Printer Friendly

M-WAVE CHAIRMAN AND CEO NEGOTIATING THE SALE OF HIS 930,000 SHARES OF COMMON STOCK

 BENSENVILLE, Ill., June 7 /PRNewswire/ -- M-WAVE, Inc. (NASDAQ-NMS: MWAV) today reported that Joel S. Dryer, the company's chairman and chief executive officer, is negotiating the sale of his 930,000 shares of common stock of the company to affiliates of The First National Bank of Chicago ("FNBC") for $7 per share. It is contemplated that Dryer would continue as a director and an employee for at least one year following the closing of such a transaction. Dryer's shares represent approximately 32.5 percent of the company's outstanding shares. In connection with the proposed transaction, FNBC has requested certain rights from the company and Joseph A. Turek which are under discussion. Turek, the company's president, also owns approximately 32.5 percent of the company's outstanding shares. There can be no assurance whether or on what terms Dryer will agree to sell his shares of the company to FNBC or any other party or that any such transaction will be consummated.
 In light of these negotiations, the company also announced today that its Annual Meeting of Stockholders scheduled for Wednesday, June 9, will be adjourned until a later date to be announced by the company.
 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 positioning satellite systems, personal communication networks and military smart weapons and antenna systems.
 The company's stock is traded on the NASDAQ national market system under the symbol "MWAV."
 -0- 6/7/93
 /CONTACT: Paul H. Schmitt of M-WAVE, Inc., 708-860-9542, or Deborah Gordon of DGPR, Inc., 312-372-0771/
 (MWAV)


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

TS -- NY029 -- 5923 06/07/93 10:12 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 7, 1993
Words:311
Previous Article:KIRBY CORPORATION MAKES ANNOUNCEMENT
Next Article:STANDARD & POOR'S STOCK PRICE INDEX -- OPEN, MONDAY, JUNE 7 /PRN/
Topics:


Related Articles
TECHNICLONE INTERNATIONAL CORP. ANNOUNCES AGREEMENT WITH GFT GES M.B.H.
INAMED CORPORATION TO BUY BACK SHARES
CEO OF M-WAVE TO SELL 930,000 SHARES OF COMMON STOCK TO INVESTORS
BROWN-FORMAN ANNOUNCES RESULTS OF TENDER OFFER
World Access, Inc. and NACT Telecommunications, Inc. Sign Definitive Merger Agreement
Million Dollar Saloon Announces Receipt of Capital Investment
Dynavax Raises $27 Million in Common Stock Offering.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters