VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 28, 2009) -
EnWave Corporation (TSX VENTURE:ENW)(FRANKFURT:E4U) ("EnWave" or the "Company") wishes to announce the closing of the non-brokered private placement originally announced on May 15, 2009. The placement has raised $2,204,000 by issuing 7,346,667 units at a price of $0.30 per unit. Each unit consists of one common share and one half of a share purchase warrant. Each whole warrant will entitle the holder to purchase one common share at an exercise price of $0.45 per share for a period of one year from the date of issuance of the units.
A finder's fee of 7.5% paid in cash or units will be payable in connection with the purchase of units by certain placees. Any units paid as finder's fees are issued under the same terms and conditions of those sold to investors.
The securities issued pursuant to the private placement and finder's fees will be subject to a four month hold period expiring on September 29, 2009.
The proceeds will be used to develop a pilot-scale powderREV technology to support the Danisco A/S collaboration announced on April 7, 2009, a new continuous pilot-scale nutraREV(TM) technology for increased product development activity, to support commercial sales and marketing activities for the commercial-scale nutraREV(TM) technology, and for general corporate needs.
Using proprietary technologies developed in conjunction with the University of British Columbia, EnWave is focused on the development of new methods of dehydrating food and biological materials using Radiant Energy Vacuum technology under its nutraREV(TM), powderREV, bioREV(TM) and freezeREV brands. REV technology combines microwave energy transfer under vacuum to dehydrate and alter structures and drive chemical reactions, thereby creating unique product characteristics for both food products and medical applications that include fruit, vegetables, probiotics, enzymes, proteins, food cultures, vaccines and antibodies. More information about EnWave is available at www.enwave.net.
Mr. John McNicol, President & CO-CEO
This press release may contain forward-looking information based on management's expectations, estimates and projections. All statements that address expectations or projections about the future, including statements about the Company's strategy for growth, product development, market position, expected expenditures and financial results are forward-looking statements. These statements are not a guarantee of future performance and involve a number of risks, uncertainties and assumptions: there is no guarantee that the Company's REV technology can or will improve dehydration processes in the target industries; even if the Company's REV technology can be used as described in this document, there is no guarantee that such use will result in orders for the Company's REV technology.
FOR FURTHER INFORMATION PLEASE CONTACT:
Mr. John McNicol
President & Co-CEO
V.P. Corporate Development & Investor Relations