficit)
 Common stock payable 3,304,456 --
 Common stock -- $0.001
 par value; 50,000,000 shares
 authorized; issued and
 outstanding:
 31,447,087 shares in 2001
 and 31,268,847 shares in 2000 31,459 31,447
 Additional paid-in capital 48,439,913 48,023,183
 Accumulated deficit (60,547,401) (50,700,819)
 Accumulated other
 comprehensive loss (7,722) (7,409)

 Total Stockholders' Deficit (8,779,295) (2,653,598)

 Total Liabilities
 and Stockholders' Deficit $751,626 $1,686,872


 WORLD WIRELESS COMMUNICATIONS, INC. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF OPERATIONS

 Years Ended December 31,
 2002 2001 2000
 (unaudited)
 Revenues:
 Services $25,000 $107,888 $360,388
 Royalties -- 22,540 457,194
 Product sales 710,124 921,926 897,251

 Total revenues 735,124 1,052,354 1,714,833

 Cost of Sales:
 Services 35,232 192,547 460,005
 Products 306,040 500,437 753,422
 Inventory write-down -- 198,000 --

 Total cost of sales 341,272 890,984 1,213,427

 Gross profit 393,852 161,370 501,406

 Operating Expenses:
 Research and
 development 666,428 425,720 1,483,365
 Selling, general
 and administrative 4,258,002 6,388,745 5,810,032
 Manufacturing
 activity exit costs -- -- (1,677,668)
 Amortization of
 goodwill -- 214,286 171,432

 Total operating
 expenses 4,924,430 7,028,751 5,787,161

 Loss from operations (4,530,578) (6,867,381) (5,285,755)

 Other income (expense)
 Interest expense (5,357,008) (1,196,098) (132,586)
 Other income 41,004 16,807 648,537

 Net loss (9,846,582) (8,046,672) (4,769,804)

 Preferred dividends -- -- 6,400

 Loss applicable
 to common shares $(9,846,582) $(8,046,672) $(4,776,204)

 Basic and diluted
 loss per common share $(0.31) $(0.26) $(0.16)

 Weighted average number
 of common shares used
 in per share
 calculation 31,456,873 31,362,497 29,507,160





The financial information presented in this release has not yet been independently reviewed.

About World Wireless Communications, Inc.

Greenwood Village-based World Wireless Communications, Inc. was founded in 1995 and is a leading developer of wireless and internet systems, technology and products. World Wireless focuses on spectrum radios in the 900MHz band and has developed the X-traWeb(TM) system -- an Internet based product designed for remote monitoring and control devices. X-traWeb's many applications include security systems, vending machines, asset management, quick service restaurants and utility meters.

Statements made in this press release, other than those concerning historical information, should be considered forward-looking and subject to various risks and uncertainties.

Such forward-looking statements are made based on management's belief as well as the assumptions made by, and information currently available to, management pursuant to the "safe harbor" provision of the Private Securities Litigation Reform Act of 1995.

CONTACT: Investors, David Singer of World Wireless Communications, +1-303-221-1944, dsinger@worldwireless.com
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Publication:PR Newswire
Geographic Code:1USA
Date:Apr 18, 2003
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