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CEO OF M-WAVE SELLS 875,000 SHARES OF COMMON STOCK TO FIRST CAPITAL CORPORATION OF CHICAGO

 BENSENVILLE, Ill., July 21 /PRNewswire/ -- M-WAVE, Inc. (NASDAQ: MWAV) today reported that Joel S. Dryer, the company's chairman and chief executive officer, has sold 875,000 shares of common stock of the company to First Capital Corporation of Chicago, a wholly owned subsidiary of First Chicago Corp., and Cross Creek Partners II, a related partnership (collectively, the ``Purchasers''), for a purchase price of $7 per share, of which $1 per share is payable upon the company's hiring and training of a sales manager. The shares acquired by the Purchasers represent approximately 31 percent of the company's outstanding shares.
 Joseph A. Turek, the company's president, has been elected by the company's board of directors to replace Dryer as the company's chairman and chief executive officer. Dryer is expected to continue as a director and employee of the company for at least one year, with his efforts focused on working with the company's customers in the development of end user microwave systems which use the company's products.
 In connection with the transaction, the company granted to the Purchasers and Turek certain stock registration rights. The Purchasers and Turek also entered into an agreement which, among other things, enables the Purchasers to elect the greater of two directors or one-third of the company's directors. Turek owns approximately 32.5 percent of the company's outstanding shares.
 M-Wave, Inc. manufactures microwave frequency components (MFC) and high frequency circuit boards (HFCB) on Teflon based laminates (TBL). The company's MFC and HFCB are used in wireless communication systems and other devices and equipment operating in the microwave frequency spectrum of 800 Mhz and above, such as cellular telephone, direct broadcast satellite television, global military smart weapons and antenna systems.
 The company's stock is traded on the NASDAQ national market system under the symbol ``MWAV.''
 -0- 7/21/93
 /CONTACT: Paul H. Schmitt, 708-860-9542, M-WAVE, Inc./
 (MWAV)


CO: M-WAVE, Inc. ST: Illinois IN: TLS SU:

DH -- NY115 -- 4200 07/21/93 18:00 EDT
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Publication:PR Newswire
Date:Jul 21, 1993
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