EnWave Closes $7.75 Million Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 20, 2013) -

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EnWave Corporation (TSX VENTURE:ENW)(FRANKFURT:E4U) ("EnWave", or the "Company") is pleased to announce that it has closed its previously announced fully marketed private placement, issuing 5,534,872 units of the Company (the "Units") at a price of $1.40 per Unit for gross proceeds of approximately $7.75 million (the "Offering"). Each Unit consists of one common share of the Company (a "Common Share") and one half of one common share purchase warrant (a "Warrant"). Each whole Warrant entitles the holder to purchase one Common Share at a price of $1.75 for a period of 24 months following the closing date of the Offering (the "Closing Date"). The Offering was led by Raymond James Ltd. and included CIBC (together, the "Agents"). One subscriber has elected not to receive 650,000 Warrants in connection with its subscription.

In connection with the Offering, the Agents received a cash commission equal to 6.0% of the gross proceeds raised under the Offering and that number of non-transferable broker warrants (the "Broker Warrants") equal to 6.0% of the number of Units sold. Each Broker Warrant will be exercisable into one Common Share of the Company at the same price per share as the offering price of the Units, for a period of 24 months from the Closing Date. The Agents received a reduced commission and no Broker Warrants where EnWave introduced subscribers participating in the Offering for up to $3.0 million. All securities issued by EnWave in connection with the Offering will be subject to a statutory four month hold period.

The net proceeds from the Offering shall be used to finance the production of several Radiant Energy Vacuum ("REV™") machines associated with confirmed royalty-bearing commercial licenses, and for expanded sales and marketing efforts, focused research and development, working capital and general corporate purposes.

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 commercial licenses with Bonduelle, a global leader in the production of vegetables, for the processing of dehydrofrozen vegetables; Hormel Foods Corporation, a major processed meat manufacturer, for the production of healthy dried meat products; Milne Fruit Product, EnWave's first major licensee, for the production of several dehydrated fruit and vegetable products in the whole, fragmented and powdered form; a leading North American enzyme company, to dehydrate a series of food-related enzymes for their Tier 1 clients; and Napa Mountain Spice Company, to dry high-quality California bay leaves. In addition to these licenses, EnWave has formed a Limited Liability Partnership with Lucid Capital Management to develop, manufacture, market and sell all-natural cheese snack products in the United States under the Moon Cheese^® brand.

Also, EnWave has entered into a wide range of research and collaboration agreements with an expanding list of multinational companies. 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 fruits, vegetables, meat, herbs and seafood quickly and at low-cost, while maintaining high levels of nutrition, taste, texture and colour. The Company is also developing powderREV™ for bulk dehydration of food cultures, probiotics and fine biochemicals such as enzymes; quantaREV™ for continuous, high-volume low-temperature drying of pastes, gels, liquids, or particulates; 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, Chairman & Co-CEO

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 use of proceeds of the Offering, 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 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.