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CEO OF M-WAVE TO SELL 930,000 SHARES OF COMMON STOCK TO INVESTORS

 BENSENVILLE, Ill., June 14 /PRNewswire/ -- M-WAVE Inc. (NASDAQ: MWAV) today reported that the company, Joel S. Dryer, the company's chairman and chief executive officer, First Capital Corporation of Chicago, a wholly owned subsidiary of First Chicago Corp., and Cross Creek Partners II, a related partnership (collectively "Investors") have entered into a letter of intent pursuant to which Dryer would sell his 930,000 shares of common stock of the company to Investors. Dryer's shares represent approximately 32.5 percent of the company's outstanding shares. The letter of intent contemplates that the purchase price for such shares would be $7 per share, of which $1 per share would be paid upon the company's hiring and training of a sales manager. The consummation of such transaction is subject to numerous conditions, including the negotiation and execution of satisfactory definitive agreements. There can be no assurance whether or when such transaction will be consummated. In the event that the transaction is consummated, it is contemplated that Dryer would continue as a director and employee of the company for at least one year thereafter.
 The letter of intent contemplates that certain rights would be granted by the company to Investors to have their stock registered for public offering. The letter of intent also contemplates that Investors and Joseph A. Turek, the company's president, would enter into an agreement which, among other things, would enable Investors 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- 6/14/93
 /CONTACT: Paul H. Schmitt of M-WAVE Inc., 708-860-9542/
 (MWAV)


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

TM -- NY116 -- 1881 06/14/93 19:29 EDT
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Publication:PR Newswire
Date:Jun 14, 1993
Words:361
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