EnWave Closes First Tranche of Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 26, 2012) -

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

EnWave Corporation (TSX VENTURE:ENW)(FRANKFURT:E4U) ("EnWave", or the "Company") wishes to announce that, further to its June 14, 2012, and June 15, 2012, press releases, it has closed the first part of a non-brokered private placement. This first tranche consists of 3,352,000 common shares to be issued at $1.50 for cash proceeds of $5,028,000.

Subject to the approval of the TSX Venture Exchange, a cash commission of $86,025 corresponding to 5% of certain subscriptions will be paid to certain individuals who acted as finders in connection with the shares issued for this first tranche.

The common shares being issued will have a four-month hold period expiring on October 27, 2012, in compliance with TSX Venture Exchange policies and securities law. The private placement is subject to regulatory approval.

The proceeds will be used for advancement of the Company's research and development projects, for general working capital and corporate needs and for supporting the Company's acquisition of a 75.1% controlling interest in Hans Binder Maschinenbau GmbH, as previously announced.

The Company is expected to close additional subscriptions on or before June 29, 2012.

About EnWave

EnWave Corporation is a Vancouver-based industrial technology company developing commercial applications for its proprietary Radiant Energy Vacuum (REV) dehydration technology. The company recently licensed REV technology to Milne Fruit Products Inc., its first major U.S. customer, to support a launch of healthy berry snacks and powders across most major markets in North America. More recently, EnWave licensed REV technology to one of its Tier 1 multi-national partners from the list below. In addition, EnWave has entered a wide range of research and collaboration agreements with an expanding list of multinational partners, including Nestlé, Kellogg's, Grupo Bimbo, Grimmway Farms, Ocean Spray Cranberries, Hormel, Bonduelle and Merck. 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.

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, the closing of the Binder acquisition, the closing of the private placement 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. 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.