EnWave Corporation

EnWave Corporation

March 19, 2007 09:00 ET

EnWave Shareholders Approve Stock Option Plan

New grant of options

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 19, 2007) - EnWave Corporation ("EnWave" or "the Company") (TSX VENTURE:ENW) is reporting that during the Annual General Meeting held on March 16, 2007, a majority of the Company's disinterested shareholders approved a new Option Plan ("the Plan") dated March 16, 2007. The Plan allows an amount of up to 5,593,570 Common Shares to be reserved for the granting of stock options. This amount represents 20% of the issued and outstanding shares as at February 9, 2007. All currently outstanding options will be rolled into the Plan.

As announced on February 9, 2007, the Company had granted an aggregate of 1,800,000 stock options to Mr. John McNicol, President and Co-Chief Executive Officer, and Dr. Tim Durance, Chairman and Co- Chief Executive Officer. This grant was subject to the disinterested shareholders' approval of the Plan. These options will be exercisable for a period of 5 years beginning February 9, 2007 at an exercise price of $0.33 per option. The vesting provisions for this grant are as follows: one third immediately, one third on the first anniversary of the grant, and the last third on the second anniversary of the grant. The second and third vesting provisions also require the achievement of certain milestones. The options have a hold period of 4 months from the date of this grant as required by the TSX Venture Exchange policies and securities law, and the grant subject to regulatory approval.

In addition, the Company has granted an aggregate of 400,000 options to other directors, officers, employees and consultants. The options will be exercisable for a period of five years from this date at an exercise price of $0.48 per option. The options will have four-month hold period as required by the TSX Venture Exchange policies and securities law, and are subject to regulatory approval.

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, and create unique product characteristics for various medical applications including dry vaccines, bone and tissue engineering, and drug delivery.


Dr. Tim Durance, Chairman & 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. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. Many factors could cause results to differ materially from those stated.

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

Contact Information

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