WaterCove Networks Awarded 2002 `Product of the Year' By Technology Marketing Corporation's Internet Telephony Magazine

Business Wire, March 11, 2003

Business Editors/High-Tech Writers

CHELMSFORD, Mass.--(BUSINESS WIRE)--March 11, 2003

Mobile Data Service System Singled Out For Its Technological

Excellence And Vision

WaterCove Networks, announced today that Technology Marketing Corporation (TMC(TM))'s Internet Telephony(R) magazine, named WaterCove Networks' Mobile Data Service System as a Product of the Year winner for 2002.

"We are honored to receive this Product of the Year award," said Jayesh Patel, Vice President of Product Management and Marketing. "The award not only recognizes our technology leadership and vision, but also the successful live deployment of our solution with mobile operators. In December of 2002 the WaterCove Networks' Mobile Data Service System was deployed by Orange UK serving over 13.1 million subscribers delivering real time prepaid data services."

The WaterCove Networks Mobile Data Service System empowers carriers to deliver and effectively charge for a wide spectrum of new, personalized mobile data services that increase average revenue per user (ARPU) and reduce customer churn. By integrating service and transport intelligence into a single system, the WaterCove Networks Mobile Data Service System provides the flexibility and control required to deploy a range of new pricing and service models, create and experiment with new service offerings, and readily scale to meet consumer demand.

"The Internet Telephony Product of the Year Awards are an important tradition and the perfect way for us to honor companies developing cutting-edge products and services," added Marc Robins, TMC's Vice President of Publications and Trade Shows.

About WaterCove Networks

WaterCove Networks is fueling growth in wireless by supplying the advanced networking equipment required to deliver innovative, always-on data services in 2.5G and 3G wireless environments. The company's award-winning Mobile Data Service System, currently deployed by world-leading mobile operators, provides network operators with the complete foundation needed to create, deliver and monetize high-value data services for immediate revenue generation, reduced churn and long-term subscriber growth. Founded in 2000 and privately held, WaterCove Networks is led by an A-team of successful telco- and mobile-focused entrepreneurs with tenures from Ericsson, Nortel, Cisco, Excel Switching, Motorola and 3COM. The company's established network of customers, partners and key relationships include Orange S.A., Orange UK, Vodafone-Netherlands, Syntrack B.V., Telcordia Technologies, Ulticom Inc., eServGlobal and Funk Software. Additional information about WaterCove Networks can be found at www.watercove.com.