Vecima Networks Inc.
TSX : VCM

Vecima Networks Inc.

November 15, 2006 18:20 ET

Vecima Files Amended Quarterly Report and Clarifies Record Date for Special Dividend

VICTORIA, BRITISH COLUMBIA--(CCNMatthews - Nov. 15, 2006) - Vecima Networks Inc. (TSX:VCM) announces today that it has filed amended unaudited consolidated financial statements as at and for the three months ended September 30, 2006 and related disclosures to correct a summation error in the Consolidated Statement of Cash Flows contained in the First Quarter Report that was filed on November 14, 2006.

In the interests of more transparent disclosure, we made a last-minute change in the First Quarter Report that was filed on November 14, 2006 to split out the extraordinary gain from future income tax expense (recovery). Unfortunately, the summation in the cash flows from operations did not include the broken-out number. The total cash flows from operations should be $4,829,000, which is $6,549,000 (the amount of the extraordinary gain) lower than the $11,378,000 shown in the First Quarter Report filed on November 14, 2006. The same error was carried down to the increase (decrease) in cash during the period, which should read $(1,133,000), which is $6,549,000 lower than the $5,416,000 shown in the First Quarter Report filed on November 14, 2006. Those errors have been corrected in the material filed today.

In addition, Vecima confirms that the record date for its special dividend announced November 13, 2006 will be November 22, 2006, as stated in the press release dated November 13, 2006. The earnings press release dated November 14, 2006 incorrectly stated the record date for the special dividend to be December 1, 2006.

About Vecima Networks

Vecima Networks Inc. designs, manufactures and sells products that enable broadband access to cable, wireless and telephony networks. Vecima's hardware products incorporate original embedded software to meet the complex requirements of next-generation, high-speed digital networks. Service providers use Vecima's solutions to deliver services to a converging worldwide broadband market, including what are commonly known as "triple play" (voice, video and data) and "quadruple play" (voice, video, data and wireless) services. Vecima's solutions allow service providers to rapidly and cost-effectively bridge the final network segment that connects the system directly to end users, commonly referred to as "the last mile", by overcoming the bottleneck resulting from insufficient carrying capacity in legacy, last mile infrastructures. Vecima's products are directed at three principal markets: Data over Cable, Broadband Wireless and Digital Video. The Company has also developed and continues to focus on developing products to address emerging markets such as Voice over Internet Protocol, fibre to the home and IP video.

At its annual and special general meeting on November 13, 2006, the Company's shareholders approved the change in the Company's name from VCom to Vecima Networks.

Vecima's website is: www.vecimanetworks.com

Forward-Looking Statements

Certain statements in this news release may constitute forward-looking statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this news release, such statements are generally identified by the use of such words as "may", "will", "expect", "believe", "plan", "intend" and other similar terminology. These statements reflect Vecima's current expectations regarding future events and operating performance and speak only as of the date of this news release. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors including, but not limited to, the factors discussed under "Risk Factors" in the Company's Annual Information Form dated September 27, 2006 available on SEDAR (www.sedar.com), could cause actual results to differ materially from the results discussed in the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances.

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