EIP Microwave Announces Chapter 11 Filing

EIP Microwave, Inc. (Portland, OR) announced that it has filed a petition under Chapter 11 of the U.S. Bankruptcy Code. The case was filed in the Northern District of California, San Jose division as Case No. 99-53102 JRG-11.

EIP Microwave manufactured microwave and radio frequency test and measurement instruments, which are predominantly used in the telecommunications, wireless and defense industries. The company's common stock trades on the OTC Bulletin Board were under the symbol "EIPM". The principle assets of the EIP are located at the company's facility in San Jose, CA. EIP ceased active operations of its business on or about Feb.16.

Over the past few months, management of EIP has been engaged in an intensive effort to obtain a purchaser or purchasers for the assets of EIP. Efforts have been made to achieve a sale that recognizes the going concern value of the assets. Management of EIP has negotiated directly with four different competitors, with former employees and with four different liquidators.

EIP has also filed a motion in the bankruptcy court that seeks authorization to sell the majority of its assets to Phase Matrix, Inc. A motion to approve overbid procedures has been approved by the court. Further information regarding the proposed sale of assets may be obtained by contacting Tom Linnemann at 503-598-2605, or the company's bankruptcy counsel, Todd Ringstad at 949-851-7450.

The hearing on the motion to sell assets is scheduled to be held at the bankruptcy court in San Jose on June 8 at 2 p.m.

For more information, contact EIP Microwave, Inc., 6950 SW Hampton Street Suite 312, Portland, Oregon 97223, at 503-598-2605.