DragonWave Inc.

DragonWave Inc.

April 19, 2007 09:51 ET

DragonWave Inc. Closes Initial Public Offering

OTTAWA, ONTARIO--(CCNMatthews - April 19, 2007) - Not for distribution to U.S. or U.K. newswire services or for dissemination in the United States or the United Kingdom. Any failure to comply with this restriction may constitute a violation of U.S. securities law. This press release does not constitute an offer to sell any of the common shares in the United States or to U.S. persons.

DragonWave Inc. ("DragonWave") (TSX:DWI)(AIM:DWI) announced today that the initial public offering of 7,595,000 DragonWave common shares at a price of $3.95 CDN per share has closed. In addition, the admission document for the flotation of DragonWave common shares on AIM, a market operated by the London Stock Exchange plc, has been published and shares will commence trading today on AIM at 14:30 (BST) to coincide with the 9:30 (EDT) start of trading on the Toronto Stock Exchange.

This offering is underwritten by a syndicate of underwriters led by Canaccord Capital Corporation and including CIBC World Markets Inc. and Genuity Capital Markets G.P.

DragonWave has granted to the underwriters an over-allotment option, exercisable for a period of 30 days from today's date. Under the option, the underwriters may purchase up to an additional 1,139,250 common shares at a price of $3.95 CDN per share.

"The Company has received a strong reception from investors and we are delighted to be listing on TSX and AIM," said Peter Allen, President and CEO, DragonWave Inc. "DragonWave targets the global wireless communications service provider market and our products provide a solution to the current bottleneck for transmission of voice, video and other data that affects the efficiency of the backhaul portion of the telecommunications network."

About DragonWave Inc.

Founded in 2000, DragonWave™ is a leading provider of high-capacity wireless Ethernet equipment used in emerging IP networks. DragonWave designs, develops, markets and sells proprietary, carrier-grade microwave radio frequency networking equipment, or links that wirelessly transmit broadband voice, video and other data between two points. DragonWave's wireless carrier-Ethernet links, which are based on a native Ethernet platform, function as a wireless extension to an existing fibre-optic core telecommunications network. The principal application for DragonWave's products is the backhaul function in a wireless communications network. Additional applications for DragonWave's products include point-to-point transport applications in private networks, including municipal and enterprise applications.

DragonWave™ is a trade-mark of DragonWave Inc.

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