VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 6, 2008) -
EnWave Corporation (TSX VENTURE:ENW)(FRANKFURT:E4U) ("EnWave", or the "Company") wishes to announce that it has agreed to a non-brokered private placement of up to 2,750,000 units at a price of $0.30 per unit. Each unit will consist of one common share and one half 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 two years from the time of issuance of the units. The proceeds of up to $825,000 will be used for the ongoing development of EnWave's Radiant Energy Vacuum (bioREV, nutraREV, and powderREV) technologies, working capital and for general corporate purposes.
The Company has agreed to pay a finder's fee of up to 7% of the value of units sold. The finder's fee will be payable either in cash or units at the option of the recipient. Any units paid as a finder's fee will have the same terms and conditions of those sold to investors. The Company will also grant a 7% broker warrant at a price of $0.30 for a period of one year from the date of closing of the private placement. All units and broker warrants will have a hold period of four months from the date of distribution as required by TSX Venture Exchange policies and securities law.
The completion of this private placement is subject to regulatory approval.
Using proprietary technologies developed in conjunction with the University of British Columbia, EnWave is focused on the development of new methods of dehydrating biological and food materials using Radiant Energy Vacuum technology under its bioREV, nutraREV and powderREV brands. REV technology combines microwave energy transfer with pressure control to dehydrate and alter structures and drive chemical reactions, thereby creating unique product characteristics for both food products and medical applications that include dry vaccines and antibodies. More information about EnWave is available at www.enwave.net.
Dr. Tim Durance, Chairman & CO-CEO
Safe Harbour for Forward-Looking Information Statements: This 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Dr. Tim Durance
Chairman and Co-CEO
Mr. John McNicol
President and Co-CEO
(604) 806-6112 (FAX)