EXHIBIT 99.1


FOR IMMEDIATE RELEASE:                                              NEWS
- ----------------------

July 3, 2002                                                    OTC-VARL

                 VARI-L COMPANY ANNOUNCES ELEVATION OF ITS STOCK
                      TO LISTING ON THE OTC BULLETIN BOARD

DENVER, Colorado -- Vari-L Company, Inc. (OTC-VARL), a leading provider of
advanced components for the wireless telecommunications industry, today
announced that its common stock has been accepted for listing on the OTC
Bulletin Board. The stock will continue to be traded under the symbol "VARL."

Charles Bland, president and CEO, said the elevation of Vari-L's stock to OTCBB
status was the latest milestone in Vari-L's efforts to restore investor
confidence and build shareholder value.

"We are extremely pleased to have our stock listed on the OTC Bulletin Board,"
Bland said. "We believe that this will provide our shareholders with increased
visibility, improved liquidity, and more reliable and accurate price
quotations."

The OTC Bulletin Board is a regulated quotation service that displays real-time
quotes, last-sale prices, and volume information in over-the-counter equity
securities. The OTCBB provides access to more than 3,600 securities traded by
330 participating market makers. OTCBB data disseminated worldwide through
market data vendor terminals and Web sites includes dynamic last-sale and volume
information for domestic and other securities, and bids, offers and indications
of interest displayed by individual market makers.

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 (including GSM/cellular/PCS base stations and
repeaters, fixed terminal point to point/multi-point,) consumer subscriber
products (advanced cellular/PCS/satellite handsets), and military/aerospace
platforms (satellite communications/telemetry, missile guidance, electronic
warfare, electronic countermeasures, battlefield communications). 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.

Some of the statements we make in this news release are "forward-looking
statements" as that term is used in the Private Securities Litigation Reform Act
of 1995. In most cases, when we use words like "believe," "expect," "estimate,"
"anticipate," "project," or "plan" to describe something which has not yet
occurred, we are making a forward-looking statement. Forward-looking statements
we make are based on a number of assumptions by us about the future, usually
based on current conditions or on the broader expectations of others. These
assumptions may or may not prove to be correct and, as a result, our own
forward-looking statements may also be inaccurate. On the other hand, based on
what we know today and what we expect in the future, we believe that the
forward-looking statements we make in this news release are reasonable.

We cannot list here all of the risks and uncertainties that could cause our
plans for the future to differ materially from our present expectations but we
can identify many of them. For example, we may be affected by the overall market
for various types of wireless communications products, the success of the
specific products into which our products are integrated, governmental action
relating to wireless communications, licensing and regulation and the timeliness
and relative success of the resolution of pending and threatened litigation. It
is also important to remember that forward-looking statements speak only as of
the date when they are made and we do not promise that we will publicly update
or revise those statements whenever conditions change or future events occur.
Accordingly, we do not recommend that any person seeking to evaluate our company
should place undue reliance on any forward-looking statement in this news
release.

                                    CONTACTS:

Vari-L Company, Inc.                        Pfeiffer High Public Relations, Inc.
Chuck Bland, President & CEO                         Jay Pfeiffer or KC Ingraham
Rick Dutkiewicz, CFO                                                303/393-7044
303/371-1560                                                jay@pfeifferhigh.com
www.vari-l.com                                               kc@pfeifferhigh.com