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Broadband Completes Reorganization Process with Estimated Book Value of Approximately 15 Cents Per Share
2/25/2004 8:30:00 AM

ADAIRSVILLE, Ga., Feb 25, 2004 (BUSINESS WIRE) -- Broadband Wireless International Corporation (BBAN) announced today through its new board of directors that the proceeding under Chapter 11 has been completed. The company emerges from the reorganization process with an asset base of over $31 million. Based on the number of shares issued (206,000,000), the company`s book value is currently estimated at approximately $0.15 per share.


"The ability to make this announcement marks today as an important and exciting day for Broadband Wireless. The completion of our reorganization was the last significant piece of our strategy to position the Company for future success," stated Paul R. Harris, Broadband`s Chief Executive Officer. Harris continued, "No one should underestimate the scope of the task and the tremendous progress we`ve made in completing the reorganization. Combining it with the discontinuation of unprofitable operations has helped us to significantly increase shareholder value. I want to thank our customers, suppliers, employees and shareholders. With their continued support, we firmly believe that Broadband Wireless is well positioned for major future growth."

About Broadband Wireless International Corporation

Broadband Wireless International Corporation is becoming a diversified holdings company and is moving into a wide variety of investments that are intended to generate positive cash flow for the corporation and dividends for the shareholders. The company currently holds interests in the timber and music industries.

Safe Harbor Forward-Looking Statements

This release contains `forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21B of the Securities Exchange Act of 1934. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact and may be `forward looking statements. Forward looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated.

SOURCE: Broadband Wireless International Corporation

Richard Gersh Associates
Media
Dick Gersh, 212-757-1101
dickgersh@rgapr.com
or
Broadband Wireless International Corporation
Investors
Mark Kabbash, 646-742-1115
Mark_Kabbash@hotmail.com
or
Broadband Wireless International Corporation
Paul R. Harris, 770-877-3445


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Copyright (C) 2004 Business Wire. All rights reserved.


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