VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 14, 2007) - EnWave Corporation (TSX VENTURE:ENW) (the "Company") wishes to announce that it has agreed to a non-brokered private placement of up to 2,000,000 units at a price of $0.45 per unit. Each unit will consist of one common share and one share purchase warrant. Each warrant will entitle the holder to purchase one common share at an exercise price of $0.65 per share for a period of one year from the time of issuance of the units. The units will have a hold period of four months from the date of distribution as required by TSX Venture Exchange policies and securities law. The proceeds of up to $900,000 will be used for EnWave's Radiant Energy Vacuum (bioREV and nutraREV) research projects, and for working capital. The completion of this private placement is subject to TSX Venture Exchange (the "Exchange") approval.
The Company has also agreed to pay a finder's fee of up to 7% of the value of units sold. The finder's fee will be payable in cash or units at the option of the recipient. Any units paid as finder's fee will have the same terms and conditions of those sold to investors, and are also subject to Exchange approval.
EnWave is a spin-off company from the University of British Columbia whose primary focus is the development of a new method for dehydrating biological materials using Radiant Energy Vacuum technology under the brand name bioREV. The bioREV technology combines microwave energy transfer with pressure control to alter structures, dehydrate and drive chemical reactions, thereby creating unique product characteristics for various medical applications including dry vaccines, bone and tissue engineering and drug delivery. More information about EnWave is available at www.enwave.net.
ON BEHALF OF THE BOARD
John McNicol, President, Co-C.E.O. and Director
FOR FURTHER INFORMATION PLEASE CONTACT:
Mr. John McNicol
President and Co-CEO
(604) 601 8524