P-Com Announces New Trading Symbol CAMPBELL, Calif., July 16 /PRNewswire-FirstCall/ -- P-Com, Inc. (OTC:PCOM) (BULLETIN BOARD: PCOM) , a worldwide provider of broadband wireless access products and services to carriers, commercial enterprises and government agencies, today announced that at market open on July 19, 2004, the company's new trading symbol will be (OTC:PCMC) (BULLETIN BOARD: PCMC) . P-Com's common stock will trade under the symbol "PCMC" as a result of the company's previously announced, 1-for-30 reverse stock split. The reverse stock split is effective at market open on July 19, 2004. As a result of the reverse stock split, the number of shares of P-Com common stock issued and outstanding will be reduced from approximately 313 million shares to approximately 10.4 million shares as of the market open on July 19, 2004. In lieu of fractional shares, shareholders will receive a cash payment based on the closing sales price of the Company's common stock on July 16, 2004, as reported on the over-the-counter bulletin board. Shareholders of record will receive Letters of Transmittal and related instructions from P-Com's transfer agent, Equiserve Trust Company, N.A. Shareholders who keep their shares in street name with brokerage firms will have their accounts adjusted by their respective brokers. Questions and requests for Letters of Transmittal should be directed to Shareholder Relations at Equiserve Trust Company, N.A. at 781-575-3916. 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 415-239-7826 Acting CFO 408-866-3666 EVC Group, Inc. Doug Sherk, Jennifer Beugelmans 415-896-6820 DATASOURCE: P-Com, Inc. CONTACT: Greg Berardi of Blue Marlin Partners, +1-415-239-7826, or , for P-Com, Inc.; or Dan Rumsey, General Counsel and Acting CFO of P-Com, Inc., +1-408-866-3666, or ; or Doug Sherk and Jennifer Beugelmans of EVC Group, Inc., +1-415-896-6820, or , both for P-Com, Inc. Web site: http://www.p-com.com/

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