EnWave Corporation

EnWave Corporation

October 07, 2014 09:00 ET

EnWave Appoints New Independent Director and Chair of the Audit Committee

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 7, 2014) - EnWave Corporation (TSX VENTURE:ENW)(FRANKFURT:E4U) ("EnWave", or the "Company") announced today that the Company has appointed Ms. Mary C. Ritchie as an Independent Director to join EnWave's Board. She will also assume the role of Chair of EnWave's Audit Committee.

Ms. Ritchie is an extremely distinguished business person who has over 30 years of experience working in both the public, private and not-for-profit sectors. Ms. Ritchie is currently the President and Chief Executive Officer of Richford Holdings Ltd., an accounting and investment advisory services company; a member of the Canadian Institute of Chartered Accountants, and a Fellow of the Institute of Chartered Accountants of Alberta; the Chairman of the Financial Advisory Committees of RBC Funds Inc. and RBC Advisor Global Fund Inc; and a member of the Board of Directors of Industrial Alliance Ltd. and Alaris Royalty Corporation. She also is on the three-member advisory committee for Natural Resources Canada; a member of the Board of Directors for the Canada Development Investment Corporation (CDIC); and on the three-member advisory committee for the Privy Council of Canada.

Furthermore, EnWave announced today that it has granted Ms. Ritchie 75,000 stock options, pursuant to its Share Option Plan (the "Plan"). Each option will entitle Ms. Ritchie to purchase one common share of the Company at an exercise price of $1.10 per share for a period of five years from this date. The options will vest in accordance to provisions set out in the Plan, or as otherwise required by the TSX Venture Exchange. The grant is subject to regulatory approval.

With the appointment of Ms. Ritchie, the Company also announces that Mr. Beenu Anand, a member of EnWave's Board of Director's since 2002, has agreed to step down from the Board to continue concentrating on his executive role within the Company.

About EnWave

EnWave Corporation is a Vancouver-based industrial technology company developing commercial applications for its proprietary Radiant Energy Vacuum (REV™) dehydration technology. EnWave aims to sign royalty-bearing commercial licenses with leading food and pharmaceutical companies for the use of its revolutionary technology. Thus far the Company has signed ten royalty-bearing licenses, opening up eight distinct market sectors for commercialization with companies that include Bonduelle, a global leader in the production of vegetables; Hormel Foods Corporation, a major processed meat manufacturer in the United States of America; and Sutro Biopharma, a company developing a protein synthesis process for the pharmaceutical industry. In addition to these licenses, EnWave has formed a Limited Liability Partnership, NutraDried LLP, to develop, manufacture, market and sell all-natural cheese snack products in the United States under the Moon Cheese® brand. The Company has also signed a license and manufacturing agreement with NutraDried Creations to market the dried cheese and other REV™ snack products through private label distribution channels in the United States and Latin America.

EnWave has signed a wide range of research agreements with an expanding list of companies that include Nestlé, Kellogg's, Ocean Spray Cranberries, Sun-Maid Growers, R.J. Reynolds and Merck among others. 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 food products quickly and at low-cost, while maintaining high levels of nutrition, taste, texture and colour. The Company has also commercialized powderREV® for bulk dehydration of food cultures, probiotics and fine biochemicals such as enzymes below the freezing point; quantaREV™ for continuous, high-volume low-temperature drying; 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.

EnWave Corporation

Dr. Tim Durance, President, CEO & Director

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 and expected expenditures, are forward-looking statements. These statements are not a guarantee of future performance and involve a number of risks, uncertainties and assumptions. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

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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