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  OPENWAVE ANNOUNCES PRELIMINARY FIRST QUARTER FISCAL 2002 RESULTS
  

  Revenues expected to be between $115-120 million
 
Redwood City, Calif. - October 2, 2001 -- Openwave Systems Inc. (Nasdaq: OPWV), the worldwide leader of open, IP-based communications infrastructure software and applications, today announced that revenues are expected to be approximately $115 million to $120 million with pro forma loss of approximately $.01 to $0.04 per diluted share for its first fiscal quarter ended September 30, 2001, excluding merger and acquisition-related charges and stock based compensation. These results are preliminary and subject to change.

"The tragic events of last month cost us two critical weeks of sales activity in a quarter which historically is already back-end loaded", said Don Listwin, chairman, president and CEO. "While we strengthened our market share during the quarter and therefore remain upbeat about our long-term growth prospects, we are now clearly operating in a more challenging economic environment than at any time in our company's history".

Based on the first quarter results, the company is accelerating completion of a comprehensive review of its operations that was initiated following the terrorist attacks last month. Management will report to shareholders on the quarterly earnings conference call now scheduled for October 29, 2001 any changes it will be making to the company's operations to ensure its long-term profitability.

Conference Call Information
The company will host a brief conference call to discuss these preliminary results today at 2:15 p.m. (Pacific) October 2, 2001. The conference call will be available over the Internet through the Company's web site at www.openwave.com or by telephone at 1-800-734-1279 (domestic U.S.), 1-303-957-1172 (International). A replay will be available for 48 hours following the conference call.

Openwave's actual fiscal first quarter financial results are now anticipated to be announced Monday, October 29, 2001 at 1:05 (Pacific) and the Company will hold a conference call at 2:00 p.m. (Pacific). Management intends to review the actual results of the quarter and to update its outlook for the remainder of calendar year 2001 at that time.



About Openwave
 
Openwave Systems Inc. (Nasdaq: OPWV) is the worldwide leader of open IP-based communication infrastructure software and applications. Openwave is a global company headquartered in Redwood City, California. For more information, please visit www.openwave.com.

Cautionary Note Regarding Forward Looking Statements
 
This release contains forward-looking statements relating to expectations, plans or prospects for Openwave Systems Inc. that are based upon the current expectations and beliefs of Openwave's management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. In particular, the following factors, among others, could cause actual results to differ materially from thosedescribed in the forward-looking statements: (a) the ability to realize our strategic objectives by taking advantage of market opportunities in the Americas, Europe and the Middle East including Asia; (b) the ability to make changes in business strategy, development plans and product offerings to respond to the needs of our current, new and potential customers, suppliers and strategic partners; (c) risks associated with the success of the GSM Association's Mobile Service Initiative; (d) risks associated with the development and licensing of software generally, including potential delays in software development and technical difficulties that may be encountered in the development or use of the Company's software; (e) the ability to manage the Company's growth; (f) the ability to continue to obtain qualified, experienced employees; (g) the ability to successfully partner with other companies; (h) the ability to acquire additional companies and technologies and integrate such acquisitions; (i) competition and technological changes and developments; (j) general risks of the Internet and wireless and wireline telecommunications sectors; and (k) the uncertain economic and political climate in the United States and throughout the rest of the world and the potential that such climate may deteriorate further.

For a detailed discussion of these and other cautionary statements, please refer to the risk factors discussed in filings with the U.S. Securities and Exchange Commission ("SEC"), including but not limited to the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2001. All documents also are available through the SEC's Electronic Data Gathering Analysis and Retrieval system (EDGAR) at www.sec.gov or from Openwave's Web site at www.openwave.com. The Company assumes no obligation to update the forward-looking statements included in this document.

 
Openwave, the Openwave logo and Services OS are trademarks of Openwave Systems Inc. All other trademarks are the properties of their respective owners.

For further information:
 
Contact Openwave Worldwide Public Relations

Openwave Systems Inc.
Alan Black
Chief Financial Officer
+1 650 480 4888
alan.black@openwave.com

Openwave Systems Inc.
Mike Musson
Investor Relations
+1 805 884 5352
mike.musson@openwave.com

Openwave Systems Inc.
Alexandrea Todd
+1 650 281 1127

  



 
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