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West Chicago, Ill. — M-Wave Inc. announces a new development in its restructuring.
The company presently owes Bank One, NA $2.5 million, which by agreement was originally due and payable December 31, 2003, but had been extended to January 31, 2004. The collateral securing the obligation includes the company's property, plant and equipment located in West Chicago, Ill.and the property and former plant located in Bensenville, Ill. The company presently pays interest on this obligation at the prevailing Prime Rate of interest plus one-half percent.
The company and the bank have entered into a further extension of the loan until February 10, 2004.
M-Wave is a value-added service provider of high performance circuit boards. For more information, visit www.mwav.com.