October 23, 2002

Paragon Networks Ranked Number 265 Fastest Growing Technology Company in North America on the 2002 Deloitte & Touche Technology Fast 500

Brookfield, CT, - Paragon Networks today announced that it ranked number 265 on the 2002 Deloitte & Touche Technology Fast 500, a ranking of the 500 fastest growing technology companies in North America. Rankings are based on percentage revenue growth over five years, from 1997-2001. Paragon Networks grew 1,399 percent during this period.

Paragon Networks' CEO, Russ Hawkins, credits Paragon's continued focus on customer needs with the company's 1,399% revenue growth over the past five years. He said, "At Paragon, every employee at every level is focused on maximizing our customers' satisfaction. This award is evidence of our success."

Mark A. Evans, managing director, Deloitte & Touche Technology, Media & Telecommunications Group, added, "Because the Deloitte & Touche Technology Fast 500 measures sustained revenue growth over five years, being one of the 500 fastest growing technology companies in North America is an impressive accomplishment. We are proud to honor Paragon Networks as a Deloitte & Touche Technology Fast 500 winner."

In addition to ranking on the Deloitte & Touche Technology Fast 500, Paragon Networks ranked number 6 on the Deloitte & Touch Technology Fast 50 for Connecticut, which is a ranking of the 50 fastest growing technology firms in Connecticut.

Fast 500 Selection and Qualifications:
The Fast 500 list is compiled from three sources: Deloitte & Touche's 20 regional North American Fast 50 programs, nominations submitted directly to the Fast 500, and public company database research. To qualify for the Fast 500, companies must have had 1997 operating revenues of at least $50,000 USD and $75,000 CD, for United States and Canada respectively, must be public or private companies headquartered in North America, and be "technology companies" defined as companies that own proprietary technology that contributes to a significant portion of the company's operating revenues or devote a high percentage of effort to research and development of technology.

Technology Fast 500 winners are invited to an exclusive CEO Summit held each spring. The CEO Summit, now in its fifth year, is designed to address the unique business challenges facing these super-charged technology companies.

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