POWERWAVE ANNOUNCES COMPLETION OF EXCHANGE OFFER FOR LGP ALLGON

POWERWAVE ANNOUNCES COMPLETION OF EXCHANGE OFFER FOR LGP ALLGON 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