Tuesday May 15, 4:15 pm Eastern Time
Press Release
SOURCE: M~Wave, Inc.
M~Wave Announces Industrial Revenue Bond Financing
BENSENVILLE, Ill., May 15 /PRNewswire/ -- M~Wave, Inc. (Nasdaq: MWAV - news), a
value-added service provider of high performance circuit boards used in a variety of
telecommunication applications for wireless and internet applications, announced today that it has
been allocated $6.6 million of the Illinois Development Finance Authority's 2001 maximum limit on
tax-exempt private activity bonds to finance its new facility in West Chicago, Illinois. The Company
had previously obtained $1.8 million in volume cap financing for its expansion project. The total
amount financed is $8,400,000. The Company expects the total project to cost approximately $10
million of which $1.6 million will be financed through conventional instruments. The Industrial
Revenue Bond Financing is subject to execution of definitive agreements.
``This will significantly reduce our interest expense compared to traditional financing,'' said Joseph A.
Turek, Chairman and Chief Executive Officer. ``We have been working on this financing project for
over a year, we will now begin seeing the benefits.''
The Company recently announced that it expects revenues to increase from $57 million in 2000 to
between $60 million and $70 million in 2001. This expectation is based on discussion with our larger
customers. |
