VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 25, 2012) -
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EnWave Corporation (TSX VENTURE:ENW)(FRANKFURT:E4U) ("EnWave" or the "Company") today announced that the board of directors has amended its "fixed number" stock option plan to change it to a "10% rolling" plan.
Under the "fixed number" plan, the Company had reserved a fixed number of 7,940,000 common shares for the grant of stock options, which is now equal to 11% of the present issued capital of the Company. Under the "10% rolling" plan, the Company can grant stock options to purchase up to 10% of the issued capital of the Company at the time of grant of any option. Based on the current issued capital, the Company will have available for grant under the 10% rolling plan up to 7,187,077 common shares, being 10% of the current issued capital, which number includes options to purchase a total of 4,624,000 common shares which are currently outstanding. Under the 10% rolling plan, the number of shares available for grant increases as the issued capital of the Company increases.
The amended Plan has been conditionally approved by the TSX Venture Exchange subject to shareholder approval which will be requested at the Company's annual general and special meeting of shareholders scheduled for February 28, 2012.
EnWave Corporation is a Vancouver-based industrial technology company developing commercial applications for its proprietary Radiant Energy Vacuum (REV) dehydration technology. In collaboration with an expanding list of multinational partners, including Nestlé, Kellogg's, Grupo Bimbo, Grimmway Farms, Ocean Spray Cranberries, Hormel, Bonduelle and Merck. EnWave is introducing REV as a new dehydration standard in the food and biological material sectors: potentially faster and cheaper than freeze drying, with better end product quality than air drying or spray drying.
EnWave currently has six REV platforms: commercial-scale nutraREV™ and MIVAP™ are used in the food industry to dry fruits, vegetables, meat, herbs and seafood quickly and at low-cost, while maintaining high levels of nutrition, taste, texture and colour. The Company is also developing powderREV™ for bulk dehydration of food cultures, probiotics and fine biochemicals such as enzymes; quantaREV™ for continuous, high-volume low-temperature drying of pastes, gels, liquids, or particulates; and bioREV™ and freezeREV™ as new methods to stabilize and dehydrate biopharmaceuticals such as vaccines and antibodies. More information about EnWave is available at www.enwave.net.
Dr. Tim Durance, Chairman & Co-CEO
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Safe Harbour for Forward-Looking Information Statements: 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 processes in the target industry; 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. All figures comparing REV technologies to freeze drying or other dehydration technologies are provided as examples of data obtained through the Company's own scientific and testing programs; each product must be tested individually to determine the benefits of using REV.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.