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                       Press Release dated October 8, 2002

SUNNYVALE, Calif.--(BUSINESS WIRE)--Oct. 8, 2002--Sirenza Microdevices, Inc.
(Nasdaq:SMDI - News), a leading designer and supplier of high-performance radio
frequency (RF) components for communications equipment manufacturers, today
announced that it is in discussions to acquire Vari-L Company, Inc. (OTCBB:VARL
- News). Concurrently, Sirenza has agreed to provide Vari-L with a secured
bridge loan facility of up to $5.3 million. Vari-L designs, manufactures and
markets complementary RF components using technologies common to existing and
planned Sirenza products.

Sirenza's proposed acquisition of Vari-L is subject to the completion of due
diligence, the finalization of terms and structure, and other pre-signing
considerations. In connection with the loan agreement, Vari-L has agreed to
negotiate a potential acquisition exclusively with Sirenza through March 2003,
subject to limited exceptions, and has granted Sirenza the right of first
refusal on competing acquisition offers.

Under the terms of the secured bridge loan facility, Vari-L plans to draw $1.3
million to retire a current loan facility. Vari-L may draw additional funds from
time to time to support its general working capital requirements. The Sirenza
loan facility provides for a portion of the principal amounts to be convertible
into approximately 19.9% of Vari-L's fully diluted common stock under certain
conditions.

Vari-L plans to disclose the loan agreement and its acquisition negotiations
with Sirenza in its Annual Report on Form 10-K for fiscal year 2002, to be filed
on October 8 with the Securities and Exchange Commission.

"We envision a number of market, channel, technological, and product synergies
with Vari-L, which we believe will benefit the customers and stockholders of
both companies," said Robert Van Buskirk, president and chief executive officer
of Sirenza. "Vari-L's VCO (voltage-controlled oscillator) components, PLL
(phase-locked loop) modules and signal processing components are commonly
deployed beside our products in wireless communications infrastructure
equipment. Also, Vari-L's sales channels are highly complementary to our
channels and global end-customer base. We look forward to reaching a definitive
acquisition agreement in the fourth quarter."

                              Vari-L Company, Inc.

Headquartered in Denver, Vari-L designs, manufactures and markets wireless
communications components that generate or process radio frequency (RF) and
microwave frequency signals. Vari-L's patented products are used in commercial
infrastructure equipment, consumer subscriber products and military/aerospace
platforms. Vari-L serves a diverse customer base of the world's leading
technology companies, including Agilent Technologies, Ericsson, Harris, Hughes
Network



Systems, Lockheed Martin, Lucent Technologies, Microwave Data Systems, Marconi,
Motorola, Netro, Nokia, Raytheon, Textron, Siemens, and Solectron.

                           Sirenza Microdevices, Inc.

Sirenza Microdevices, Inc., an ISO 9001:2000-certified manufacturer
headquartered in Sunnyvale, California, with design centers throughout the U.S.
and Canada, is a leading supplier of high-performance RF components for the
wireless and wireline telecommunications markets. The company's product lines
include amplifiers, power amplifiers, discrete devices, RF signal processing
components, fiber optic components, and high-performance multicomponent modules
(MCMs) for transmit and receive applications. Product information may be found
on Sirenza's website at www.sirenza.com.

This news release contains forward-looking statements regarding future events or
results, including the proposed acquisition of Vari-L by Sirenza; the timing and
execution of any definitive acquisition agreement between Sirenza and Vari-L;
the timing, amounts and planned use of proceeds of proposed loans from Sirenza
to Vari-L; and the synergies with Vari-L and related benefits envisioned by
Sirenza. Sirenza cautions readers that such statements are, in fact, predictions
and that actual events or results may differ materially. The discussions of
Sirenza's proposed acquisition of Vari-L are at an early stage, and either
Sirenza or Vari-L may decide not to proceed with such a transaction. There is no
assurance that the loans made under the secured bridge loan facility will
benefit Vari-L, or that the envisioned synergies of a business combination will
benefit the customers and stockholders of both companies. Other factors that
could cause actual events or results to differ materially from those in the
forward-looking statements are included in Sirenza's and Vari-L's respective
filings with the Securities and Exchange Commission, specifically Sirenza's Form
10-K filed in March 2002 and Form 10-Q filed in August 2002, and Vari-L's Form
10-K filed in October 2002. Sirenza undertakes no obligation to update its
forward-looking statements at any time or for any reason.

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