GENERAL DEVELOPMENT OF BUSINESS

P-Com, Inc. was organized on August 23, 1991 as a Delaware Corporation. Our executive offices are located at 3175 S. Winchester Boulevard, Campbell, California 95008, and our telephone number is (408) 866-3666.

Since early 2000, we have experienced reduced revenues, incurred substantial operating losses from continuing operations and used substantial cash in our operations. For the years ended December 31, 2004, 2003, and 2002, P-Com recorded net losses from continuing operations of ($3.3) million, ($10.7) million, and ($44.9) million, respectively, and used ($9.1) million, ($5.9) million, and ($14.5) million...