M-Wave - update on restructuring

M-Wave, Inc. , a value-added service provider of high performance circuit boards used in a variety of digital and high frequency applications sourced domestically and internationally, announced the following development in its restructuring.BANK ONE, NA EXTENDS DEMAND NOTE DUE 1-31-04M-Wave, Inc. presently owes Bank One, NA ("Bank") $2,482,095, 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, Illinois and the property and former plant located in Bensenville, Illinois. 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. Jim Mayer, of Credit Support International (CSI), Chief Restructuring Advisor to the Company's Board of Directors, expressed satisfaction concerning this extension as another positive step in the restructuring of the Company.Source: PCBnewsline