Airspan to Exchange $10.0 Million of Convertible Promissory Notes for New Preferred Stock

BOCA RATON, FL--(Marketwire - Mar 15, 2012) - Airspan Networks Inc., a leading provider of broadband wireless access networks, today announced that on March 6, 2012 it entered into an Exchange Agreement with its controlling stockholder, Oak Investment Partners XI, Limited Partnership ("Oak"), pursuant to which it will exchange $10.0 million aggregate principal amount and accrued interest of its Subordinated Convertible Promissory Notes held by Oak, for 10,728 shares of a newly designated convertible participating Series D Preferred Stock. The exchange transaction will decrease Airspan's total indebtedness by approximately $10.7 million and is expected to close in April 2012.

The approval of Oak, in its capacity as the sole holder of Airspan's outstanding Series B Preferred Stock and Series C Preferred Stock, is the only stockholder approval required in connection with the exchange transaction. Airspan will mail notice of such approval to shareholders in accordance with Delaware law. The notice, containing important information, will be available on or about March 22, 2012 without charge on Airspan's website, www.airspan.com, or by writing to Airspan Networks Inc., 777 Yamato Road, Suite 310, Boca Raton, Florida 33431, Attention: Secretary.

"Oak's continued support is invaluable to us as we work towards a shared vision of delivering 4G connectivity to carriers and industrial network operators across the world," commented David Brant, Chief Financial Officer of Airspan. "Airspan is at the forefront of groundbreaking 4G technology innovation, ensuring our customers' satisfaction and enabling lasting business relationships."

About Airspan Networks Inc.

Airspan is a leading 4G wireless solution provider. With over 500 customers in over 100 countries and as a top vendor for carrier-class broadband wireless solutions, Airspan is recognized as a leader and pioneer in 4G and broadband wireless technologies. Providing an expansive product portfolio, Airspan offers customers the widest selection of 4G products in the industry with an unsurpassed level of technology to benefit their business case. Airspan has solutions spanning the 700 MHz to 6 GHz frequency bands. Oak holds a controlling interest in Airspan. Airspan is not subject to the informational reporting requirements of the Securities Exchange Act of 1934 and, accordingly, does not file reports, financial statements, proxy statements, information statements or other information with the Securities and Exchange Commission. www.airspan.com

Forward-Looking Statements

This press release contains forward-looking statements. All statements, other than statements of historical facts, including statements regarding Airspan's strategy, future operations, financial position, future revenues, projected costs, prospects, plans and objectives of management, may be deemed to be forward-looking statements. The words "anticipates," "believes," "estimates," "expects," "intends," "may," "plans," "projects," "will," "would" and similar expressions or negative variations thereof are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Airspan may not actually achieve the plans, intentions or expectations disclosed in the forward-looking statements contained in this press release and you should not place undue reliance on such forward-looking statements. There are a number of important factors that could cause actual results or events to differ materially from the plans, intentions and expectations disclosed in the forward-looking statements Airspan makes. Investors and others are therefore cautioned that a variety of factors, including certain risks, may affect Airspan's business and cause actual results to differ materially from those set forth in the forward-looking statements. Airspan does not assume any obligation to update any forward-looking statements.