October 17, 2002

Paragon Networks Named One of Connecticut's Fastest Growing Technology Companies in Deloitte & Touche's Fast 50 Program for Two Consecutive Years

Brookfield, CT, - For the second consecutive year, Paragon Networks has been named to Deloitte & Touche's prestigious "Technology Fast 50" Program for Connecticut, a ranking of the 50 fastest growing technology companies in the area. Rankings are based on the percentage of growth in fiscal year revenues from 1997 to 2001 (a five year period). Paragon's increase in revenues between 1997 and 2001 resulted in a ranking of 6 overall in the Fast 50 for Connecticut. The average increase in revenues among companies who made the Fast 50 in Connecticut was 794 percent.

Paragon Networks' CEO & President, Russ Hawkins, attributes the company's success over the past five years to the company's continued focus on customer needs. He explained, "Our growth continues to be exciting, and has been built on the basic concepts of listening to customers and delivering high quality products."

According to David Carver, Technology, Media & Telecommunications Managing Partner (Connecticut) of Deloitte & Touche, "To rank on the Deloitte & Touche Technology Fast 50, companies must have phenomenal revenue growth in a five-year period. Paragon Networks has proven to be one of the fast-growth success stories in Connecticut, and we applaud their success and vision."

To qualify for the Fast 50, companies must have had operating revenues of at least $50,000 in 1997 and $1,000,000 in 2001, must be public or private companies headquartered in Connecticut, and be technology companies, defined as companies who own proprietary technology that contributes to a significant portion of the company's operating revenues, or companies who devote a high percentage of effort to research and development of technology.

Winners of the 20 regional Technology Fast 50 programs in the United States and Canada are automatically entered in the Deloitte & Touche Technology Fast 500 program, which ranks North America's top 500 fastest growing technology companies. For more information on the Deloitte & Touche Fast 50 or Fast 500 programs, visit www.fast500.com.

The Connecticut Technology Fast 50 program is hosted by Deloitte & Touche, in association with the Connecticut Technology Council. The program is sponsored by ImageWorks; The Litchfield Insurance Group; NASDAQ; Pullman & Comley, LLC; and Royal & SunAlliance Insurance.


About Paragon Networks
Paragon Networks manufactures products that, using either wireline, wireless, or optical transmission facilities, provide voice and data service connectivity, performance monitoring, compression, aggregation, layer 3 routing, quality of service filtering, and protection switching of both client and operations support systems traffic. Leading global wireless service providers such as Verizon, Cingular, Sprint PCS, Telcel, Nextel, and others around the world utilize Paragon Networks' products and technologies. Designed specifically for wireless service providers (WSP), Paragon Networks' suite of backhaul solutions enable the rapid deployment of voice and data services and provide a migration path to 3rd Generation networks.

Paragon Networks is a privately held company with ownership shared between leading venture capital companies and its employees. Headquartered in Brookfield, Connecticut, Paragon Networks distributes its products worldwide through a network of both direct and indirect channels.

For more information, visit Paragon Networks' web site at www.paragon-networks.com or contact:

Lisa DeVoto
Marketing Communications Manager
Paragon Networks
Telephone: (203) 740-3650
ldevoto@paragon-networks.com

Mark Agovino
Product Marketing Director
Paragon Networks
Telephone: (203) 740-3650
magovino@paragon-networks.com