In addition, on September 11, 2009, the Company commenced mailing a proxy statement to shareholders seeking advisory shareholder approval, at a special meeting of shareholders to be held on October 6, 2009, of the previously announced sale of 1,250,000 shares of Series C Preferred Stock to Oak Investment Partners XI, Limited Partnership ("Oak") for a purchase price of $10 million in cash. At the special shareholders' meeting, shareholder approval is also being sought for an amendment to the terms of the Company's Series B Preferred Stock held by Oak to provide common shareholders the right to share in 10% of any recovery by the Series B Preferred Shareholders in any liquidation and certain sales of the Company which would be deemed to be a liquidation under the terms of the Series B Preferred Stock. The Record Date for shareholders to vote at the special meeting is September 3, 2009.

Eric Stonestrom, Airspan's Chief Executive Officer, said, "We urge all shareholders to read the proxy statement carefully and to vote their shares on this important issue, which is critical to Airspan's future. With this new funding, we believe that Airspan will be well positioned to weather the current economic downturn and to benefit from some of the current initiatives in our industry. After a long process wherein we looked at many strategic alternatives, we believe the new funding from Oak Partners represents the best path forward for Airspan and our stakeholders."

The Company's Board of Directors has approved the new investment by Oak and the amendment to the terms of the Series B Preferred Stock and has determined that they are advisable and in the best interests of the Company and its shareholders. The Board of Directors has recommended a vote "For" both proposals at the special shareholders' meeting.

Stephens Inc. acted as financial advisor to a special committee of Airspan's Board of Directors in connection with the Series C Preferred Stock sale.

Please read the Proxy Statement for the Special Meeting of Shareholders dated September 11, 2009 because it contains important information. The Proxy Statement is available without charge on the Company's website, www.Airspan.com, by writing to Airspan Networks Inc., 777 Yamato Road - Suite 310, Boca Raton, Florida 33431, Attention: Secretary, or through the Pink Quote System's OTC Disclosure and News Services at www.pinksheets.com.