EnWave Corporation
TSX VENTURE : ENW

EnWave Corporation

June 23, 2005 12:26 ET

EnWave Corporation: Kennith Mellquist Engaged as Consultant

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 23, 2005) - EnWave Corporation ("EnWave" or "the Company") (TSX VENTURE:ENW) is pleased to announce that it has engaged Mr. Kennith A. Mellquist as a consultant focusing on development of opportunities for EnWave's technology in pharmaceutical products. Mr. Mellquist's tasks will include advising on a strategic plan for pharmaceutical applications of EnWave's technology and pursuit of a business agreement with a pharmaceutical company.

Mr. Mellquist is a past President and Senior Vice-President of Corporate Affairs for Angiotech Pharmaceuticals Inc., a Canadian biopharmaceutical company that is publicly traded on Nasdaq and the Toronto Stock Exchange (TSX). He was part of a management team that oversaw Angiotech's growth to a market capitalization of approximately US $600 million. Mr. Mellquist has extensive experience with emerging companies, including organization and structure, development, financing and licensing. He served on the Board and Executive of the BC Biotechnology Association from 1992 to 2002.

The Company has granted 150,000 incentive stock options in connection with the new agreement with Mr. Mellquist. Each option entitles its holder to purchase one common share of the Company at an exercise price of $0.18 per share until June 20, 2010.

The options will have a hold period of four months from this date as required by TSX Venture Exchange policies and securities laws, and will be subject to certain vesting provisions. This grant is made pursuant to the Company's amended and restated 2003 Stock Option Plan, which authorizes the Company to grant up to 3,462,328 options to purchase common shares of the Company. After the aforementioned grant is approved, the Company will have 2,550,000 stock options outstanding. The grant is subject to regulatory approval.

"We are very happy to have the benefit of Mr. Mellquist's expertise and bio-tech experience as we move forward with our plans to develop microwave processes for medical biomaterials, and to seek development partnership opportunities with established pharmaceutical and biomaterial companies," said Tim Durance, President of EnWave.

EnWave is a research and development company developing commercial applications of vacuum microwave ("VM") technology using specially designed VM processing equipment. EnWave's mission is to lead the development of VM processing systems for industrial applications in the food, feed, pharmaceutical, nutraceutical and chemical industries. Applications of the technology enable manufacturers to produce innovative, high quality products that cannot be produced using current techniques. Many of the processes producing these products have been granted patents, recognizing their innovative nature.

This press release was prepared on behalf of the Board of Directors, which accepts full responsibility for its content.

ON BEHALF OF THE BOARD

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

The TSX Venture Exchange has neither approved nor disapproved the information contained herein.

Contact Information

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