Pegasus Wireless Corporation to Hold Private Technology Fair in New York City at Eric Clapton Concert

Business Wire, August 24, 2006

FREMONT, Calif. -- Pegasus Wireless Corporation (Nasdaq:PGWC), a leading provider of advanced wireless solutions, is proud to announce that the Company will hold a private technology fair for select members of the media and investment communities at Madison Square Garden immediately following the Eric Clapton concert on September 28th, 2006, which guests will also be invited to attend. These guests, including Mr. Clapton, will have the opportunity to view Pegasus Wireless products.

"I am thrilled that Mr. Clapton has demonstrated such an interest in our company," commented Jasper Knabb, President and CEO of Pegasus Wireless Corporation. "The enthusiasm that he has shown for our company and his desire to assist us in making the Pegasus name one that is recognized by the public as well as across industries is greatly welcomed."

Eric Clapton, renowned musician, said of the Pegasus Wireless concert, "I am looking forward to the event in Madison Square Garden. I feel very strongly about Pegasus' abilities and vision for the future of wireless. I am proud to host the technology fair that will follow the concert. It will create the opportunity for those who are invited to view the company's cutting-edge technology for themselves. I wish Pegasus every success on its forthcoming entry into the retail market."

About Pegasus Wireless Corporation

Pegasus Wireless Corporation is a leading provider of advanced wireless solutions. Founded in 1993, Pegasus creates hardware and software solutions for broadband wireless networking and Internet access applications through its manufacturing facilities located in China and Taiwan. Pegasus' patented 802.11 technology is the platform for Wi-Fi technology, and the company offers cutting edge wireless products used in computer networking, industrial data transmission, and multimedia applications. Pegasus pioneered the industry's first driver-less, truly plug-and-play wireless Ethernet bridge, and the company's wireless networking products allow a higher user capacity per base station as compared to the competition. These products also offer advanced security, easy true plug-n-play installation, dynamic load balance, non-interrupting real-time roaming connectivity, e.g. VOIP, and fail-safe, self-healing mesh networking capability. Products are distributed through the company's facility located in California. Pegasus Wireless Corporation can be contacted at 510-490-8288 or by visiting their website at http://www.pegasuswirelesscorp.com/.> NOTES ABOUT FORWARD-LOOKING STATEMENTS

Statements contained in this release, which are not historical facts, may be considered "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current expectations and the current economic environment. We caution the reader that such forward-looking statements are not guarantees of future performance. Unknown risks and uncertainties as well as other uncontrollable or unknown factors could cause actual results to materially differ from the results, performance or expectations expressed or implied by such forward-looking statements. These factors include, but are not limited to, (i) our ability to complete successful acquisitions of complementary companies, products and technologies; (ii) our ability to attract and retain customers; and (iii) our ability to gain market share. Consequently, all of the forward-looking statements made in this news release are qualified by these cautionary statements, and there can be no assurance that the actual results anticipated by Pegasus Wireless will be realized, or if substantially realized, that they will have the expected consequences to or effects on Pegasus Wireless or its business or operations.

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