DWI Dragonwave

    FOR:  DRAGONWAVE INC.

AIM, TSX SYMBOL:  DWI

May 16, 2008

DragonWave Inc - Block Admission Upddate

RNS only

OTTAWA, CANADA--(Marketwire - May 16, 2008) - DragonWave Inc.("DragonWave" or "the
Company")(TSX:DWI)(AIM:DWI) is providing an update to its block admission filed on November 13, 2007
(the "Scheme").

For the period from November 13, 2007 to May 15, 2008, DragonWave issued the following Common shares
under the Scheme;

- 1,091 Common shares of no par value each ("Common shares"), issued in due course under the rules of
the Company's Fourth Amended and Restated Key Employee Stock Option/Stock Issuance Plan (the "Plan")
be exercised; and

- 36,446 Common shares issued in due course for warrants exchanged into common shares of the Company
(the "Warrants").

Accordingly, DragonWave did not issue and has the following balance of not yet issued securities under
the Scheme:

- 98,909 Common shares in relation to the Plan (100,000 were originally admitted under the Scheme);
and

- 163,554 Common shares in relation to the Warrants (200,000 were originally admitted under the
Scheme).

As of today, the Company has an issued share capital of 28,476,801 ordinary voting shares of no par
value each.


-30-

FOR FURTHER INFORMATION PLEASE CONTACT:

DragonWave Inc.
Russell Frederick
Chief Financial Officer
613-599-9991 ext. 2253
rfrederick@dragonwaveinc.com

OR

DragonWave Inc.
Bruce Chick
Director, Investor Relations
613-599-9991 ext. 2262
nkittle@dragonwaveinc.com

OR

Canaccord Adams Limited
Neil Johnson/Andrew Chubb
44-20-7050-6500

                                                                
DragonWave Inc.



                                                                

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