VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 2, 2006) - EnWave Corporation ("EnWave" or "the Company") (TSX VENTURE:ENW) is pleased to announce the appointment of Ms. Jennifer E. Thompson as its Vice President Corporate Development, effective February 1, 2006.
Ms. Thompson brings considerable experience in the field of strategic corporate development, having worked for Westport Innovations Inc. (TSX:WPT) as Business Development Coordinator for its European office from 2002 to 2004. Ms. Thompson is also the founder of Thompson Planning Group Inc., a project management consulting company, and prior to that, worked for Methanex Corporation (TSX:MX)(NASDAQ:MEOH) as project manager from 1997 to 2000. She holds a Bachelor of Arts degree in Economics from Simon Fraser University, and a Master of Arts degree in Economics from McMaster University.
Ms. Thompson's responsibilities at EnWave will be to articulate the Company's strategic vision, expand its strategic relationships and enhance its corporation communications.
"We are excited to have someone of Jennifer's background and obvious expertise join the Company as an officer," said Tim Durance, EnWave's President & CEO. "She is very familiar with the types of challenges faced by a young company, searching for strategic investors and partners. We look forward to adding her to our team."
As part of her compensation, Ms. Thompson will be granted 150,000 incentive stock options to acquire 150,000 common shares of the Company at an exercise price of $0.15 per share for a period of five years. These options will have a hold period of four months as required by the TSX Venture Exchange and securities laws. The vesting schedule is 25% on each of May 1, 2006, August 1, 2006, November 1, 2006 and February 1, 2007, or such other schedule as may be imposed by the TSX Venture Exchange. The grant is subject to regulatory approvals.
Ms. Thompson's services will be provided through Tiber Investment Management Group Inc., a private holding company, based in Surrey, British Columbia, that will receive $2,500 monthly for the provision of Ms. Thompson's services on a part-time basis to the Company. Neither Ms. Thompson nor Tiber currently hold securities of the Company. The initial contract is for 6 months, renewable thereafter upon agreement of the parties.
EnWave is a research and development company developing commercial applications of vacuum microwave ("VM") technology using specially designed VM processing equipment. EnWave's mission is to lead the development of VM processing systems for industrial applications in the food, feed, pharmaceutical, nutraceutical and chemical industries. Applications of the technology enable manufacturers to produce innovative, high quality products that cannot be produced using current techniques. Many of the processes producing these products have been granted patents, recognizing their innovative nature.
This press release was prepared on behalf of the Board of Directors, which accepts full responsibility for its content.
ON BEHALF OF THE BOARD
Dr. Tim Durance, President, C.E.O. and Corporate Secretary
FOR FURTHER INFORMATION PLEASE CONTACT:
Dr. Tim Durance
(604) 806-6112 (FAX)