SOURCE: EnWave Corporation

EnWave Corporation

April 08, 2015 09:30 ET

EnWave Approves Restricted Share Plan

VANCOUVER, BC--(Marketwired - April 08, 2015) - EnWave Corporation (TSX VENTURE: ENW) (FRANKFURT: E4U) ("EnWave", or the "Company") has adopted a Restricted Share Plan ("Restricted Share Plan") pursuant to which it may, from time to time and subject to the restrictions as laid out in the Restricted Share Plan, award Restricted Share Rights ("Restricted Share Rights") to eligible Participants under the Restricted Share Plan entitling such Participants to acquire up to an aggregate of 1,000,000 common shares of the Company. Once awarded, each Restricted Share Right will entitle the holder to receive one fully paid common share of the Company, without payment of additional consideration, at the end of applicable restricted periods. The number of common shares which may be issuable by the Company pursuant to the Restricted Share Plan together with stock options under the Company's existing Stock Option Plan may not exceed 10% (on a rolling basis) of the Company's issued and outstanding common shares from time to time on a non-diluted basis. The Restricted Share Plan received shareholder approval at the Company's shareholder meeting held on March 23, 2015 and it has also received approval from the TSX Venture Exchange. The Company has filed a copy of the Restricted Share Plan on SEDAR.

Pursuant to the Restricted Share Plan, EnWave has awarded an aggregate of 65,000 Restricted Share Rights to three independent Directors of the Company, which will not vest until three years from the date of award.

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 twelve royalty-bearing licenses, opening up eight distinct market sectors for commercialization with companies. 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.

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 three commercial REV™ platforms: nutraREV® is used in the food industry to dry food products quickly and at low-cost, while maintaining high levels of nutrition, taste, texture and colour; powderREV® is used for the bulk dehydration of food cultures, probiotics and fine biochemicals such as enzymes below the freezing point and quantaREV® is used for continuous, high-volume low-temperature drying. Two additional platforms, bioREV® and freezeREV®, are being developed 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 and 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, expected expenditures, and the expected synergies following the closing are forward-looking statements. All third party claims referred to in this release are not guaranteed to be accurate. All third party references to market information in this release are not guaranteed to be accurate as the Company did not conduct the original primary research. 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.

Contact Information

  • For further information:

    Mr. John Budreski
    Executive Chairman
    EnWave Corporation
    +1 (416) 930-0914
    E-mail: jbudreski@enwave.net

    Mr. Brent Charleton
    Senior Vice President, Corporate Affairs
    +1 (778) 378-9616
    E-mail: bcharleton@enwave.net