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Amalgamation Agreement Amended - Alvarion

Alvarion and interWAVE Amend Amalgamation Agreement

InterWAVE shareholders will be asked to approve revised terms
Mountain View, Calif and Tel–Aviv, Israel, October 16, 2004 – Alvarion Ltd. (NASDAQ:ALVR) and interWAVE® Communications International, Ltd. (NASDAQ: IWAV) today announced that they have amended the Amalgamation Agreement between the two companies and InterWAVE shareholders will be asked to approve revised terms. The amended agreement calls for Alvarion to provide additional interim financing and to acquire InterWAVE for $4.18 per share in cash, for total consideration of approximately $40.5 million.

InterWAVE will be sending revised proxy material to shareholders for an InterWAVE shareholder meeting expected to be held in 6-8 weeks. The amended agreement also calls for the dismissal of the lawsuit recently filed by InterWAVE against Alvarion.

"There are numerous strategic advantages to this combination for both companies," said Erwin Leichtle, CEO of InterWAVE. "We hope to distribute revised proxy material and hold a shareholder meeting as soon as possible to approve the revised terms."

Zvi Slonimsky, CEO of Alvarion said, "We continue to believe the market opportunity is very attractive with excellent growth potential. Alvarion anticipated reduced cash generation by InterWAVE, increased cash outlay by Alvarion and therefore reduced the consideration paid in the transaction. We will move aggressively to integrate the operations, applying our experience and strong management capabilities immediately after closing. We believe that the deal will turn accretive sometime during the third quarter of 2005."

NOTE: Alvarion will host a conference call to answer questions from investors at 7:15 am EDT on on October 18, 2004. Members of the investment community may join the call by dialing (612) 332-0632 in the USA and +1-612-332-0632 internationally.

The public also is invited to listen to the live webcast of the conference call. For details please visit An archive of the on-line broadcast will be available on the website.

A replay of the call will be available from 10:45 a.m. EDT on October 18, 2004 through 11:59 p.m. EDT on October 25, 2004. To access the replay, please call USA: (320) 365-3844; International: +1-320-365-3844. To access the replay, users will need to enter the following code: 751475.

About Alvarion

With more than 2 million units deployed in 130 countries, Alvarion is the worldwide leader in wireless broadband providing systems to carriers, ISPs and private network operators. Leading the WiMAX revolution, Alvarion has the most extensive deployments and proven product portfolio in the industry covering the full range of frequency bands. Alvarion’s products enable the delivery of business and residential broadband access, corporate VPNs, toll quality telephony, mobile base station feeding, Hotspot coverage extension, community interconnection, and public safety communications. Alvarion works with several top OEM providers and over 200 local partners to support its diverse global customer base in solving their last-mile challenges.

As a wireless broadband pioneer, Alvarion has been driving and delivering innovations for over 10 years from core technology developments to creating and promoting industry standards. Leveraging its key roles in the IEEE and HiperMAN standards committees and experience deploying OFDM-based systems, the company's prominent work in the WiMAX ForumTM is focused on increasing widespread adoption of standards-based products in the wireless broadband market. For more information, visit

About interWAVE

InterWAVE Communications International, Ltd. (NASDAQ: IWAV) is a global provider of compact network solutions and services that offer the most innovative, cost effective and scaleable network architectures allowing operators to "reach the unreached." Interwave’s solutions provide economical, distributed networks that minimize capital expenditure while accelerating customers' revenue generation. These solutions feature a product suite for the rapid and simple deployment of end-to-end compact cellular systems and broadband wireless data networks. Interwave’s highly portable mobile, cellular networks and broadband wireless solutions provide vital and reliable wireless communications capabilities for customers in over 50 countries. For more information, visit

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