Airspan Networks Inc. announced its fourth quarter and full year financial results for the period ending December 31, 2006. Full year reported revenues for 2006 were a record at $127.8 million, up 15% from the $111.0 million reported for 2005. The Company reported revenues for the 2006 fourth quarter of $31.3 million, a decrease of 17% from the fourth quarter of 2005, but up 15% compared to the third quarter of 2006. The net loss attributable to common stockholders for the fourth quarter was $4.1million or $(0.10) per share, against a loss of $3.3 million or $(0.08) per share in the fourth quarter of 2005.

The net loss attributable to common stockholders for the full year 2006 was $38.4 million, or $(0.96) per share, compared to $15.1 million, or $(0.39) per share, for 2005. Net loss attributable to common stockholders in 2006 included a cost of $9.2 million, or $(0.23) per share, for the deemed dividend associated with an exchange and beneficial conversion of preferred stock in September 2006.

Fourth Quarter 2006 Business Highlights

• Launch of the HiperMAX Base Station platform, the industry’s first software-defined product for Mobile WiMAX.
• Record WiMAX revenue through our OEM channel partners, including HiperMAX customer wins with major Tier 1 carriers in Europe and Latin America.
• Development of the Triband USB subscriber device, which will enable WiMAX services to be delivered to portable devices such as laptop computers, continued on schedule; the product remains on track for end of 2007 introduction.
• Addition of the 5.8GHz frequency band to the MicroMAX Base Station product to address the unlicensed frequency market.
• WiMAX Forum CertificationTM of the MicroMAX 3.5GHz FDD Base Station.
• Successful interoperability testing of Airspan Wave 2 WiMAX at WiMAX Mobile plugfests.