EnWave Corporation
TSX VENTURE : ENW

EnWave Corporation

February 28, 2007 18:24 ET

EnWave Corporation: Private Placement Closes

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 28, 2007) - EnWave Corporation (TSX VENTURE:ENW) (the "Company") wishes to announce the closing of the non-brokered private placement originally announced on February 9, 2007, raising $200,000 by issuing 800,000 units at a price of $0.25 per unit. Each unit consists of one common share and one common share purchase warrant. Each warrant entitles its holder to purchase one common share of the Company at a price of $0.40 per share until February 28, 2009. The securities issued pursuant to the private placement, including any shares issued on exercise of the warrants, will be subject to a four month hold period expiring on July 1st, 2007. Of the total amount, 205,000 units were subscribed by insiders.

The proceeds of the private placement will be used towards the implementation of the Company's strategic business plan also announced on February 9, 2007, and for general working capital.

About EnWave

EnWave is a spin-off company from the University of British Columbia focused on developing a new method for dehydrating biological materials using Radiant Energy Vacuum technology under the brand name bioREV. The bioREV technology combines microwave energy transfer with pressure control to alter structures, dehydrate and drive chemical reactions, creating unique product characteristics for various medical applications including dry vaccines, bone and tissue engineering and drug delivery.

ON BEHALF OF THE BOARD

John McNicol, President & CO-CEO

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 has neither approved nor disapproved the information contained herein.

Contact Information

  • EnWave Corporation
    Dr. Tim Durance
    Chairman and CO-CEO
    (604) 806-6110
    or
    EnWave Corporation
    Mr. John McNicol
    President & CO-CEO
    (604) 806-6110
    (604) 806-6112 (FAX)
    Website: www.enwave.net