First Avenue Networks Announces Second Quarter Results

First Avenue Networks (NASDAQ:FRNS), a fixed wireless
services provider, today announced that it has reported results for
the second quarter ended June 30, 2006.
   Revenues for the six months ended June 30, 2006 increased 48% to
$883,000 from $596,000 for the six months ended June 30, 2005. The
year over year increase was primarily the result of the acquisition of
Teligent's fixed wireless operations in January 2005. The Company had
cash, cash equivalents, restricted cash and certificates of deposit
totaling $62.1 million at June 30, 2006.
   "Our company is on the verge of transforming itself from a
nationwide provider of wireless transport services, into the largest
and most established alternative provider of backhaul and access
services in the United States," said Michael Gallagher, president and
CEO, First Avenue Networks. "With the close of our merger agreement
with FiberTower imminent, both companies are very enthusiastic about
what the future holds for the new entity. The new FiberTower will be
extremely well positioned with significant spectrum assets, a
world-class network operating platform and relationships with many of
the nation's leading wireless carriers and tower companies - all at a
time when fixed wireless is primed to take off as a viable alternative
transport solution."

   Forward Looking Statements

   Statements included in this news release which are not historical
in nature are "forward-looking statements" within the meaning of
Section 21E of the U.S. Securities Exchange Act of 1934 and the U.S.
Private Securities Litigation Reform Act of 1995. Forward looking
statements relate to expectations, beliefs, projections, future plans
and strategies, anticipated events or trends and similar expressions
concerning matters that are not historical facts. These include,
without limitation, statements regarding increased demand for the
Company's services, its strategy, forecasts of revenues, earnings
estimates, statements regarding contracts, work or revenue
opportunities the Company may secure in the future, and related
information, all of which are based on current factual information and
certain assumptions about future events which management believes to
be reasonable at this time. There are many risks, uncertainties and
other factors that can prevent the Company from achieving its goals or
cause the Company's results to differ materially from those expressed
or implied by these forward-looking statements including, without
limitation, changes in demand for the Company's services from external
factors including general economic conditions or changes in wireless
demand or technology affecting network expansion strategies at and
financing opportunities for the Company's clients, delays in the award
of new work, the termination or reduction of existing projects due to
changes in the financial condition or business strategies of the
Company's clients, the Company's dependence on hiring and retaining
professional staff and key personnel, fluctuations in quarterly
results from a variety of internal and external factors including
changes in the Company's estimates with respect to the completion of
fixed-price contracts, lengthy sales cycles especially with respect to
larger contracts that may account for a significant portion of the
Company's anticipated revenues, intense competition in the marketplace
especially from competitors with greater financial resources and
financing capabilities, and those risk factors described in First
Avenue Network Inc.'s filings with the Securities and Exchange
Commission, including its most recent Annual Report on Form 10-K and
Quarterly Reports on Form 10-Q.