826773--9/29/2008--BERLINER_COMMUNICATIONS

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{customer, product, revenue}

{product, market, service}

{stock, price, share}

{acquisition, growth, future}

{cost, operation, labor}

{debt, indebtedness, cash}

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{stock, price, operating}

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Although we have had net income in prior periods and in the current period, we have experienced losses in the past and we may never achieve sustained profitability. We generate a substantial portion of our revenue from a limited number of customers, and if our relationships with such customers were harmed, our We experienced a significant reduction in revenue from our largest customer in the fourth quarter of fiscal 2008 due to the cancellation or postponement of a number of projects. Our recent rapid growth has created challenges for our management, systems and resources, and this may impact our ability to effectively manage future growth, if any. If we experience delays and or defaults in customer payments, we could be unable to cover all expenditures. If the percentage of our revenue derived from construction-related activities increases, our gross margins may suffer. We may need additional working capital, the lack of which would likely have a significant negative impact on our ability to grow our business. Our business is dependent upon our ability to keep pace with the latest Our success is dependent on growth in the deployment of wireless networks and new technology upgrades, and to the extent that such growth slows, our business Delays in the adoption and deployment of next generation wireless networks could negatively affect the demand for our services and our ability to We bear the risk of cost overruns in some of our contracts. Our dependence on subcontractors and equipment manufacturers could adversely If we guarantee the timely completion or performance standard of a project, we could incur significant, additional costs. The nature of our construction business exposes us to potential liability claims and contract disputes that may negatively affect our results We maintain a workforce based upon current and anticipated workloads. If we do not receive future contract awards or if these awards are delayed, we may incur significant costs in meeting workforce demands. We may not be able to hire or retain a sufficient number of qualified engineers and other employees to meet our contractual obligations or maintain the quality Intense competition in the engineering and construction industry could reduce We are vulnerable to the cyclical nature of the market we serve. We may experience significant fluctuations in our quarterly results as a result of uncertainties relating to our ability to generate additional revenue, manage expenditures and other factors, certain of which are outside of our control. Our stock price is volatile and purchasers of our common stock could incur There is a lack of a public market for our shares, which limits our shareholders ability to sell their shares. We have experienced, and expect to continue to experience, long sales cycles, we expect to incur significant costs to generate new business and our customer base may not experience growth commensurate with such costs. If we are unable to identify and complete future acquisitions, we may be unable We may not be able to register the shares of common stock issued upon conversion of our 7% Senior Subordinated Secured Convertible Notes and exercise of the accompanying warrants, which may subject us to A default on our debt obligations could result in foreclosure on all of our assets. If we fail to accurately estimate costs and other factors associated with contracts accounted for using the percentage-of-completion method of accounting, this may reduce our profitability. We may incur goodwill and other intangible impairment charges which could reduce our profitability.

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826773--9/29/2008--BERLINER_COMMUNICATIONS_INC