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Powerwave Technologies Announces Revised Timing Of LGP Allgon Transaction

SANTA ANA, Calif. - Feb. 04, 2004 - Powerwave Technologies, Inc. (NASDAQ:PWAV) today announced that it now anticipates that completion of its proposed exchange offer for all of the outstanding shares of LGP Allgon Holding AB will be completed sometime early in the second quarter of 2004, instead of prior to the end of the first quarter. The primary reason for the delay is that Powerwave is now in the process of registering the shares of its common stock to be issued in the exchange offer with the Securities and Exchange Commission, after the exemption from registration that Powerwave was originally relying on became unavailable because of a significant increase in the number of LGP Allgon shareholders in the United States following the announcement of the exchange offer.

Powerwave currently anticipates that the exchange offer for the outstanding shares of LGP Allgon Holding AB will commence in mid-March 2004 with an anticipated completion in April 2004. In addition, Powerwave currently anticipates that its special meeting of shareholders to approve the issuance of shares in the transaction as well as the increase in the amount of Powerwave's authorized common shares will be scheduled for a date in late March or early April 2004. As of today, Powerwave has received all required pre-approvals from anti-trust regulators for the exchange offer.

About Powerwave Technologies
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, Powerwave Technologies and the Powerwave logo are registered trademarks of Powerwave Technologies, Inc.

Forward-Looking Statements
The foregoing statements regarding the projected timing of the commencement and closing of the exchange offer for the LGP Allgon Holding AB shares are "forward looking statements." All of these statements are subject to risks and uncertainties which could cause the scheduling or timing to differ materially from that projected or implied. Such potential risks and uncertainties include, but are not limited to, in no particular order: delays in completion of the review process with the Securities and Exchange Commission and failure to obtain stockholder approval for the exchange offer. More detailed information on these and additional factors which could affect Powerwave's operating and financial results are described in Powerwave's Form 10-Q for the quarter ended September 28, 2003 and its Form 10-K for the fiscal year ended December 29, 2002, 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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