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WAVEMAT INC. REPORTS RESULTS FOR ITS FOURTH QUARTER AND YEAR ENDED DEC. 31, 1992

 PLYMOUTH, Mich., April 29 /PRNewswire/ -- Wavemat Inc. (WVMT) today announced results for its fourth quarter and year ended Dec. 31, 1992. Operating revenue during 1992 decreased due to lower contract research and development revenue and, to a lesser extent, lower sales of the company's microwave systems. The decrease in sales of microwave processing systems reflects the continuation of recessionary economic conditions concerning the capital equipment market. Net loss declined during 1992 primarily due to lower operating expenses and, to a lesser extent, the initial recognition of royalty income and lower interest expense due to lower interest rates and lower debt balances during 1992.
 Monis Schuster, Wavemat's acting president, said: "The dedication and hard work of Wavemat's staff have resulted in a reduction in net loss, improved products, significantly improved margins on sales and increased interest in the market place. The economy continued to have a negative impact on sales during the year; however, in spite of sluggish sales, Wavemat continued to position itself for the future. We restructured our sales network and provided extensive in-house technical training. We also updated the design of two of our systems and maintained on-time delivery of our products."
 Schuster went on to say that: "During the year, Wavemat was chosen by the Norton Diamond Film Division as the production system of choice for its diamond thin film coating technology. Norton Diamond Film is a world leader in the competitive chemically-vapor deposited (CVD) diamond industry. Subsequent to year end, Wavemat received orders for production systems to be used in Norton's new pilot manufacturing plant in Massachusetts. With these orders Wavemat has advanced its technology from use in research and development applications to its utilization in producing product in a process environment."
 WAVEMAT INC.
 CONDENSED STATEMENTS OF OPERATIONS
 For the Quarter For the Year
 Ended Dec. 31, Ended Dec. 31,
 1992 1991 1992 1991
 Operating revenue $447,362 $489,102 $1,161,366 $1,368,652
 Operating loss ($95,929) ($43,773) ($717,732) ($735,228)
 Net loss ($90,488) ($63,906) ($723,192) ($813,526)
 Net loss per share
 of common stock ($0.02) ($0.04) ($0.22) ($0.52)
 Weighted average No.
 of common shares
 outstanding 4,372,364 1,705,697 3,289,668 1,557,875
 Wavemat Inc. designs, manufactures 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- 4/29/93
 /CONTACT: Yvonne L. Bova, Wavemat investor relations director, 313-873-7800, or fax, 313-873-4935/
 (WVMT)


CO: Wavemat Inc. ST: Michigan IN: SU: ERN

SB-ML -- DE016 -- 2724 04/29/93 14:07 EDT
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Date:Apr 29, 1993
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