P-Com Raises Additional Equity and Eliminates $3 Million in Debt

P-Com Raises Additional Equity and Eliminates $3 Million in Debt
Company Achieves Milestone in Its Balance Sheet Restructuring 


CAMPBELL, Calif., Dec. 19  /PRNewswire-FirstCall/ -- P-Com, Inc.  (BULLETIN
BOARD: PCOM) , a worldwide provider of wireless telecom products and services,
today announced a series of transactions that further strengthens the company's
financial position.

P-Com today announced that it has raised approximately $2.8 million through the
issuance of additional Series C Convertible Preferred Stock and Warrants.  In
addition, the company said it has eliminated $3 million in debt in connection
with the acquisition of the Wave Wireless Networking division of SPEEDCOM
Wireless Corporation.  Approximately $2 million in debt was exchanged for $2
million in Series D Convertible Preferred Stock of P-Com.  The remaining $1
million in debt was retired by making a $750,000 cash payment to the
noteholders.

Complete details related to the terms of the Series C Convertible Preferred
Stock are in P-Com's Form 8-K, filed with the Securities and Exchange Commission
on October 7th, 2003, in connection with the October 2003 equity-based financing
that resulted in gross proceeds to the company of $11 million.

"We have removed a substantial portion of the debt from our balance sheet and
essentially completed the restructuring process," said Sam Smookler, CEO of
P-Com.  "The restructuring actions, coupled with our recent success in raising
additional working capital, will allow us to turn our full attention to growing
our business in 2004."

The financial transactions announced today culminate a restructuring program
that included the conversion of $21 million in debt into shares of Series B
Convertible Preferred Stock, a substantial portion of which has recently been
converted into shares of P-Com common stock.

Burnham Hill Partners acted as exclusive placement agent in connection with
Series C Preferred Stock financing and served as financial advisor to P- Com in
connection with the debt reduction and issuance of Series D Preferred Stock.

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.

About Burnham Hill Partners

Burnham Hill Partners, based in New York City, formed in August 2003, is a
division of Pali Capital, Inc., a NASD registered broker dealer. The
professionals at Burnham Hill Partners have extensive experience providing
comprehensive financing and financial advisory services to publicly traded
companies with market capitalizations of up to $250 million. Burnham Hill
Partners' sector expertise includes telecommunications, electronics equipment
and services, network security and software as well as medical devices and life
sciences. For more information on Burnham Hill Partners, its professionals and
deal history call 212-980-2200.

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 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 possible
need to raise additional equity 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 and Interim CFO
   415-239-7826                  408-866-3666
      

DATASOURCE: P-Com, Inc.



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

, for P-Com, Inc.; or Investors, Dan Rumsey,

General Counsel and Interim CFO of P-Com, Inc., [phone], or





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

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