You must be registered to access the full content of this site. To register, click here.
Part Search
Top M-Wave Executives to Buy Out Company
Written by Mike Buetow
Wednesday, 25 July 2007
FRANKLIN PARK, IL — Two top executives of M-Wave Inc. have signed a deal to purchase the electronics-related business of the company. The executives, Joe Turek and Robert Duke, through an entity called M-Wave International, will purchase M-Wave for roughly $900,000 in stock.
The sale is subject to approval by the company's stockholders and completion of other ongoing transactions.
Under the deal, M-Wave will be given 300,000 shares of its common stock that are currently owned by Chairman and Chief Operating Officer Turek. The company also said it would get additional shares at $3 each if the net working capital of the sold business exceeds $770,000 when the deal closes.
Turek is chairman and chief operating officer and Duke is president of the company's Electro-Mechanical Group. Combined, they own approximately 19% of the company's outstanding common stock.
M-Wave is a supplier of brokered printed circuit boards. For the year ended Dec. 31, the company posted a net loss of $3.2 million onsales of $9.76 million.
The deal does not include any working capital and reserves (other than certain customer deposits), nor shares of Ocean Merger SubInc., a division that is under agreement to be sold to SunFuels Inc. Turek and Duke will assume substantially all of M-Wave's liabilities other than costs, expenses and agreements related to the asset sale.
The M-Wave sale is pending shareholder approval, completion of the SunFuels merger and the satisfaction of customary conditions. It is anticipated that the asset sale will occur concurrently with the closing of the SunFuels merger, the company said.
Need PCB prototypes fast?
Sunstone Circuits takes the pain out of prototyping! We are dedicated to making the online ordering of PCB prototypes simple, fast, and easy from quote to delivery. Quick access to our 24/7/365 customer service team and easy online order tracking takes the pain out of sourcing prototypes online.
Put us to the test - order Sunstone Circuits today!
PCB systems design teams face challenges with IP management and collaboration across multiple groups. This free Webinar highlights best practices that optimize these efforts across the design flow. Learn more!
Vision Engineering introduces the SX45 stereo zoom microscope. Although it is affordable, it maintains a high level of optical performance. It has a zoom ratio of 6.3:1 and a magnification of x50. A digital or USB camera can be used simultaneously, and a trinocular viewing attachment is available. Users can choose from numerous standard options, such as the bench stand, the boom mount and the articulated arm. Multimedia solutions are also available for image archiving, acquisition, processing, analysis and documentation. www.visioneng.us
News 
