Wednesday May 10, 5:59 pm Eastern Time
Company Press Release
SOURCE: M-Wave, Inc.
M-Wave Signs Letter of Intent to Purchase New
Facility
BENSENVILLE, Ill., May 10 /PRNewswire/ -- M-Wave, Inc. (Nasdaq: MWAV - news), a manufacturer of high
performance printed circuit boards used in wireless communications, signed a Letter of Intent to purchase a 50,000
square foot facility on five acres of land in the western suburbs of Chicago.
``In keeping with our growth plans of 15% to 25% per year for the next three years we knew we would need more
space,'' said Joseph A. Turek, Chairman and Chief Executive Officer. ``This building will double the size of our existing
facilities and satisfy the expanding requirements of Lucent Technologies and new customers that we are developing.''
The company currently operates out of three buildings with a total floor space of approximately 25,000 square feet. The
new facility will allow operations to consolidate under one roof with a capacity of approximately $50 million in annual
sales. The company anticipates that increases in efficiencies in this space will help reduce operating expenses. The
company also expects to purchase $1.5 million in capital equipment. The company plans to issue an Industrial Revenue
Bond to fund the project.
In April, M-Wave announced first quarter 2000 sales of $5.3 million, $168,000 in after tax profits or $0.07 per share.
This was the fourth consecutive quarter of sales growth and a 46% increase in sales over the fourth quarter of 1999. The
company remains on track to exceed 1999 revenues by up to 100% with sales ranging from $15,000,000 to
$25,000,000. |
