EnWave Corporation Announces Closing of $5 Million "Bought Deal" Private Placement

VANCOUVER, BC--(Marketwired - October 22, 2015) - EnWave Corporation (TSX VENTURE: ENW) (FRANKFURT: E4U) ("EnWave" or the "Company") is pleased to announce that it has completed its previously announced "bought deal" private placement offering (the "Offering") to Cormark Securities Inc. (the "Underwriter") of 6,250,000 units (the "Units") of the Company at a purchase price of $0.80 per Unit (the "Offering Price"), which includes the exercise in full of the underwriter's option, for aggregate gross proceeds of $5,000,000.

Each Unit consists of one common share of the Company (each, a "Common Share") and one-half of one common share purchase warrant (each whole common share purchase warrant, a "Warrant"). Each Warrant will entitle the holder thereof to acquire a Common Share at an exercise price of $1.20 for five years following the closing date of the Offering.

In connection with the Offering, the Company paid the Underwriter a cash fee equivalent to 6% of the gross proceeds from the Offering in addition to 225,000 broker warrants, each of which is exercisable for a period of two years from the closing date into one Unit at the Offering Price and upon the same terms as the Units issued in connection with the Offering.

All securities issued in connection with the Offering are subject to a statutory four-month hold period, which expires on February 23, 2016.

The net proceeds of the Offering will be used for machine fabrications, 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. To date, the Company has signed fifteen royalty-bearing commercial licenses with various companies, thereby opening up eight distinct market sectors for commercialization. In addition to these fifteen licenses, EnWave has formed a Limited Liability Partnership, NutraDried LLP, to develop, manufacture, market and sell all-natural cheese snack products within the United States of America under the Moon Cheese^® brand.

1. nutraREV^® (food industry applications): designed for quick, low-cost dehydration of fruits, vegetables, herbs, dairy products, meats and seafood, with benefits including improved nutritional content, appearance, flavor and texture relative to conventional methods.

2. quantaREV^® (food industry applications): designed for high-volume, low-temperature dehydration of solids, liquids, granular or encapsulated products.

3. powderREV^® (pharmaceutical applications): designed as a high-speed, lower-energy, continuous alternative to freeze drying for bulk dehydration of temperature-sensitive biomaterials (bacteria, enzymes, probiotics, food cultures, etc.).

In addition, EnWave is currently developing two new commercial REV™ platforms:

1. freezeREV^® (pharmaceutical applications): a multi-vial prototype technology designed to act as an accelerated freeze dryer to produce room-temperature stable biopharmaceuticals and reagents.

2. bioREV^® (pharmaceutical applications): a single-vial prototype technology designed to produce room-temperature stable vaccines and antibodies requiring less refrigeration.

More information about EnWave is available at www.enwave.net.

EnWave Corporation
Dr. Tim Durance
President, CEO and Director

Forward-Looking Information: 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, constitute forward-looking information. All third party claims referred to in this release are not guaranteed to be accurate. These statements are not a guarantee of future performance and involve a number of risks, uncertainties and assumptions, including, without limitation, risks relating to changes in the market and other risk factors listed from time to time in the Company's public filings. These risks, as well as others, could cause actual results and events to vary significantly. 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. The Company does not undertake any obligation to release publicly any revisions for updating any voluntary forward-looking information, except as required by applicable securities law. 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.