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West Chicago, Ill. — M-Wave Inc. has seen a new development in its restructuring.
M-Wave presently owes Bank One, NA $2,413,533, which by agreement is due and payable December 31, 2003. The collateral securing the obligation includes the 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. Bank One confirmed an extension for 30 days until January 31, 2004.
The company was unable to meet its deadline of December 31, 2003 with respect to paying off the balance. The extension will allow M-Wave further time to facilitate sale of the Bensenville collateral assets, and to pursue strategic and financial alternatives that generate cash from its West Chicago assets.
The Company expects to make further announcements about its restructuring and turnaround efforts during the first quarter of 2004.
M-Wave is a value-added service provider of high performance circuit boards. For more information, visit www.mwav.com.