Sounds like a faulty chip. try emailing your supplier about this and request another chip....preferably i-smartphone II instead of version I.
To be perfectly honest, I ordered the same chip as you and did my research too late. There is only one original i-smartphone manufacturer who are now on verion 2 (i-smartphone II) of this unlock solution and they claim that all others are fake versions. I looked into it a bit more and it seems true...hence dropped calls, lost signal etc.
So whilst waiting for this unlock adapter I (after researching this time

) ordered the Universal Sim Unlocker from universal-sim.org and that has worked right out the box perfectly..I'm on day 3 with no issues at all..so far.
Just to let you know. I just wrote off the expense of the 'fake' i-smartphone unlocker/adapter and am keeping it for use on other locked regular mobile phones etc.