AT THE COMPANY:

Paul Schmitt Chief Financial Officer

(630) 562-4720

AT CREDIT SUPPORT INTERNATIONAL:

Jim Mayer, Managing Member

(630) 440-1515

jmayer@creditsupport.com

FOR IMMEDIATE RELEASE

Wednesday, March 17, 2004

M-WAVE, INC. ANNOUNCES

NEW ORDERS TOTAL $2.5-$3.0 MILLION ANNUALLY

WEST CHICAGO, IL. March 17, 2004--M-Wave, Inc. (NASDAQsc: MWAV), a value-added service provider, and supply-chain manager of high performance circuit boards announced today that orders entered in the preceding 30 days with several new and existing customers are expected to total $2.5-$3.0 million annually, a 17-21% increase over previous annual levels. This includes manufacturing contracted with American Standard Circuits domestically, and more than 20 supply partners in Taiwan, mainland China, Singapore, Korea and Thailand. “It appears confidence is building in our business model that directs customer purchases through our “pipeline” in the U.S. and Asia - This is evident by our growing order book,” commented Jim Mayer, of Credit Support International, LLC, the firm’s Chief Restructuring Advisor.

NEW BUSINESS is supply-chain oriented

M-Wave’s new business includes increases in supply chain agreements and purchase orders of custom printed circuit boards for a variety of applications including digital and wireless RF parts that are negotiated and sold to the customer with M-Wave managing sourcing, production, testing and logistics. The Company operates in Asia through its Singapore-based office and serves as a pipeline between middle market end-users, contract manufacturers and M-Wave’s supply chain manufacturing partners both Asian and U.S. based.

Supply Chain services

In one contract for example, goods are stocked on a “just-in-time” basis so there is a perpetual inventory of parts is immediately ready for shipment to the customer. This not only increases the efficiency of the procurement process by lowering direct costs but it also allows the customer to effectively reduce its lead time in receiving printed circuit boards from Asia in days as opposed to weeks. By managing the supply chain, M-Wave can offer strategic stocking arrangements the customer might otherwise forego. “This is a good example of where the new M-Wave is going – We’re creating the pipeline between our supply partners and customers to maximize their logistical leverage while obtaining the lowest price, highest quality and best delivery possible,” stated Joe Turek, M-Wave’s CEO.

Virtual Agent Procurement program (VAP)

M-Wave recently added Virtual Agent Procurement (“VAP”) to its service oriented offerings. As a twist to the typical sales representative arrangement, VAP allows M-Wave to become the sole Agent representing the customer rather than the supplier. This increases materially the power of the customer with respect to the supply chain allowing them direct access to many suppliers while using M-Wave as their representative to effectively manage the supply base. “We become an extension of the customer’s purchasing department with VAP”, indicated Bob Duke, Director of Sales and Marketing.

The Company expects that new services like Virtual Agent Procurement program will increasingly offer new avenues for growth in the future.

About M-Wave, Inc.

Established in 1988 and headquartered in the Chicago suburb of West Chicago, Illinois, M-Wave is a value-added service provider of high performance circuit boards. The Company's products are used in a variety of telecommunications and industrial electronics applications. M-Wave services customers like Federal Signal on digital products and Celestica - Nortel and Remec with its patented bonding technology, Flexlink II^TM,and its supply chain management services including Virtual Manufacturing (VM) and the Virtual Agent Procurement Program (VAP) whereby customers are represented in Asia either on an exclusive or occasional basis in sourcing and fulfilling high volume and technology circuit board production in Asia through the Company’s Singapore office. The Company trades on the Nasdaq National market under the symbol "MWAV.” Visit the Company on its web site at www.mwav.com.

About American Standard Circuits, Inc.

Established in 1989 and operating from its Franklin Park, Illinois home office, American Standard Circuits (ASC) is the domestic manufacturing partner of the M-Wave organization. ASC, with the recent purchase of M-Wave’s facility through an affiliate, now commands over 90,000 square feet of manufacturing capability operating on three shifts with close to 200 employees. ASC produces both Digital and RF printed circuits on a time-to-market basis with 24 hour quick-turn capability and short run production.

About CSI

Established in 1991 by a European-American joint venture between Groupe Warrant of Belgium and DiversiCorp, Inc. of Dallas, Texas, CSI provided cross-border collateral control that linked lenders to their assets located both inside the U.S. and Western Europe. In 1998 CSI was split off from the two partner companies and evolved into a specialized consulting firm devoted to transitional and troubled middle market companies. Jim Mayer, its Managing Member, has 18 years of experience including 12 years as CEO of DiversiCorp, Inc. and has managed or directed more than 50 engagements with troubled companies and provided a variety of services directly to clients including: due diligence, workout, collateral control, corporate restructuring, bankruptcy support, cross-border secured finance and interim management. Mayer has served on several boards of directors including the Turnaround Management Association.

This news release contains predictions and other forward-looking statements that involve a number of risks and uncertainties. While this outlook represents our current judgment on the future direction of the business, such risks and uncertainties could cause actual results to differ materially from any future performance suggested above. Such risks and uncertainties include those factors detailed in the company’s annual report on Form 10-K and other reports filed by the company with the U.S. Securities and Exchange Commission.