Sale of Enwave Energy Corporation

TORONTO, ONTARIO--(Marketwire - Dec. 7, 2011) - The shareholders of Enwave Energy Corporation ("Enwave"), the City of Toronto and Ontario Municipal Employees Retirement System ("OMERS"), have directed the Board of Directors of Enwave to solicit proposals for a sale of 100% of the shares of Enwave through a competitive auction process. The Board of Directors of Enwave will create a special committee of the Board and retain a financial advisor to assist in their oversight of the process.

On November 30, 2011, Toronto City Council authorized the City of Toronto to sell its interest in Enwave. In connection with the proposed sale of their interests in Enwave, the City of Toronto and OMERS have waived their right of first refusal to purchase Enwave shares from a selling shareholder pursuant to the shareholders agreement between Enwave, OMERS and the City of Toronto. The change was made to promote an open auction process that maximizes the potential return to the two shareholders.

Enwave Energy Corporation is a leading provider of innovative, sustainable energy services. With district energy operations in Toronto and Windsor, Ontario, the company provides environmentally friendly heating and cooling to many of the most prestigious buildings and landmarks in both cities. In Toronto, 40 km of underground pipes interconnect over 140 buildings to three steam plants and to the company's world-renowned Deep Lake Water Cooling system. Customers include all the major downtown hospitals, multi-residential and class A commercial office towers, entertainment facilities and government buildings. In Windsor, the Enwave managed system supplies hot and chilled water to the City's Utilities Commission and the Windsor Casino.

With over 2,000 district energy systems operating in the United States and over 100 in Canada, the industry plays an important role in the broader energy sector - especially with respect to stated government objectives of achieving greater energy efficiency. Leveraging its proven reputation of bringing sustainable energy projects to market and drawing on its strong and stable financial base in Toronto, Enwave is well positioned to capitalize on many prospective growth opportunities both within the City of Toronto and throughout North America.