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WAVEMAT INC. RECEIVES $400,000 PURSUANT TO INVESTMENT AGREEMENT WITH NORTON COMPANY

 WAVEMAT INC. RECEIVES $400,000 PURSUANT TO INVESTMENT AGREEMENT
 WITH NORTON COMPANY
 PLYMOUTH, Mich., April 28 /PRNewswire/ -- Wavemat Inc. (WVMT) announced today it has received approximately $400,000 pursuant to the purchase of Wavemat Common Stock ($.01 par value) by Norton Company. Wavemat has used the investment proceeds to extinguish a $400,000 bank note pertaining to a line of credit agreement.
 Norton, based in Worcester, Mass., is a world leader in the manufacture of abrasives and produces technologically advanced ceramics, plastics and chemical process products. Since 1988, Norton has sponsored research and development at Wavemat Inc. and has exclusive rights to Wavemat's Microwave Plasma Disk Reactor (MPDR (R)) for all areas of diamond thin film applications. Wavemat has agreed to provide Norton with all its requirements for equipment relating to its diamond thin film technology. In December 1989, Wavemat also received $400,000 when Norton purchased 4,000 shares of Wavemat's Series A Convertible Preferred Stock.
 "We view this additional investment as extremely positive and indicative of the solidification of Wavemat's relationship with Norton and their confidence in our strategy," said Richard S. Garard, chairman and president of Wavemat.
 Wavemat Inc. designs, manufacturers and markets proprietary microwave equipment for processing of advanced materials. Products range from standard modules for process research and development, to products for production integration and turnkey development systems incorporating Wavemat's patented technology.
 -0- 4/28/92
 /CONTACT: Yvonne L. Marschner-Bova of Wavemat Inc., 313-873-7800/
 (WVMT) CO: Wavemat Inc.; Norton Company ST: Michigan, Massachusetts IN: SU:


JG -- DE012 -- 3722 04/28/92 11:24 EDT
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Publication:PR Newswire
Date:Apr 28, 1992
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