EnWave Corporation

EnWave Corporation

October 17, 2006 09:00 ET

EnWave Corporation Initiates Strategic Planning for Biotechnology Division

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 17, 2006) - EnWave Corporation ("EnWave" or "the Company") (TSX VENTURE:ENW)(FWB:E4U) is pleased to announce the appointment of Mr. John McNicol as Executive Advisor, and Dr. Linda Allison as Technology Advisor to the Company. Both Mr. McNicol and Dr. Allison have been tasked with further development of the EnWave biotechnology business unit through the creation of a new strategic business plan.

Mr. McNicol is an executive with a proven track record of building high growth international companies from early start-up through periods of substantial asset investment, rapid sales growth and significant shareholder value appreciation. He has been responsible for overall strategic planning, business development, and global sales and marketing coordination including the negotiation of capital assets, corporate strategic purchasing initiatives and comprehensive long term sales agreements with leading global consumer products companies. Mr. McNicol stated that, "I believe in the prospects for growth at EnWave, as the company's Radiant-Energy Vacuum technology seems well positioned to fill demands for new biomaterials products in the biotechnology sector."

Dr. Allison is the founder and President of Snowdon & Associates, which provides strategic planning, business development and corporate management services to biotechnology and medical companies. She has a PhD in Biophysics from Simon Fraser University and over 25 years experience in corporate finance, technology development and management of emerging growth companies. She commented, "After assisting EnWave to prepare its Biotechnology Market Assessment Report, I am very pleased to continue with the strategic planning. The REV technology appears to have significant potential in a number of biotech industry sectors, including tissue engineering and drug delivery."

Tim Durance, President and CEO of EnWave, stated that, "the appointment of Mr. McNicol and Dr. Allison to the EnWave team is a significant step forward in our ongoing plan to build our biotechnology business. Both people bring a tremendous amount of experience in the fields of management and science, and their work will enable us to build, and then execute, a new strategic business plan."

The Company has granted an aggregate of 200,000 incentive stock options to Mr. McNicol and Dr. Allison in connection with their agreements, in addition to a daily consulting fee. Each option entitles its holder to purchase one common share of the Company at an exercise price of $0.30 per share, with a hold period as required by TSX Venture Exchange policies and securities laws. This grant is made pursuant to the Company's amended and restated 2003 Stock Option Plan, and is subject to regulatory approval.

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. 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