P-Com Provides Preliminary Second Quarter Revenue and Announces 1-for-30 Stock Split

P-Com Provides Preliminary Second Quarter Revenue and Announces
1-for-30 Stock Split
- Turnaround Advances With Fifth Consecutive Quarter of Revenue Growth



CAMPBELL, Calif., July 8  /PRNewswire-FirstCall/ -- P-Com, Inc. (OTC:PCOM)
(BULLETIN BOARD: PCOM) , a worldwide provider of broadband wireless access
products and services to carriers, commercial enterprises and government
agencies, today reported that revenue for the second quarter of 2004 increased
to approximately $7.3 million from $6.8 million in the first quarter of 2004
and $5 million from the second quarter of 2003.

The Company also announced that its Board of Directors has unanimously approved
a 1-for-30 reverse split of its common stock, effective at market open July 12,
2004.  As a result of the stock split, each 30 shares of P-Com common stock
issued and outstanding will be automatically converted into one share of common
stock on the effective date.

"We're pleased with our progress in the second quarter and remain on track to
accomplish our operating objectives in 2004," said Sam Smookler, President and
CEO of P-Com.  "Our quarterly revenue, along with the reverse stock split
announced today, our recent successful offer to holders of outstanding
warrants, and other recent initiatives are helping re-position the Company to
attract a broader range of investors, simplify our capital structure, reduce
volatility, enhance our ability to execute strategic corporate development
activities, and strengthen our reputation with the investment community,
suppliers and customers."

Effective July 12, 2004, the number of shares of P-Com common stock issued and
outstanding will be reduced from approximately 313 million shares to
approximately 10.4 million shares.  In lieu of fractional shares, stockholders
will receive a cash payment based on the closing sales price of the Company's
common stock on the effective date of the reverse split as reported on the
over-the-counter bulletin board.  Shareholders approved the authorization of a
reverse split of its common stock at the Company's annual meeting held on
December 2, 2003.

Shareholders of record will receive Letters of Transmittal and related
instructions from P-Com's transfer agent, Equiserve Trust Company, N.A.
Shareholders who keep their shares in street name with brokerage firms will
have their accounts adjusted by their respective brokers.  Questions and
requests for Letters of Transmittal should be directed to Shareholder Relations
at Equiserve Trust Company, N.A. at 781-575-3120.

Second Quarter Conference Call Details

P-Com will report its full financial results for the second quarter of 2004 on
a conference call scheduled for Thursday, July 29, 2004 at 2:00 p.m. Pacific,
5:00 p.m. Eastern.  The dial in number for the conference call is 800-257-2101
for domestic participants and 303-275-2170 for international participants. A
taped replay of the conference call will also be available beginning
approximately one hour after the call's conclusion and will remain available
through 11:59 p.m. Pacific on Thursday, August 5, 2004.  This replay can be
accessed by dialing 800-405-2236 for domestic callers and 303-590-3000 for
international callers, using the passcode 11002720#. To listen to a live
broadcast over the Internet, go to http://www.p-com.com/ and click on the
Investor Relations page. A replay of the conference call will be available at
http://www.p-com.com/. A press release outlining P-Com's financial results for
second quarter of 2004 will be distributed on Thursday, July 29, 2004 after the
market closes.

About P-Com, Inc.

P-Com, Inc. develops, manufactures, and markets point-to-point, spread spectrum
and point-to-multipoint, wireless access systems to the worldwide
telecommunications market. P-Com broadband wireless access systems are designed
to satisfy the high-speed, integrated network requirements of Internet access
associated with Business to Business and E-Commerce business processes. 
Cellular and personal communications service (PCS) providers utilize P-Com
point-to-point systems to provide backhaul between base stations and mobile
switching centers.  Government, utility, and business entities use P-Com
systems in public and private network applications.  For more information visit
http://www.p-com.com/ or call 408-866-3660.

Safe Harbor Statement

Statements in this release that are forward looking involve known and unknown
risks and uncertainties, which may cause P-Com's actual results in future
periods to be materially different from any future performance that may be
suggested in this news release.  Such factors may include, but are not limited
to: the ability to achieve positive cash flow given the Company's existing and
anticipated operating and other costs, and current sales trends; the Company's
deteriorating cash position and its need to raise additional capital, and
whether that capital is available on acceptable terms, if at all; the Company's
ability to negotiate repayment terms with many of its creditors, and settle
outstanding litigation; a continued severe worldwide slowdown in the
telecommunications equipment and services sector; fluctuations in customer
demand, pricing and competition; reliance upon subcontractors; the ability of
P-Com's customers to finance their purchases; the timing of new technology and
product introductions; and the risk of early obsolescence.  Many of these risks
and uncertainties are beyond P-Com's control.  Reference is made to the
discussion of risk factors detailed in P-Com's filings with the Securities and
Exchange Commission, including its reports on Form 10-K and 10-Q.

    Media Contact:                     Investor Contact:
    Greg Berardi                       Dan Rumsey, General Counsel
    415-239-7826                        and Acting CFO
            408-866-3666
                                       

                                       EVC Group, Inc.
                                       Doug Sherk, Jennifer Beugelmans
                                       415-896-6820
                                       

DATASOURCE: P-Com, Inc.



CONTACT:  media, Greg Berardi, [phone], or

; or investors, Dan Rumsey, General Counsel and

Acting CFO of P-Com, Inc., [phone], or ; or

Doug Sherk, , or Jennifer Beugelmans, both of EVC Group,

Inc., [phone], for P-Com, Inc.



Web site:  http://www.p-com.com/ 

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