HOUSTON, TX--(MARKET WIRE)--Oct 7, 2008 -- The following is a letter issued by Cristian Turrini, the CEO of Calypso Wireless, Inc. (Other OTC:CLYW.PK - News):

To all shareholders of Calypso Wireless, Inc. (Other OTC:CLYW.PK - News), this letter provides an update on significant business activities at the Company. I want to emphasize my intention to facilitate regular communication to Calypso's shareholders through letters that will provide insight on issues and to provide a uniform status report on important activities at the Company.

I will focus on two topics in this letter: 1) an update on activities at Calypso Wireless and future business prospects; and 2) plans for the upcoming Annual Shareholder Meeting and proxy motions seeking shareholder approval.

Positioning Calypso Wireless, Inc. for the Future

Over the past month Calypso Wireless and the people of Houston have had an unforeseen interruption due to Hurricane Ike. The city is up and running again, now it is time to move quickly with respect to the business opportunities of Calypso Wireless. Alessandro Valenti, V.P. of R & D for Calypso, is currently in Europe negotiating a licensing opportunity, which would be the first piece of business.

Richard Pattin, President of Calypso, has been in conversations with two companies that have an interest in the "923" patent. "The companies that have expressed an interest are from the telecom space," states Pattin. Calypso Wireless is looking into all possibilities with respect to monetizing its patents.

The Board of Directors and Management of Calypso Wireless are pleased with the selection of Williams & Kherkher as counsel for enforcement of the Company's legal rights under its various patents. Prior to the selection of Williams & Kherkher, Calypso Wireless interviewed and evaluated numerous law firms, to secure optimum legal representation for the benefit of its shareholders. Williams & Kherkher's primary focus will be the ASNAP patent with the intent of financial gain for past patent violations and for future license concessions. It is Calypso's belief that the "923" patent is more valuable today than at any time in the past. Leading telecommunication companies around the world have made the move to embrace the fixed-mobile convergence (FMC) strategy, including France Telecom/Orange, T-Mobile US, TeliaSonera, British Telecom and Cincinnati Bell.

These matters will be discussed in greater detail at the upcoming shareholders meeting.

Annual Shareholders meeting and proxy motions for shareholder approval

Our annual shareholder meeting will be held in The Woodlands, Texas. We will announce the Time, Date and Place soon. The executive management and the Board of Directors are looking forward to a productive meeting. We will be conducting the formal shareholders business, followed by a business update session and we will provide time for questions at the end.

As you are aware we have put seven motions before the shareholders for approval:

Proposals

 
--  Proposal 1 to increase our authorized shares of common stock to
    300,000,000 shares. The Board of Directors recommends that you approve the
    adoption of a Certificate of Amendment to the Company's current Certificate
    of Incorporation, as amended, to increase the authorized shares of the
    Company's common stock to three hundred million (300,000,000) shares of
    common stock, $0.001 par value per share.

--  Proposal 2 to remove language requiring the election of Directors in
    different classes and add other language relating to the powers of
    Directors. The Board of Directors recommends that you approve the adoption
    of a Certificate of Amendment to the Company's current Certificate of
    Incorporation, as amended, eliminating language relating to the election of
    Directors in different classes and adding language relating to the powers
    provided to the Board of Directors.

--  Proposal 3 to change the stated purpose of the Company. The Board of
    Directors recommends that you approve the adoption of a Certificate of
    Amendment to the Company's current Certificate of Incorporation, as
    amended, to change the stated purpose or purposes for which the corporation
    is organized, so that the only purpose of the corporation is to engage in
    any lawful act or activity for which corporations may be organized under
    the General Corporation Law of Delaware.

--  Proposal 4 to change language relating to the indemnification of
    officers and Directors. The Board of Directors recommends that you approve
    the adoption of a Certificate of Amendment to the Company's current
    Certificate of Incorporation, as amended, to change and reword language in
    its current Certificate of Incorporation relating to the Indemnification of
    officers, Directors and other employees.

--  Proposal 5 to add language relating to the prevention of the further
    calls and assessments on capital stock. The Board of Directors recommends
    that you approve the adoption of a Certificate of Amendment to the
    Company's current Certificate of Incorporation, as amended, to add language
    relating to the prevention of the further calls and assessments on capital
    stock.

--  Proposal 6 to add language describing what number of shareholders is
    required for a quorum. The Board of Directors recommends that you approve
    the adoption of a Certificate of Amendment to the Company's current
    Certificate of Incorporation, as amended, to add language describing what
    number of shareholders is required for a quorum.

--  Proposal 7 Ratification of the Company's 2008 Stock Incentive Plan.
    The Board of Directors recommends that you approve and ratify the Company's
    2008 Stock Incentive Plan.

Management and the Board of Directors are seeking your approval for these motions.

Shareholder question and updates

Although current market conditions contain a level of uncertainty, management of Calypso Wireless believes that solid progress has been made since the recent change over in management and key ownership. It is the intent of this and future communications to allow you to have greater insights to the progress being made within in the Company and the effect these will ultimately produce for all shareholders.

Please feel free to send us your comments and questions; I will be addressing the shareholders in updates on a regular basis. I look forward to your support as we transition ahead and remain excited about the opportunity to build a strong future. I also look forward to meeting each and every one of Calypso's shareholders at the upcoming shareholders meeting.

About Calypso Wireless, Inc.

Calypso Wireless' patented ASNAP(TM) (automatic switching of network access points) technology enables the seamless roaming of voice, video and data between Wide Area Network access points, such as cellular towers and short-range Internet access points (such as Wi-Fi, Blue tooth, etc). ASNAP(TM) also enables greatly enhances services such as broadband connectivity, real time two way video conferencing, VoIP and network-based gaming applications via Calypso's cellular phones, PDAs or any mobile device powered with ASNAP(TM). Another of Calypso's technologies enables cellular phones and PDAs to convert any incoming text messages to voice messages and vice versa. Calypso plans to begin licensing its technologies to mobile operators, OEMs and ISPs.

Certain statements in this release are forward-looking statements, which involve a number of risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from those in such forward-looking statements. All statements, other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to the statements containing the words 'planned,' 'expects,' 'believes,' 'strategy,' 'opportunity,' 'anticipates,' 'hopes' or other similar words. There can be no assurance that the forward-looking statements made herein will prove to be accurate, and issuance of such forward-looking statements should not be regarded as a representation by the Company, or any other person, that the objective and plans of the Company will be achieved. All forward-looking statements made herein are based on information presently available to the management of the Company and the Company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the Company.

 
Sincerely,
Cristian Turrini, CEO Calypso Wireless, Inc.

     Calypso Wireless, Inc.
     Cristian Turrini
     281-362-2887
      
     http://www.calypsowireless.com