WEST CHICAGO, IL - M-Wave Inc. has acquired the assets of Jayco Ventures Inc. for approximately $1.4 million, the company said today.

M-Wave brokers printed circuit boards and components.

M-Wave, which released its fourth-quarter results last week, upped its 2005 guidance to $34.6 million, nearly double 2004's sales. M-Wave projects revenues of $15.3 million from JVI.

M-Wave will also split into two operating units, with its PCB unit becoming M-Wave Electro-Mechanical Group. Bob Duke, VP of sales and marketing, was named divisional president.

The other unit, M-Wave Digital Broadband Services, will manage JVI's assets, and will do business as JVI Technologies. JVI founder Jason Cohen was named the subdiary's president.

M-Wave expects revenue for its fourth-quarter ended Dec. 31, of $3.89 million, up 17% over the fourth quarter of 2003. Gross margin is expected to be 21%, up from 8%.

The annual revenue of $17.5 million for fiscal 2004 is up 23% increase from 2003. The net loss improved to $2.24 million, from $12.1 million last year. The 2004 results include a one-time charge of approximately $1.9 million.

The loss from operations was $1.2 million, versus $13 million in fiscal 2003. Gross margins improved to 18%, from a loss of 12%.