GigaBeam Corporation is Notified of Deficiency with Nasdaq Independent Director and Audit Committee Requirements

HERNDON, Va.--GigaBeam Corporation today reported that it received a letter from the Nasdaq Stock Market, Inc. (“Nasdaq”) dated April 18, 2007 indicating that the Company was no longer in compliance with the independent director and audit committee requirements as set forth in Nasdaq Marketplace Rule 4350 (the “Nasdaq Rule”) due to the previously announced resignation for Mr. David Buckel from the Company’s Board of Directors and Audit Committee. The Nasdaq Rule requires a listed issuer to have an audit committee consisting of at least three directors who meet the Nasdaq Rule’s independence and financial expertise standards. The Company has a cure period until September 25, 2007 to comply with the requirements of the Nasdaq Rule.

The Company intends to regain compliance and is in the process of searching for a new candidate to serve on its Board of Directors and each of its Audit Committee, Compensation Committee and Corporate Governance and Nominating Committee who possesses qualifications that will satisfy both the independence requirements and the audit committee financial expert requirement of the Nasdaq Rule.

About GigaBeam Corporation

GigaBeam is a provider of high-performance wireless point-to-point communications transport and access solutions that operate in the licensed 71-76 GHz and 81-86 GHz radio spectrum bands. GigaBeam equipment operates at multi-gigabit-per-second speeds. GigaBeam Corporation headquarters is located at 470 Springpark Place, Suite 900, Herndon, VA 20170. For more information, visit www.gigabeam.com.

Safe Harbor Statement

Statements in this press release regarding GigaBeam’s products, services, capabilities, performance, opportunities, development and business outlook that are forward-looking involve and are subject to known and unknown risks, uncertainties and other factors, some of which are beyond GigaBeam’s control and difficult to predict, and could cause actual results to differ materially from these anticipated, expressed or forecasted in the forward-looking statements. Such risks and uncertainties may include, but are not limited to: limited capital resources and continue dependence of our operations on additional financing, limited operating history, difficulties in distinguishing GigaBeam’s products and services, ability to manufacture and deploy GigaBeam’s products, lack of or delay in market acceptance and fluctuations in customer demand, dependence on a limited number of significant customers, reliance on third party vendors and strategic partners, availability of raw materials, subassemblies and components, ability to meet future capital requirements on acceptable terms, continuing uncertainty in the telecommunications industry and the global economy, intense competition in the telecommunications equipment industry and resulting impact on pricing and general financial performance, compliance with federal and state regulatory requirements, timing, availability and success of new technology and product introductions and the other factors discussed in GigaBeam’s filings with the Securities and Exchange Commission.