Enhances Network Capabilities Through Increased Fiber
                      Capacity and Diversity

HONOLULU, July 12, 2012 (GLOBE NEWSWIRE) -- Hawaiian Telcom Holdco
(Nasdaq:HCOM), Hawaii's leader in integrated communications solutions,
today announced that its Hawaiian Telcom, Inc. subsidiary has signed a
definitive agreement to acquire Wavecom Solutions Corporation's
competitive local exchange carrier (CLEC) business. The stock purchase
transaction is valued at $13 million, subject to customary working
capital adjustments at closing.

Wavecom Solutions, headquartered in Honolulu, is an information and
communications technology company and a facilities-based CLEC,
providing voice, data and converged services to small and medium-sized
business and carrier customers. The company services more than 1,700
customers statewide through a six-island subsea and terrestrial fiber
network.

With the addition of Wavecom Solutions, Hawaiian Telcom enhances its
network capabilities by augmenting next-generation fiber capacity and
diversity statewide. The enhanced capabilities will better position the
company to deliver next generation, end-to-end solutions for customers
throughout Hawaii.

"Wavecom Solutions and Hawaiian Telcom have been collaborating for
years to serve growing customer demand for high speed Internet
bandwidth and advanced communications," stated Eric K. Yeaman,
President and CEO of Hawaiian Telcom. "By integrating Wavecom
Solutions' six-island subsea and terrestrial fiber network and business
capabilities with the strength of Hawaiian Telcom's technology and
operations, we'll be better positioned to execute on our strategic plan
and drive long-term value for shareholders."

"Hawaiian Telcom is the ideal provider for our valued customer base and
business that Wavecom Solutions has worked hard to build," said Jeremy
Amen, CEO of Wavecom Solutions. "By combining our businesses, Hawaiian
Telcom will be able to deliver a rich portfolio of innovative services
over the broadest and most redundant network in the state, enabling
Hawaiian Telcom to provide an even greater customer experience for
Hawaii's people and enterprises. It's a win for the customers," Amen
said.

While Hawaiian Telcom has been completing ongoing incremental network
enhancements and business development, the acquisition adds
complementary breadth to its leading-edge MPLS network in a shorter
time and at lower risk. Hawaiian Telcom and Wavecom Solutions have
developed among the most technically advanced workforces in Hawaii,
dedicated to providing innovative solutions and superior customer
service.

Hawaiian Telcom expects to finance the transaction with existing
liquidity using cash on hand.

Hawaiian Telcom estimates the transaction will generate approximately
$4.5 million of annual unlevered free cash flow upon completion of
integration activities as a result of net incremental revenues and
EBITDA of approximately $7 million and $3.5 million, respectively, as
well as network related capital expenditure synergies.

D.A. Davidson & Co. initiated the transaction and acted as the
exclusive financial advisor to Wavecom Solutions.

The acquisition remains subject to customary closing conditions,
including federal and state regulatory approvals, which are expected to
take 90 to 120 days. During the regulatory approval processes, Wavecom
Solutions will continue normal operations and the companies will begin
coordination toward an optimal transition for Wavecom Solutions'
customers, employees, and facilities.

Forward-Looking Statements

In addition to historical information, this release includes certain
statements and projections that constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of
1995, including projected free cash flow, revenue, and EBITDA. In
particular, any statement, projection or estimate that includes or
references the words "believes," "anticipates," "intends," "expects,"
or any similar expression falls within the safe harbor of
forward-looking statements contained in the Reform Act. There is no
assurance that the acquisition described herein will close, and actual
results or outcomes and expected synergies may differ materially from
those indicated or suggested by any such forward-looking statement for
a variety of reasons. More information on potential risks and
uncertainties is available in recent filings with the Securities and
Exchange Commission, including Hawaiian Telcom's 2011 Annual Report on
Form 10-K. The information contained in this release is as of July 12,
2012. It is anticipated that subsequent events and developments may
cause estimates to change.

About Hawaiian Telcom

Hawaiian Telcom Holdco, Inc., headquartered in Honolulu, is Hawaii's
leading provider of integrated communications solutions for business
and residential customers. With roots in Hawaii beginning in 1883, the
Company offers a full range of services including voice, video,
Internet, data, wireless, and advanced communication and network
services supported by the reach and reliability of its network and
Hawaii's only 24/7 state-of-the-art network operations center. With
employees statewide sharing a commitment to innovation and a passion
for delivering superior service, Hawaiian Telcom provides an Always
On(SM) customer experience. For more information, visit
www.hawaiiantel.com.

The Hawaiian Telcom Holdco, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=10087

About Wavecom Solutions

Wavecom Solutions Corporation is an Information and Communications
Technology (ICT) company and a facilities-based competitive local
exchange carrier (CLEC), providing voice, data and converged services
to small and medium-sized business and carrier customers. Founded in
Honolulu, Hawaii in 2001, Wavecom Solutions has grown from its
network-based communication roots to add innovative, enterprise-level
managed services and cloud-based solutions that meet the needs of
businesses of all sizes. Unique solutions architecture allows customers
choice in how to receive services. Wavecom Solutions' managed
virtualized services can be delivered from its carrier grade
facilities, or Wavecom Solutions can install and manage them on the
customers' sites. Serving Hawaii, the U.S. Mainland, and the greater
Asia-Pacific Region, Wavecom Solutions is an ICT company that is
committed to its customers' success. For more information, visit
www.wavecomsolutions.com.


CONTACT: Media Contact:
         Scott Simon, Hawaiian Telcom
         (808) 546-5466
         
         Investor Relations Contact:
         Brian Tanner, Hawaiian Telcom
         (808) 546-3442