Green Packet completes acquisition of 55% equity interest in MIB
Green Packet Media Center
Paves The Way For Deployment Of Wireless Broadband Services

Kuala Lumpur, 8 December 2006 C Green Packet Berhad (Green Packet) has announced that it has completed the acquisition of 55% of the equity interest in MIB Comm Sdn Bhd via its subsidiary, Packet One International Sdn Bhd.

This will pave the way for Green Packet to rollout its SONmetro solution and also the deployment of wireless broadband services in the country. MIB Comm Sdn Bhd shall be renamed Packet One (Malaysia) Sdn Bhd (Packet One (M)).

Currently, Packet One (M) holds licenses for a valid class Application Service Provider (ASP), Individual Network Service Provider (NSP) and Individual Network Facilities Provider (NFP) (MCMC Licenses). These three licenses are issued by the Malaysian Communication and Multimedia Commission (MCMC).

"These MCMC Licenses will enable Green Packet to deploy the SONmetro wireless broadband infrastructure and also, to proliferate the rollout of the SONmetro solution and provision of wireless broadband services, said CC Puan, Group Managing Director and Chief Executive Officer of Green Packet.

Green Packet intends to use Packet One (M) as the vehicle for the deployment of its SONmetro solution which is targeted to be made available to the Malaysian public. As such, we will provide the necessary technological know-how and support to Packet One (M) for the deployment, he added.

According to Puan, the deployment of SONmetro will be launched via the unlicensed spectrum. If we are able to obtain a regulated spectrum, we will be able to offer additional services to the public.

Packet One (M) will be positioned as an owner and operator of an alternative last mile wireless broadband network to empower various Virtual Network Operators (VNO) to resell the broadband services. Packet One (M)s network will be wholesaled out to VNOs which will front marketing, customer acquisition and retention of end users. This will create a value chain and sharing of resources to enable numerous players to tap into the market of the broadband arena.

This rollout will be funded using part of the RM181.35 million of proceeds raised from the recently completed private placement exercise involving the issuance of approximately 40.3 million shares at an issue price of RM4.50 per share.

About Green Packet Berhad (GPB)
GPB is a leading global developer of Next Generation Mobile Broadband Networking Solutions. GPBs mission is to provide a seamless and unified platform for the delivery of user centric multimedia communication and services regardless of the nature and availability of the backbone infrastructure.

GPBs SONaccess is designed to enable fixed-mobile convergence, WLAN-cellular integration and secure seamless roaming across multiple networks. Its primary feature is the concurrent delivery of all media types C voice, data and video C to an easy-to-use graphical user interface, independent of location and type of networks.

GPBs SONbuddy is a software that turns each Wi-Fi device into an intelligent router so that they automatically organize a multi-hop self-healing network without the need for an access point or other wireless infrastructure. All the users within this Self Organizing Network (SON) can communicate with each other using the built-in applications like VoIP, Instant Messaging, File Exchange and Screen Sharing.

GPBs SONmetro range of products enables the provision of wireless broadband connectivity at GSM type coverage with DSL/Cable data speeds and high speed mobility at a substantially low-cost. SONmetro is powered by ODMA and is powered by ODMA and is an intelligent relaying system, where the path and method of transmission are not predetermined, but adapted dynamically based on available opportunities.

About Packet One International Sdn Bhd
Packet One International Sdn Bhd was incorporated in Malaysia under the Companies Act, 1965 on 28 March 2006. Packet One International Sdn Bhd a joint venture company set up between Green Packet Berhad and IWICS Inc., is principally involved in global research and development specializing in offering products and solutions that enable optimum usage of Internet Protocol applications and services.

About MIB COMM Sdn Bhd (To be renamed as Packet One (Malaysia) Sdn Bhd)
MIB Comm Sdn Bhd was incorporated on 11 February 2002 as a private limited company in Malaysia. MIB Comm Sdn Bhd is principally involved in the design, construction and implementation of fixed wireless broadband systems. MIB Comm Sdn Bhd has been developing wireless broadband infrastructure and providing broadband Internet access, information technology consultancy, network, local area network (LAN) and wide area network (WAN) solutions.

MIB Comm Sdn Bhd positions itself as an independent network facility, network service and application service operator in Malaysia with services ranging from mobile wireless broadband, fixed wireless broadband, wireless connectivity services and managed network services to other service providers and end users.

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