Powerwave Technologies Announces Resignation Of Two Directors
SANTA ANA, Calif. - Feb. 17, 2004 -
Powerwave Technologies, Inc. (NASDAQ:PWAV) today announced that two of its existing directors have resigned in preparation for its proposed acquisition of LGP Allgon Holding AB. The two directors who have agreed to step down to make room for two new directors from LGP Allgon are Gregory Avis and Safi Qureshey.
“Both Greg and Safi have been invaluable members of Powerwave’s Board of Directors and have provided Powerwave with excellent counsel during their years on the Board”, stated John Clendenin, Powerwave’s non-executive Chairman of the Board.
Bruce Edwards, Powerwave’s President and Chief Executive Officer stated that “I will personally miss Safi and Greg’s insights, contributions and guidance that they have provided to Powerwave during their years of service on the Board. I also greatly appreciate their support of our proposed acquisition of LGP Allgon Holding AB and willingness to step down as we prepare for the addition of two new directors from LGP Allgon upon completion of the proposed acquisition.”
Greg Avis served on the Board of Directors of Powerwave since October 1995 and is a managing partner of Summit Partners, a venture capital and private equity firm. Safi Qureshey served on the Board since February 2000 and was the former Chairman and Chief Executive Officer of AST Research, Inc., a personal computer company and is currently an active investor in early stage technology companies in Southern California.
As part of Powerwave’s proposed acquisition of LGP Allgon Holding AB, Powerwave has offered to add two directors from LGP Allgon to its board of directors upon completion of the proposed acquisition. Powerwave currently anticipates that the transaction will be completed in the second quarter of 2004.
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-K for the fiscal year ended December 28, 2003, which is 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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