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  OPENWAVE REPORTS DELAY IN FILING SEC FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2008
  

  REDWOOD CITY, Calif. - May 12, 2008 -- Openwave Systems Inc. (Nasdaq: OPWV), one of the world's leading software innovators enabling revenue-generating personalized services which converge the mobile and broadband experience, today announced that it will delay the filing of its quarterly report on Form 10-Q for the three months ended March 31, 2008 pending the conclusion of an internal investigation being conducted under the direction of the Audit Committee of the Board of Directors, with the assistance of independent counsel, into allegations made by an employee relating to attempts by certain members of senior management to manage financial results. To date, the investigation has not reached any conclusion that the company's previously issued financial statements and earnings releases were materially misleading.

"The Company and its Board of Directors take these matters very seriously and accordingly the Company's management is cooperating fully," said Bruce Coleman, Interim Chief Executive Officer of the Company.

Although the Company is currently unable to predict the timing of the conclusion of the internal investigation, the Company will not be able to file its Quarterly Report on Form 10-Q by its prescribed due date, including the five-day extension of the filing deadline permitted under Rule 12b-25. The Company intends to file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2008 as soon as practicable following the conclusion of the internal investigation.

About Openwave
Openwave Systems Inc. (Nasdaq: OPWV) is one of the world's leading innovators of software applications and infrastructure designed to enable revenue-generating, personalized services, including merchandising and advertising, which converge the mobile and broadband experience across all of a user's devices.

As the communications industry intersects with the Internet, Openwave software enables service providers to converge services, increasing the value of their networks by accelerating time to market and reducing the cost and complexity associated with new service deployment. Openwave's unique product portfolio provides a complete range of service management, messaging, location and client technologies. Openwave is a global company headquartered in Redwood City, California. For more information please visit www.openwave.com.

Cautionary Note Regarding Forward Looking Statements
 
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1943 and Section 27A of the Securities Act of 1933, including, but not limited to, the aforementioned investigation, the result relating thereto and its impact, if any, on the company?s financial statements. These forward-looking statements are subject to many risks and uncertainties that could cause actual results to differ materially from those projected. Notwithstanding changes that may occur with respect to matters relating to any forward looking statements, Openwave assumes no obligation to update the forward-looking statements included in this press release.

 
Openwave is a trademark of Openwave Systems Inc. All other trademarks are the properties of their respective owners.

For further information:
 
Contact Openwave Worldwide Public Relations

Investor Relations
Mike Bishop
The Blueshirt Group
Tel: 415-217-4968
mike@blueshirtgroup.com

  



 
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