For Immediate Release
May 16, 2001

AirNet Communications Announces Closing On US$30 Million Of Funding

Melbourne, Florida, May 16, 2001 -- AirNet Communications Corporation (NASDAQ:ANCC) today announced that it has completed the sale of $30 million of Series B Convertible Preferred Stock.

The company announced April 3, 2001 that it had received binding commit ents for the $30 million of funding from a private placement with Mellon Ventures, Ltd., SCP Private Equity Partners ll, L.P., and Tandem PCS Investments, L.P.

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Press & Investor Contact:
Gary Pacilio
AirNet Communications
+1 321.953.6609
investor@airnetcom.com

AirNet® and AirSite® are registered trademarks with the U.S. Patent and Trademark Office. The stylized AirNet mark, AdaptaCell™, Super Capacity™, Backhaul Free™, and We're Ready for Anything™ are trademarks of AirNet Communications Corporation. Other names are registered trademarks or trademarks of their respective companies or organizations.


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