EnWave Corporation

EnWave Corporation

November 01, 2006 16:03 ET

EnWave Corporation Hires Vancouver Investor Relations Firm

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 1, 2006) - EnWave Corporation ("EnWave" or "the Company") (TSX VENTURE:ENW)(FWB:E4U) has engaged the consulting services of Cypress Point Capital ("Cypress") of Vancouver, B.C. to undertake investor relations activities for the company. Cypress will assist with the coordination and dissemination of company news and information to the public, to the shareholders of the Company, and to brokers and brokerage houses.

Cypress is a full-service investor relations business supplying communications consulting, analytical consulting, media relations, editorial services, shareholder identification and market analysis. In addition, Cypress possesses a number of proprietary tools for managing a large catalogue of investors, portfolio managers and analysts specifically covering growth-stage biotech companies. Tim Durance, President and CEO of EnWave, stated that, "The appointment of Cypress Point Capital to assist the company with our investor relations activities is a continuation of our strategy to build a broader investor base for EnWave. Cypress has a solid reputation with a large number of potential shareholders, and should be able to help EnWave reach this community following the completion of our new biotechnology business plan."

EnWave will continue to list on the Frankfurt stock exchange for the foreseeable future, but the work performed by the previously announced European consulting company will be taken over by Cypress.

The agreement with Cypress has a term of 16 months from this date, and the Company has granted 250,000 incentive stock options to Cypress at an exercise price of $0.30 for a period of two years, subject to regulatory approvals and applicable securities laws under the terms of the stock option agreement as set forth by the Company. The options will have a four month hold as required by TSX Venture Exchange policies and securities law, and will vest in equal parts every four months, with the first tranche vesting at the end of the hold period. The grant is subject to regulatory approval. No cash compensation is contemplated other than pre-approved expenses. Except for the foregoing, Cypress does not hold any interest, directly or indirectly, in EnWave or its securities, or any right or intent to acquire such an interest.

About EnWave

EnWave is a spin-off company from the University of British Columbia. Originally created to commercialize our Vacuum Microwave ("VM") food dehydration technology in 1997, we have discovered that a refinement of this technology, Radiant-Energy Vacuum, or "REV", can be used to form biological materials for medical applications. Through our collaboration with researchers at UBC and elsewhere, we are developing a number of promising new applications in the fields of tissue engineering and drug delivery.

EnWave Corporation

Dr. Tim Durance, President and C.E.O.

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. Forward-looking statements in this press release include: "should be able to help" and "foreseeable future". 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 REV technology can or will be used to develop materials for the tissue engineering or drug delivery markets; even if the Company's REV technology can be used as described in this news release, there is no guarantee that such use will result in orders for the Company's REV technology; changes in technology may render the Company's equipment offerings obsolete; changes in the laws, regulations, policies and economic conditions, including inflation, interest and foreign currency exchange rates, of countries in which the Company does business or intends to do business; competitive pressures; successful integration of structural changes, including restructuring plans, acquisitions, divestitures and alliances; cost of raw material, research and development of new products, including regulatory approval and market acceptance; and seasonality of sales in some products.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • EnWave Corporation
    Dr. Tim Durance
    (604) 806-6110
    (604) 806-6112 (FAX)
    Website: www.enwave.net