EnWave Corporation
TSX VENTURE : ENW
FRANKFURT : E4U

EnWave Corporation

December 17, 2009 09:30 ET

EnWave Announces Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 17, 2009) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

EnWave Corporation (TSX VENTURE:ENW)(FRANKFURT:E4U) ("EnWave", or the "Company") wishes to announce that it has retained Canaccord Financial Ltd. ("Canaccord Adams") as sole lead agent and bookrunner, with syndication participation by Clarus Securities Inc. ("Clarus", and Canaccord Adams are collectively the "Agents") in connection with a brokered private placement of up to 3,333,333 Units at a price of $0.90 per unit, for gross proceeds of up to $3,000,000 on a commercially reasonable efforts basis. Each Unit will consist 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 $1.15 per share for a period of one year from the date of issuance of the Units.

The Company will grant the Agents an option to solicit the sale of additional Units to raise gross proceeds of up to $500,000, exercisable at any time in whole or in part up to 48 hours prior to closing.

The proceeds will be used for advancement of the Company's research and development projects and for general working capital and corporate needs.

All Units will have a four-month hold period in compliance with TSX Venture Exchange policies and securities law. The private placement is subject to regulatory approval.

About EnWave

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™, powderREV, bioREV™ 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.

EnWave Corporation

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.

The TSX Venture Exchange has neither approved nor disapproved the information contained herein.

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.

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