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Powerwave Announces Acquisition Of Toracomm Limited

SANTA ANA, Calif. - Dec. 20, 2001 - Powerwave Technologies, Inc. (NASDAQ:PWAV) announced today that it has signed a definitive agreement to acquire Toracomm Limited, a private engineering research and development company located in Bristol, United Kingdom. Toracomm has been delivering leading edge design and development services to the wireless and mobile communications industries since 1997. Toracomm offers a broad range of RF, digital signal processing (DSP), system design and simulation expertise covering 2G, 2.5G and 3G wireless applications.

"Over the past year we have worked closely with Toracomm on several new products and are excited about adding their comprehensive experience and expertise in DSP and RF system design to Powerwave's leading engineering and design capabilities," stated Bruce C. Edwards, President and Chief Executive Officer of Powerwave Technologies. "The combined efforts of our two companies have resulted in several next generation amplifier products which are nearing their introduction phase and we are extremely pleased to welcome the employees of Toracomm to Powerwave."

"Powerwave is a recognized leader in supplying advanced solutions for the wireless infrastructure industry, and we are excited to join the Powerwave Team and to be part of the effort to bring the next generation of amplifier designs to market," stated Dr. Thomas Busby, Managing Director of Toracomm Limited.

This transaction is expected to close on or before the end of December 2001. Upon closure of the acquisition, Toracomm Limited will be renamed Powerwave UK Limited and will be a wholly owned subsidiary of Powerwave. Financial terms of the transaction were not disclosed.

Company Background
Powerwave Technologies, Inc., a TL 9000 and ISO 9001 quality certified company, is a leading supplier of high performance RF power amplifiers for use in wireless communications networks. Powerwave designs, manufactures and markets both single carrier and multi-carrier RF power amplifiers for use in cellular, PCS and 3G base stations throughout the world. Corporate headquarters are located at 1801 E. St. Andrew Place, Santa Ana, Calif. 92705. Telephone (714) 466-1000. For more information on Powerwave's high performance ultra-linear RF power amplifiers and amplifier systems, please call (888)-PWR-WAVE (797-9283) or visit our web site at www.powerwave.com. Powerwave and Powerwave Technologies are registered trademarks of Powerwave Technologies, Inc. and the Powerwave logo is a trademark of Powerwave Technologies, Inc.

Forward-Looking Statements
The foregoing statements regarding the timing of the introduction of new products and the growth possibilities associated with the combination of both companies engineering and design skills are "forward looking statements." All of these statements are subject to risks and uncertainties which could cause our actual results to differ materially from those projected or implied. Such potential risks and uncertainties include, but are not limited to, in no particular order: unexpected technical difficulties in developing new products or enhancements to existing products; difficulties in integrating the engineering and design capabilities of both companies; we require continued success in the design of new amplifier products and such products must be manufacturable and of good quality and reliability; the ramp up of new engineering projects and product lines incurs many additional costs and if customer demand for such new products is not large enough, such costs may have a negative impact on our operating results; our business requires continued favorable business conditions and growth in the wireless communications market.

More detailed information on these and additional factors which could affect Powerwave's operating and financial results are described in the Company's Form 10-K for the fiscal year ended December 31, 2000 and the Company's Form 10-Q for the period ended September 30, 2001, both of which are filed with the Securities and Exchange Commission, and other risks detailed from time to time in the Company's reports filed with the Securities and Exchange Commission. Powerwave urges all interested parties to read these reports to gain a better understanding of the many business and other risks that the Company faces. Additionally, Powerwave undertakes no obligation to publicly release the results of any revisions to these forward-looking statements which may be made to reflect events or circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events.

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