FOR IMMEDIATE RELEASE
July 23, 2002

Micronetics Reports 31% Revenue Increase in Q1; 94% Profit Rise
Hudson, NH -- July 23, 2002 -- Micronetics Wireless, Inc. (Nasdaq/NOIZ) today announced financial results for the first quarter of its fiscal year ending March 31, 2003 (FY2003).

Net sales in Q1 of FY2003 increased to $2,341,649 from $1,784,025 in Q1 FY2002, an increase of $557,624 or 31%. Net income increased to $267,152, or $.06 per share, as compared with $137,665, or $.03 per share, in the same quarter a year ago, an increase of $129,487 or approximately 94%. The diluted weighted average shares outstanding during the current quarter was 4,450,282 and for the corresponding quarter last year was 4,216,739.

Richard Kalin, President & CEO, stated "We are pleased to report increased revenues and earnings for Q1 of FY2003. These results reflect continued strong performance in our Defense Electronics Group, especially with inclusion of revenues from our recent addition of Enon Microwave, Inc. We are increasing resources devoted to selling and research and development activities in our Defense Electronics Group to support further increases. Backlog remains significantly higher at this point than last year. We were able to improve gross margins due to better pricing and improved efficiencies. We are optimistic that FY2003 will continue at this level."

Micronetics, operating through its Test Solutions and VCO Products Groups, manufactures and designs test equipment and components that test the strength, durability and integrity of communication signals in communications equipment. Operating through its Defense Electronics Group, Micronetics manufactures microwave and radio frequency (RF) components and integrated subassemblies used in a variety of defense, aerospace and commercial applications. Micronetics serves a diverse customer base, including Aerosat, Alcatel, BAE Systems, Boeing, EADS, Ericsson, Honeywell, L-3 Communications, Lockheed Martin, Motorola, NEC, Northrop Grumman, Raytheon, Southwest Research, Teradyne, Tektronix and Thales. Micronetics also operates through its wholly-owned subsidiaries, Microwave & Video Systems, Inc. and Enon Microwave, Inc.

Some of the statements contained in this news release are forward-looking statements. The accuracy of these statements cannot be guaranteed as they are subject to a variety of risks, including but not limited to the success of the products into which the Company's products are integrated, internal projections as to the demand for certain types of equipment, competitive products and pricing, the success of new product development efforts, the timely release for production and the delivery of products under existing contracts, access to financial resources, future economic conditions generally, as well as other factors. The information in this release should be reviewed in conjunction with Micronetics' Annual Report for its fiscal year ended March 31, 2002.

INCOME STATEMENT DATA
($000s omitted except per share data)

		 	 Three Months Ended June 30,
			    _ 2002 _      _ 2001___   

Net sales    		    2,341,649     1,784,025      
Net income                    267,152       137,665

Net income per share:		                                           
Basic and diluted                 .06           .03
	
Diluted weighted average 
shares outstanding          4,450,282     4,216,739                       
	 						 


BALANCE SHEET DATA
	 		   June 30,    March 31,
			     2002        2002__   

Working capital		        6,231         6,078 
Total assets		       10,655        10,595 
Non-current liabilities		1,551         1,625     
Shareholders' equity     	7,928         7,634