Calypso Wireless, Inc. announced today that it has settled all lawsuits against the company and has regained control of its intellectual property. The company's previous officers and directors have resigned and Richard S. Pattin has been named the company's interim President, CEO and sole Director.

"This is a major victory for Calypso Wireless and its shareholders," says Richard S. Pattin. "We can now get back to business and start monetizing and further developing our ASNAP(TM) technology and our four additional patents acquired last year. We also intend to reinstate Cristian Turrini as Calypso's CEO and Director," Pattin states.

Cristian Turrini was President and CEO between March and December 2007. Under his leadership, Calypso Wireless established a landmark relationship and conducted a trial with one of the world's largest networking and telecommunications companies. Turrini was also instrumental in raising much needed capital for the company and in negotiating a relationship with Acacia Technologies to potentially manage Calypso's intellectual properties.

"We are very excited about these changes. The major issues that have hindered our growth have now been resolved. We can now focus on building our business by teaming up with potential customers to license our technology. These may include chip companies (such as Intel or AMD), software operating companies such as Microsoft or Palm, telecom equipment companies like Ericsson, cellular handset companies such as Nokia and Research in Motion, enterprise IP PBX server companies, enterprise application companies, carrier application companies, virtual operators, carriers and specialized vertical application providers such as satellite radio companies. Since we now have control of our patented technology, we can finally start building a potentially significant business," says Pattin.

In addition to licensing, Calypso Wireless also intends to aggressively enforce its key patents. Calypso's ASNAP technology (U.S. Patent #6,680,923) titled "Communication System and Method" covers the seamless roaming of voice, video and data between Wide Area Network access points, such as cellular towers (GSM/GPRS/EDGE, CDMA, WCMDA etc.) and short-range Internet access points (such as Wi-Fi, Bluetooth, etc.). This enables cell phone users to enjoy up to 11mb broadband speeds, allowing them to video conference with movie-like quality, to send and receive video with audio, movies-on-demand and many other high-speed services that are currently unavailable to them.

"In plain English, any carrier that wishes to provide its customers with a cell phone that automatically detects any available WLANs and then seamlessly switches between the standard cellular link towers and available short-range broadband network, such as cable or DSL Wi-Fi, must sign a license agreement with Calypso Wireless," clarifies Pattin.

Calypso Wireless intends to appoint additional directors and form a complete management team as soon as possible. The appointed Directors will be subject to shareholder ratification in a special shareholders' meeting.

About Calypso Wireless, Inc.

Calypso Wireless is the company behind the ASNAP(TM) technology for which it was granted U.S. Patent #6,680,923 titled "Communication system and method" (http://www.uspto.gov/ search U.S. patent number 6,680,923), which covers the seamless roaming of voice, video and data between Wide Area Network access points, such as cellular towers (GSM/GPRS/EDGE, CDMA, WCMDA etc.) and short- range Internet access points (such as Wi-Fi, Bluetooth, etc.).

Calypso's patented ASNAP(TM) technology will enable cellular phones to automatically detect any available Wireless Local Area Network (WLAN) and then seamlessly switch between the signals of standard cellular link towers and an available short-range broadband network such as cable or DSL with Wi-Fi, accelerating wireless broadband deployment, thereby creating a platform for revenue sharing between the synergistic companies and increased revenues for them by delivering new added services. It could also provide significant savings to Mobile Carriers in additional frequency spectrum and infrastructure equipment by offloading capacity to the Wireless Local Area Networks (WLAN) and IP networks while providing additional sources of revenue.

The integration of ASNAP(TM) technology will enable greatly enhanced services such as broadband connectivity, real time two way video conferencing, VoIP and network-based gaming applications via Calypso's cellular phones, PDA's (Personal Digital Assistance) or any mobile device powered with the company's ASNAP(TM) technology. The patent has also given Calypso the rights to offer license agreements to major mobile and ISP carriers as well as to cellular phone manufacturers and OEMs. Calypso has also built upon its patented ASNAP(TM) technology to create a new technology that could provide 'the' solution that allows satellite radio signals from carriers such as Satellite Radio and Sirius Satellite Radio to be readily received by all types of mobile wireless devices, thus generating a new potential revenue stream for both the satellite radio companies and the companies supplying service to mobile phones and devices and the manufacturers and retailers of those devices, as well as the licensing of this technology by Calypso.

The newly acquired patented technologies enable cellular phones and wireless PDA/Pocket PCs to convert any incoming text messages to voice messages and any incoming voice messages are converted into text messages. Calypso plans to license these four newly acquired patented technologies (US Patents No. 6,385,306, No. 6,765,996, No. 6,839,412 and No. 7,031,439) to mobile operators, Original Equipment Manufactures (cellular phones and wireless PDA/Pocket PC manufacturers) and Internet Service Providers.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: All statements included or incorporated by reference in this release, other than statements or characterizations of historical fact, are forward- looking statements. These forward-looking statements are based on our current expectations, estimates and projections about our industry and business, management's beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as "anticipates," "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "could," "potential," "continue," "ongoing," similar expressions, and variations or negatives of these words.

These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement.

This release is intended as a forward-looking statement within the meaning of the Private Securities Litigation Reform Act of 1995. The risks and uncertainties that may affect the operations, performance development and results of the Company's business include but are not limited to (i) The ability to provide technology in the future, (ii) Unexpected changes in the technology market, (iii) The success of the Company's expansion and sales and marketing strategies (iv) Competition within the Data Synchronization market (v) The ability of the Company to continue to finance its long-term strategy and expansion (vi) The ability of the Company to motivate and retain the services of its key personnel and hire additional qualified personnel to meet evolving staffing needs.

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