SANTA ANA, CA -May 3, 2004 - Powerwave Technologies, Inc. (NASDAQ:PWAV)
today announced the completion of the exchange offer for all of the
shares of LGP Allgon Holding AB, a Swedish company. "We are very excited
to complete the exchange offer and have LGP Allgon as a part of
Powerwave," stated Bruce C. Edwards, Chief Executive Officer of
Powerwave. "We believe that the combination of Powerwave and LGP Allgon
extends our leadership in the wireless infrastructure market across key
products and solutions, including coverage and capacity solutions and
key base station subsystems. We are extremely excited to begin the
process of leveraging one of the broadest portfolios of products and
services in the wireless industry to enhance our leadership position in
both OEM and operator direct channels. We at Powerwave are also very
pleased to welcome the LGP Allgon team to Powerwave and look forward to
enhancing our combined position within the wireless infrastructure
marketplace."

The new Powerwave has an enhanced product platform which includes multi-
carrier power amplifiers, antennas, repeaters, integrated transceivers,
tower-mounted amplifiers, combiners, conditioners, boosters, radio
frequency filters, as well as advanced coverage solutions including
distributed antenna networks utilizing fiber optic connectivity.

Exchange Offer Results

During the acceptance period 38,611,576 shares have been tendered,
corresponding to 77.8% of the voting rights and share capital of LGP
Allgon. In addition, Powerwave has exercised the options granted by
certain shareholders of LGP Allgon, in aggregate 9,386,844 shares,
corresponding to approximately 18.9% of the voting rights and share
capital of LGP Allgon. The shares tendered in the exchange offer when
combined with the shares obtained by Powerwave through the exercise of
the options, totaled 47,998,420 shares, which corresponds to 96.7% of
the outstanding voting rights and share capital of LGP Allgon.

Based upon the number of shares tendered, all conditions for the
consummation the exchange offer have been fulfilled and, consequently,
the exchange offer is completed. There will be no extension of the
acceptance period. Settlement of the exchange offer is expected to begin
as soon as possible and no later than May 10, 2004. Settlement consists
of approximately 40.9 million shares of Powerwave common stock and
approximately 667 million Swedish Kronor.

Powerwave intends to initiate compulsory acquisition procedures under
Swedish law with respect to the remaining shares of LGP Allgon that were
not...