About Terabeam Wireless

YDI Wireless, Inc. is the result of a merger consummated on April 1, 2003 between Telaxis Communications Corporation and Young Design, Inc. Telaxis was a publicly traded company that focused on developing high capacity millimeter wave wireless products. Young Design was a privately held company that developed, produced, and sold wireless data products, primarily in microwave frequencies. Subsequent to the merger, the company effected a 1 for 100 reverse stock split followed by a 25 for 1 forward stock split, re-incorporated in Delaware, and changed its name to YDI Wireless, Inc. Prior to its merger with Telaxis, Young Design had grown through a combination of organic growth and acquisitions. In March 2003, Young Design acquired certain assets and licensed technologies to permit it to manufacture and sell the Link CX product. In May 2002, Young Design acquired certain assets and licensed technology to permit it to manufacture and sell the Link EX, Link 4X and RAN products. In May 2001, Young Design purchased Zeus Wireless, Inc., a manufacturer of low speed wireless data equipment.

On May 14, 2004, YDI acquired KarlNet, Inc., a pioneer and leader in software development for operating and managing wireless networks. Founded in 1993, KarlNet had grown from a pioneer in Internet firewall and security solutions to a leading provider of wireless software and systems. KarlNet is being integrated into the operations of YDI and will function as YDI’s software design and support center as well as providing digital hardware design and support.

On June 22, 2004, YDI acquired Terabeam Corporation. Terabeam was a provider of broadband wireless solutions that extended and optimized carrier and enterprise networks using high frequency millimeter wave (60 GHz radio frequency) and free space optics (invisible light beam) technologies. Terabeam had a history of significant losses and cash burn. In connection with the merger and subsequent consolidation, YDI reduced capital expenditures, significantly reduced the personnel at Terabeam, closed Terabeam’s two offices in the Redmond, Washington area, and consolidated resources at Terabeam’s North Andover, Massachusetts facility. The North Andover facility has been integrated into YDI focusing on millimeter wave and microwave hardware development and support.

Based on Terabeam’s high level of positive name recognition, in mid-August, YDI decided to adopt the name “Terabeam Wireless” for its go to market strategy. YDI is also contemplating changing its actual corporate name to “Terabeam Wireless” or a similar name.

On June 25, 2004, YDI acquired Ricochet Networks, Inc. Ricochet is a leading mobile Wireless Internet Service Provider (WISP) headquartered in Denver, Colorado. Ricochet provides high-speed mobile Internet connectivity in San Diego, California and Denver and has over 7,000 paying customers. Ricochet’s wireless Internet services business is operated independent of YDI except for certain overlapping personnel and functions. Ricochet used to operate in many major metropolitan cities including New York, Los Angeles, San Francisco, Seattle, Chicago, Philadelphia, Phoenix, Baltimore, Philadelphia, Atlanta, Dallas/Fort Worth, Minneapolis, and Washington, DC. Ricochet is investigating the feasibility of restoring service in these markets. In addition, Ricochet is pursuing opportunities to provide Homeland Defense and public safety systems utilizing the Ricochet solution. Also, Ricochet is offering equipment to service providers, WISPs, and municipalities who wish to offer wireless Internet services and become part of Ricochet’s network.

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