Calypso Wireless, Inc. Update

FOR IMMEDIATE RELEASE
Los Angeles, California, United States of America (Free-Press-Release.com) November 1, 2011 -- Calypso Wireless, Inc. (OTC: CLYW / CLYW.PK) has received the Company records from Mr. David Williams, which were delivered on October 19th, 2011. The records have been returned after an extended period and after many requests were made beginning in May 2011. Since the return of the records the company has been working to complete its unaudited financial statements and on filing back IRS income taxes since 2002. Further an abatement for penalties on payroll taxes paid in 2007 has been requested from the IRS.

The company has also been working on the final settlement agreement to be filed in the 333rd Judicial District Court of Harris County, Texas in the case titled Calypso Wireless, Inc. v. Drago Daic and Jimmy Williamson, P.C. An extension was requested to accommodate the changes suggested by the Company’s attorneys to the final document. The company expects to have the agreement filed within the next 8 days.

In early September of the present year, Calypso requested the court the appointment of a provisional director. According to California Corporate Code, when a corporation has an even number of directors who are equally divided and cannot agree as to the management of its affairs, so that its business can no longer be conducted, the court may appoint a provisional director. The Code further states that the provisional director shall be an impartial person, who is neither a shareholder nor a creditor of the company, nor related to any other director. Calypso’s attorneys at Buchalter Nemer presented the names of possible provisional directors based on their experience and knowledge of complex corporate issues. The appointment of the provisional director has been challenged and so far blocked by Mr. David Williams. The challenge has increased the Company’s legal bills significantly.


About Calypso Wireless, Inc.

Calypso Wireless is the company behind the ASNAP(TM) technology for which it was granted U.S. Patent #6,680,923 titled "Communication system and method" (http://www.uspto.gov search U.S. patent number 6,680,923), which covers the seamless roaming of voice, video and data between Wide Area Network access points, such as cellular towers (GSM/GPRS/EDGE, CDMA, WCMDA etc.) and short-range Internet access points (such as Wi-Fi, Bluetooth, etc.).

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: All statements included or incorporated by reference in this release, other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and projections about our industry and business, management's beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as "anticipates," "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "could," "potential," "continue," "ongoing," similar expressions, and variations or negatives of these words.

These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement.

This release is intended as a forward-looking statement within the meaning of the Private Securities Litigation Reform Act of 1995. The risks and uncertainties that may affect the operations, performance development and results of the Company's business include but are not limited to (i) The ability to provide technology in the future, (ii) Unexpected changes in the technology market, (iii) The success of the Company's expansion and sales and marketing strategies (iv) Competition within the Data Synchronization market (v) The ability of the Company to continue to finance its long-term strategy and expansion (vi) The ability of the Company to motivate and retain the services of its key personnel and hire additional qualified personnel to meet evolving staffing needs.

Contact:
Calypso Wireless Inc.
Cristian Turrini, ccturrini@gmail.com
305-316-7850

SOURCE Calypso Wireless, Inc.