Paxonet Communications Appoints Semiconductor Industry Veteran to Board of Directors

Bipin Shah of Inc3 Ventures brings industry expertise to the Board

Fremont, Calif., September 24, 2002- Paxonet Communications, Inc., a developer of communication ICs and IP Cores focused on interworking metro technologies to SONET, announced the appointment of Bipin Shah to its board of directors.

"We are pleased to welcome Bipin to our Board of Directors," said Chetan Sanghvi, CEO and Founder of Paxonet. "Bipin's depth of experience in the semiconductor industry is very valuable to Paxonet as it pursues its unique business model of providing both highly-integrated, cost-effective integrated circuits and highly flexible intellectual property cores."

Bipin Shah brings to Paxonet 30 years of engineering, marketing, sales and operational experience in the semiconductor industry. Mr. Shah is a Managing General Partner and cofounder of San Jose, CA based INC3 Ventures, a venture fund that focuses on early stage investments in high technology companies. He has made several investments in start up companies since 1996 and is actively involved in mentoring entrepreneurs in Silicon Valley. Prior to founding INC3 Ventures in late 1999 he was the President and CEO of Invox Technology, a semiconductor start up that focused on multilevel Flash memory based voice recording and playback chips. He spent thirteen years at Altera Corporation, a major Programmable Logic Chips supplier from its early inception in 1984 where he was Vice President of Operations. His chip industry career started at Fairchild Semiconductor, an early pioneer in the semiconductor business, where he worked in various engineering, operational, quality and business unit management capacities.

ABOUT PAXONET

Paxonet Communications, Inc., designs, develops and markets silicon solutions for interworking metro networking technologies to SONET. Paxonet Communications offers both the MetroConnect line of integrated circuits and the CoreEl line of IP cores. By offering both technologies, Paxonet can provide complete solutions for the metro networking market. The company is privately held and employs 125 people. For more information see our website at www.paxonet.com .

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