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Magnolia Broadband and Uniquest Sign Key Distribution Agreement

Magnolia Begins Commercial Deployment by Establishing Relationship with the Leading Semiconductor Solutions Provider to Distribute and Service DiversityPlus? Antenna Diversity Technology in the Korean OEM Market

SEOUL and CLINTON, N.J. – (12th November 2004) – Uniquest (KOSPI Code : 077500), a leading Korean semiconductor distributor, and Magnolia Broadband, Inc., a fabless semiconductor company and innovator of antenna diversity radio frequency (RF) solutions for the wireless industry, jointly announced today that the companies have signed a major distribution agreement. The pact authorizes Uniquest to sell, distribute, and service Magnolia’s diversity handset chipsets to original equipment manufacturers in the Korean market.

This agreement builds on last month’s news about the partnership between Magnolia Broadband and SK Telecom (“SK Telecom and Magnolia Broadband Sign a Broad Strategic Alliance Agreement”) and supports the execution of these plans by using Uniquest as the distribution partner. These developments illustrate the momentum that Magnolia Broadband is achieving in its efforts to introduce, market and support its DiversityPlus? handset chipset solution in the leading Korean market.

“We are very excited to represent Magnolia Broadband in the Korean marketplace and are confident that our strong presence and expertise in the region will help the company in its efforts to deploy its handset diversity technology with major handset OEM’s,” said Charles Lim, President and CEO of Uniquest. “We feel strongly that Magnolia’s unique receive and transmit diversity antenna solution is ideally positioned for success in Korea’s demanding telecom marketplace.” “Korea and its service providers and handset manufacturers are global players in the wireless industry,” said Larry Wasylin, Magnolia’s vice president of sales.“ Uniquest can provide Magnolia with the support and the market savvy(?), (maybe survey) necessary to broadly deploy our DiversityPlus technology in Korea, as well as other international markets. This is a strong endorsement of our technology coming from a leading distribution player and we are very pleased to have Uniquest on board.”

About DiversityPlus

DiversityPlus is a family of RF chipset products designed around Magnolia’s unique algorithms for CDMA mobile terminals. By combining transmit and receive RF signals from two antennae in a unique way, wireless operators can double their network capacity and significantly improve coverage and data rates to the individual subscriber, without the need for additional cell phone towers and infrastructure.

Some other key benefits of Diversity Plus Chipset are the elimination of cellphone “dead zones”, increased cell phone battery life and substantially lower power emissions.

About Uniquest Corporation

Established in 1993, Uniquest Corporation (www.uniquest.co.kr) has been providing the best solutions as a leading semiconductor solutions provider and has been responding to customer's various demands by working with many vendors to support product design, purchasing and manufacturing. Uniquest is operating in three divisions to provide professional marketing and efficient resource management.

About Magnolia Broadband

Magnolia is an innovative developer of semiconductors for the wireless industry and the first company to provide diversity antenna technology using unique RF chipset products that incorporate both transmit and receive diversity. By using a unique RF (Radio Frequency) chipset product and algorithm, it incorporates a novel way of combing RF signals from two antennae for both transmit and receive signals in the mobile terminal, enabling carriers to serve twice as many subscribers within the same wireless infrastructure while boosting phone coverage, data rates and battery performance. Carriers and consumers also benefit from more reliable connections, improved quality of service while having small impact on cost.

Leading CDMA carriers and mobile terminal manufacturers have tested Magnolia’s technology. Since its inception in 2001, Magnolia has raised $28.5 million in capital from notable investors like Draper Fisher Jurvetson Gotham, ECentury Capital Partners, SCP Private Equity Partners, Selway Partners and Silverstar Holdings. Magnolia has filed numerous patents related to its core technology and partnered with semiconductor industry notables such as Jazz Semiconductor, and Amkor Technology. For more information, go to www.magnoliabroadband.com.

Magnolia Contact information
Joseph Dans
Director of Accounts
Fusion Public Relations
570 Seventh Avenue
New York, NY 10018
(212) 651-4215

John H. Moon
SVP Corporate Development
Magnolia Broadband, Inc.
64 Old Highway 22
Clinton, NJ 08809
(908) 735-0372 ext. 202

Uniquest Contact Information
H.K. Chung
Technical Marketing / Sr. Manager
Uniquest Corporation
Office: (82-2)-3404-9965
Cell: (82-11)-398-5718

Philip Chang
Field Application Engineer
Uniquest Corporation
Office: (82-2)-3404-9952
Cell: (82-16)-9225-0606



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