B. Riley & Co. Acts as Financial Advisor to Proxim Wireless in Completing $7.5 Million Equity Transaction

B. Riley & Co., LLC has served as the exclusive financial advisor to Proxim Wireless Corporation (OTCQX: PRXM) in completing a $7.5 million equity transaction.

B. Riley President Wes Cummins and Managing Director Paul Donnelly led the banking team in this engagement with Silicon Valley-based Proxim, a leading provider of end-to-end broadband wireless systems.

The transaction involved the issue of 2.5 million shares of new Series A Convertible Preferred Stock and 1.25 million shares of new Series B Non-Convertible Preferred Stock at $2.00 per share for total consideration of $7.5 million (through a combination of new investment and cancellation of debt).

In a press release issued by Proxim on August 13, 2009, Proxim reported receiving $5 million from SRA OSS, Inc. (www.sraoss.com), a wholly owned subsidiary of SRA Holdings, Inc. of Japan (www.sra.co.jp), a publicly held company listed on the Tokyo stock exchange (JP3817), and the rest coming from existing investors.

“We are pleased to have successfully completed this raise for Proxim in what is still a difficult funding environment,” said Mr. Cummins. “As important is that the capital was secured from a partner, SRA that is strategically aligned with the company’s business.”

B. Riley has successfully completed over 350 engagements with more than $16 billion in aggregate transaction value in a variety of industry sectors, including technology.

ABOUT B. RILEY & CO.

B. Riley & Co. is a leading independent investment bank which provides a full array of corporate finance, research, sales and trading services to corporate and institutional clients. Investment banking services include merger and acquisitions advisory to public and private middle market companies, initial and secondary public offerings and institutional private placements. The firm is recognized for its distinguished Equity and High Yield Research. Its Corporate Governance Advisory Services Group is engaged by both companies and investors to help maximize value for shareholders. Founded in 1997, the firm is headquartered in Los Angeles and maintains offices in Newport Beach, San Francisco, Philadelphia, and New York. It is a member of FINRA and SIPC. For more information, please visit www.brileyco.com.

ABOUT PROXIM WIRELESS CORPORATION:

Proxim Wireless Corporation (OTCQX: PRXM) is a leading provider of end-to-end broadband wireless systems that deliver the quadruple play of voice, video, data and mobility to all organizations today. Proxim systems enable a variety of wireless applications including security and surveillance, VoIP, last mile access, enterprise LAN connectivity and Point-to-Point wireless backhaul. It has shipped more than 1.8 million wireless devices to more than 235,000 customers in over 65 countries worldwide. Information about Proxim can be found at www.proxim.com.

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Proxim Wireless (CE) (USOTC:PRXM)
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