P-Com Raises Additional Working Capital

P-Com Raises Additional Working Capital
Reaffirms Second Quarter Guidance 


CAMPBELL, Calif., June 28  /PRNewswire-FirstCall/ -- P-Com, Inc. (OTCBB: PCOM),
a worldwide provider of broadband wireless access products and services to
carriers, commercial enterprises and government agencies, today announced that
it has raised approximately $2.3 million in equity based financing through a
special offer made to existing holders of P-Com common stock purchase warrants.
 When combined with cash proceeds received from the restructuring of its
Italian operations announced on June 15, 2004, P-Com has raised approximately
$3.0 million in additional working capital.

"The completion of the offer to holders of its outstanding warrants achieved
several important objectives -- enabling P-Com to raise working capital while
decreasing the number of fully-diluted shares outstanding, reducing the number
of outstanding convertible securities, and further streamlining the company's
capital structure," said P-Com General Counsel and Acting CFO Dan Rumsey. 
"This transaction also further strengthens our balance sheet and enables P-Com
to fully execute its 2004 operating plan."

Over the past two years, P-Com has executed a comprehensive financial
restructuring that eliminated a substantial portion of its debt, substantially
cut operating expenses and refocused its operations.  In April, P-Com reported
its fourth consecutive quarter of increased revenue and anticipates that this
trend will continue for the second quarter ending June 30, 2004.

For specific details related to the special offer to holders of P-Com's
outstanding warrants, please refer to P-Com's Form 8-K, which will be filed
with the Securities and Exchange Commission.

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





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

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