BOCA RATON (Press Release). Airspan Networks Inc (NASDAQ – AIRN) today announced that it has concluded its previously announced private placement of 200,690 shares of Series B Preferred Stock to Oak Investment Partners XI, Limited Partnership. Upon closing, the shares of Series B Preferred Stock were issued to Oak in exchange for $29 million in cash and Oak’s transfer to the Company of 73,000 shares of the Company’s Series A Preferred Stock, representing all of the issued and outstanding shares of Series A Preferred Stock. This private placement was approved by holders of a majority of Airspan’s common stock that voted at the Special Meeting of Airspan’s shareholders (excluding shares held by Oak and its affiliates).

In connection with this transaction, the Board of Directors of the Company appointed a new member, Mr. Bandel L. Carano, to the Company’s Board of Directors. One of the conditions to the closing of the private placement was the appointment of a director designated by Oak to the Company’s Board of Directors. Oak has designated Mr. Carano as its appointee to the Board.

Mr. Carano, who was a member of the Company’s Board of Directors from January 1998 to February 2001, has been a general partner of Oak Investment Partners, a multi-stage venture capital firm, since 1987. Mr. Carano also serves on the Investment Advisory Board of the Stanford Engineering Venture Fund, the Board of Directors of Wireless Facilities, Inc., the Supervisory Board of Tele Atlas N.V. and the Board of Directors of numerous private companies, including Airgo Networks, nLight Photonics, Tensilica and Visto Corporation. Mr. Carano holds a B.S. and an M.S. in Electrical Engineering from Stanford University. The addition of Mr. Carano brings the Board’s membership to nine.

Eric Stonestrom, Airspan’s President and Chief Executive Officer, stated: “We are pleased to continue our relationship with Oak Investment Partners through this new investment. We are also encouraged by the general market conditions for WiMAX and our leadership position in terms of total units shipped, customer acquisition, and product pipeline.”

Bandel Carano, a Managing Partner at Oak, commented: “We continue to be impressed with Airspan as a strong WiMAX investment opportunity. Airspan’s WiMAX product line is field proven, and it is changing the last-mile paradigm of many customers now. Airspan’s future product roadmap, which includes mobility, is even more exciting.”

The Company will file a Form 8-K that contains additional information regarding the private placement and the terms of the Series B Preferred Stock.