Waller Capital Advises MegaPath on Sale of Covad Wireless Subsidiary to TelePacific

San Jose, CA

SAN JOSE, Calif., April 11, 2011 —

MegaPath, Inc., one of the leading providers of managed data, voice, and security services in North America, today announced that it has completed the sale of its NextWeb, Inc. subsidiary, dba Covad Wireless, to TelePacific Communications.

MegaPath is privately-held and financial terms of the deal were not disclosed. MegaPath’s exclusive financial advisor was Waller Capital Partners, LLC, and its exclusive legal advisor was Bingham McCutchen LLP.

“As MegaPath continues to focus on providing customers with leading-edge, fully-managed voice security and connectivity services nationwide, Covad Wireless’ regional offerings did not support our corporate objectives,” said D. Craig Young, Chairman and CEO, MegaPath. “This agreement ensures that those customers are properly supported and allows MegaPath to direct our efforts toward services that will deliver the most value to our customers and support our strategic long-term goals.”

About MegaPath Inc.

MegaPath operates one of the largest end-to-end communications networks in the country. In 2010, the company combined with Speakeasy and Covad to form a single company providing a full range of data, voice and security services for small businesses and enterprises nationwide. MegaPath helps businesses of all sizes to easily and securely communicate between their headquarters, employees and business partners to lower costs, increase security and enhance employee productivity. To learn more about MegaPath’s managed IP data, voice and security services, please visit www.megapath.com or call 1-877-MegaPath (634-2728).