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"VIRTUAL" FIBER HIGH SPEED LINKS IN MANHATTAN

Carrier Hotels Staff Posted Dec 3, 2004

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GIGABEAM CORPORATION SIGNS AGREEMENT WITH RUDIN MANAGEMENT TO DEPLOY "VIRTUAL" FIBER HIGH SPEED LINKS IN MANHATTAN December 01, 2004

Breakthrough technology to link New York enterprises, carriers and Government agencies through The Hub at 32 Sixth Avenue. The Hub at 32 Sixth will be established as a Point-of-Presence (POP)

HERNDON, VA and New York, NY, December 01, 2004 - GigaBeam Corporation (OTC-GGBM) has signed an agreement with Rudin Management Company and The Hub at 32 Sixth for the deployment of ultra high speed "virtual fiber" communication links in and throughout the New York metropolitan region on behalf of enterprises, carriers and government. The Hub at 32 Sixth is a premier carrier-neutral, co- location and interconnection facility with a robust and growing number of communications providers. The Hub was established in 2000 in the 1.15 million- square-foot building purchased from AT&T by The Rudin Family in 1999. Rudin is one of the largest privately owned real estate companies in New York City with 40 buildings owned and under management. The Hub provides a wealth of opportunities for communications service providers seeking to establish new business opportunities or expand their penetration into the New York market.

Lou Slaughter, Chairman and CEO of GigaBeam, stated, "The Hub is an ideal Point-of-Presence for GigaBeam's ultra high speed communication links, enabling access for a variety of telecommunications carriers and other service providers, government agencies and enterprise users." GigaBeam's ultra high speed links will be deployed to create a totally independent wireless Metropolitan Area Network (MAN) above the island of Manhattan as an alternative to the in-ground fiber MAN, he said.

"GigaBeam's technology will enable true alternative access, which previously was unavailable from the existing terrestrial fiber services. This problem was highlighted in a report by the Lower Manhattan Telecom User's Working Group following the network outages caused by 9/11," said John Gilbert, Rudin Management's Executive Vice President and COO. "Also, our tenants and others will be able to use GigaBeam's virtual fiber wireless links for reliable connectivity at beyond broadband speeds."

The Lower Manhattan Telecom User's Working Group, chaired by Gilbert, was formed by The Downtown Alliance, The Association for a Better New York and The Real Estate Board of New York to address the shortcomings, problems and re-design opportunities of Manhattan's existing telecommunication infrastructure realized following the attack on the World Trade Center.

GigaBeam's technology is a point-to-point wireless system that uses very high radio frequency at 71-76 GHz and 81-86 GHz to transmit at multi-gigabit-per- second speed. One gigabit-per-second is the equivalent of 647 T1 lines or 1,000 DSL connections. This portion of the radio frequency spectrum recently was authorized by the Federal Communications Commission for wireless point-to-point commercial use. Use of these frequency bands was pioneered by GigaBeam's founders.

GigaBeam's technology, coupled with the large blocks of recently authorized contiguous spectrum, enable multi gigabit-per-second wireless communications utilizing Gigabit Ethernet protocols, which is the evolving standard for switches and routers available from large telecommunication equipment manufacturers. The current speed achieved by GigaBeam's technology is one Gigabit-per-second. Gigabeam will be deploying products next year capable of 10 Gigabits-per-second, which is the 10 Gigabit Ethernet protocol standard, according to Slaughter.

GigaBeam's technology is similar to terrestrial fiber in terms of speed and reliability for deployment in Metropolitan Area Networks (MANs), Slaughter said. However, it has a substantial advantage over terrestrial fiber because it costs less to deploy, resulting in a lower cost of ownership, and the company's virtual fiber links can be deployed in a day, he said. Terrestrial fiber can take many months, even a year, to deploy and also require significant regulatory and environmental approvals prior to deployment.

About GigaBeam Corporation
Gigabeam Corporation designs, develops, sells and provides services for wireless point-to-point high speed communications links that operate in the 71- 76 GHz and 81-86 GHz radio spectrum bands. The equipment operates at multi-gigabit-per-second speeds. GigaBeam Corporation headquarters office is located at 470 Springpark place, Suite 900, Herndon VA 20170. www.gigabeam.com

About The Hub at 32 Sixth
Located on the 24th floor of the Avenue of the Americas building, The Hub is a true carrier-neutral, co-location and interconnection facility that services the enterprise and telecommunications services industries. www.thehubat32sixth.com

About Rudin Management Company
Rudin Management Company, Inc. is a dynamic, full service real estate organization serving the interests of the Rudin Family, which owns and manages one of the largest private property portfolios in New York City. Among its commercial real estate holdings are 16 office buildings containing approximately 10 million square feet of space. www.rudin.com

Contact:
email: jdidomin@rudin.com
phone: 212-407-2758
web: http://www.thehubat32sixth.com