EnWave Corporation

EnWave Corporation

December 19, 2007 08:30 ET

EnWave Board Grants Options and Performance Bonuses

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 19, 2007) - EnWave Corporation (TSX VENTURE:ENW) ("EnWave" or the "Company") announces today that at a meeting of the Board of Directors held December 18, 2007, the Board accepted the recommendation of the Company's Compensation Committee and granted options to certain directors, officers and employees to purchase an aggregate of up to 850,000 common shares for a five year period. An option to purchase 50,000 common shares was granted effective December 18, 2007 at an exercise price of $0.40 per share to Mr. Leon Fu, engineering manager. In accordance with the provisions of the Company's management contracts with Co-CEO's Mr. John McNicol and Dr. Timothy Durance, each of them was granted an option to purchase up to 400,000 common shares for a five year period, effective December 31, 2007 at the higher of the closing bid price of the Company's shares on that date or 40 cents per share.

The options granted to Mr. John McNicol and Dr. Timothy Durance are subject to disinterested shareholder approval, if required, and to all necessary regulatory approvals.

In further accordance with the recommendations of the Company's Compensation Committee, an aggregate of $98,403 in bonuses were authorized to be paid to members of Management, 30% of which will be paid in cash and 70% in shares to be issued at 45 cents per share. The issuance of these bonus shares is subject to the approval of the TSX Venture Exchange.

Dr. Gary Sandberg, a director of the Company, stated that the bonuses represented a deserving reward to the recipients for their hard work and dedication to the advancement of the Company in 2007 and in particular, their assistance in effecting the transition of the Company toward a commercial business for the establishment of collaboration opportunities for the Company's nutraREV and bioREV technologies. These major accomplishments have provided a roadmap for demonstrating the feasibility of both the food and vaccine/anti-body dehydration technologies. The Board is proud of the Company's accomplishments in 2007, and pleased with the achievements of the individuals to whom bonuses have been granted.

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 biological materials using Radiant Energy Vacuum technology under its bioREV and nutraREV 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. More information about EnWave is available at www.enwave.net.

EnWave Corporation

Gary Sandberg, Director

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. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions: there is no guarantee that the Company's nutraREV and bioREV technologies can or will be used to create commercial-scale food products; even if the Company's nutraREV and bioREV technologies can be used as described in this news release, there is no guarantee that such use will result in successful commercialization.

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

Contact Information

  • EnWave Corporation
    Dr. Tim Durance
    Chairman and Co-CEO
    (604) 806-6110
    EnWave Corporation
    Mr. John McNicol
    President and Co-CEO
    (604) 806-6110
    (604) 806-6112 (FAX)
    Website: www.enwave.net