CORRECTING and REPLACING 5G Wireless 10-K Filing Reflects Positive Results of Repositioning; Operating Expenses Reduced by More Than 50%

Business Wire, May 19, 2004

Business Editors

CORRECTION...by Business Wire

MARINA DEL REY, Calif.--(BUSINESS WIRE)--May 19, 2004

In BW5637 issued May 19, 2004: There should be a semicolon between the words "Repositioning" and "Operating" in the headline. Headline of release should read: 5G Wireless 10-K Filing Reflects Positive Results of Repositioning; Operating Expenses Reduced by More Than 50% (sted 5G Wireless 10-K Filing Reflects Positive Results of Repositioning Operating Expenses Reduced by More Than 50%).

The corrected release reads:

5G WIRELESS 10-K FILING REFLECTS POSITIVE RESULTS OF REPOSITIONING; OPERATING EXPENSES REDUCED BY MORE THAN 50%

5G Wireless Communications, Inc. (OTCBB:FGWC), an emerging leader in the broadband wireless industry, today announced several positive developments in its financial profile as reflected in its 2003 10-K SEC filing.

"We are extremely pleased that our numbers are beginning to reflect the vitality of our business model," stated Jerry Dix, CEO and President. "2003 was the year we made the transition from WISP (Wireless Internet Service Provider) to OEM (Original Equipment Manufacturer), and we're already experiencing a payoff from that strategic decision. A tighter focus on proprietary product design, production, marketing and sales has enabled us to better focus our resources on those vertical markets where our value proposition is most apparent: WLANs (Wireless Local Area Networks) for university campuses, corporate campuses, municipalities, and public safety applications."

Highlights of the 10-K filing included losses in Total Operating Expenses dropping from $5.1 million in 2002 to $2.1 million in 2003 and the 2003 overall Net Loss was reduced from of $5.1 in 2002 to $2.2 million in 2003. At the same time, Gross Revenues trended upward from $100K to $167K. Loss per Common Share on a fully diluted basis was significantly reduced from $.14 to $.02.

"The numbers are moving in the right directions," continued Mr. Dix, "which may expand the analyst and financial community's interest in our company. We may also now be able to attract the attention of global telecommunications companies, including major ISPs for whom our value proposition is readily apparent."

5G's patent-pending G-Force(TM) point-to-point and point-to-multipoint wireless solutions keep equipment and deployment costs to a minimum with an enhanced 802.11b package yielding exceptional competitive benefits. These include superior range (seamless roaming coverage within a Wi-Fi HotZone(TM) of 1/2 to 1 mile vs. 500 ft. for existing hot spots), increased capacity (1000 associated users per radio vs. 30 available on most systems), and NLOS (Near Line Of Sight) signal transmission capable of penetrating most buildings and trees.

In other news, 5G Wireless also announced that Peter Trepp is no longer affiliated with the company. Mr. Trepp formerly served as President and Chief Operating Officer of 5G Wireless, and was a member of the Board of Directors. He continues to be a shareholder of the company.

About 5G Wireless Communications, Inc.

5G Wireless Communications, Inc. (www.5gwireless.com), located in Marina del Rey, CA, develops and sells wireless broadband solutions. 5G Wireless customers receive dependable, high-speed Internet access at significantly lower acquisition and implementation costs than most major competitors. 5G Wireless' products are distinguished by their exceptional data rate/range, number of concurrent users, line-of-sight capabilities and a unique security protocol. These features are particularly significant through 5G Wireless' use of IEEE 802.11b enhancements for "last mile" roaming and point-to-multi-point networks.

For additional information, please visit www.5gwireless.com. Or call 800-916-1611.

Except for the historical information contained herein, the matters set forth in this press release, including statements as to the analyst and financial community interest in the company, its ability to attract the attention of global telecommunications companies and ISPs, transition to OEM and increase in shareholder value, are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially including technical complications that may arise that could prevent the prompt implementation of any strategically significant plan(s) outlined above and other risks as set forth in the Company's filings with the United States Securities and Exchange Commission including its Form 10-KSB for the fiscal year ended December 31, 2003.

All product or service names mentioned herein are the trademarks of their respective owners.