WEST CHICAGO, Ill., March 30, 2004 (PRIMEZONE) -- M-Wave, Inc. (Nasdaq:MWAV), a domestic and international value-added service provider and supply-chain manager of high performance circuit boards, reported today that it has attempted to complete its Annual Report on Form 10-K for the year ended December 31, 2003 on time but has asked the SEC for 15 days extension by filing Form 12b -- 25.
As previously disclosed in Current Reports filed on Form 8-K February 11, 2004, the Company has been effecting a "significant financial and operating restructuring" during the fiscal year ended December 31, 2003, further, extending into the current fiscal year 2004. Primarily this has included various asset sales and the execution of the Strategic Operating Alliance agreement.
The increased workload integrating numerous elements of those transactions including preparation of Recent Event information and Auditor review of notes and attachments to the 10-K has required the company to seek the extension it now asks for.
In addition, as part of that restructuring, M-Wave indicated today that it is closing a $2.5 million receivables purchase facility through Silicon Valley Bank and desires to disclose the existence and terms of that facility in its Form 10-K as an additional Recent Event.
The Company said it expects to release further details regarding its financing with Silicon Valley Bank this week.
This news release contains predictions and other forward-looking statements that involve a number of risks and uncertainties. While this outlook represents our current judgment on the future direction of the business, such risks and uncertainties could cause actual results to differ materially from any future performance suggested above. Such risks and uncertainties include those factors detailed in the company's annual report on Form 10-K and other reports filed by the company with the U.S. Securities and Exchange Commission.
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