VANCOUVER, BRITISH COLUMBIA--(Marketwire - December 17, 2010) - EnWave Corporation (TSX VENTURE: ENW)(FRANKFURT: E4U) ("EnWave" or "the Company"), an industrial technology company commercializing a new high-speed method of dehydration for food, bulk liquids and pharmaceuticals, today announced that it has appointed Mr. J. Hugh Wiebe as a Non-Executive Independent Director to the Company's Board. Mr. Wiebe is an entrepreneur with a long history of company development in the areas of live and active biomaterials and food products. He is the founder of international egg producer Brookside Farms, Ltd., chocolate producer Brookside Foods, Ltd., and enzyme producer NeovaTech Inc., now a subsidiary of Bioseutica PLC.
Mr. Wiebe was an early pioneer in the development of enzymes for a variety of food applications, and has developed international operations and customer relationships for these products in Europe, Japan and North America. He also has extensive experience with both spray drying and freeze drying technologies as they are used to preserve food and biomaterials. Mr. Wiebe is currently the Chairman of the Board of Brookside Foods, Ltd., the President and CEO of Bioplex Nutrition Inc., and serves as a Board member for a number of companies operating in the biomaterials sector, including Bioseutica PLC.
"I have known Hugh for many years and anticipate that his industry knowledge and experience will help EnWave speed the introduction of our Radiant Energy Vacuum dehydration technologies into the biomaterials and food markets," said Dr. Tim Durance, EnWave's Chairman and Co-CEO. "In addition, his independent direction will also help us in our continual bid to deliver top notch corporate governance and operations oversight."
The Company has also granted 425,000 stock options to its Directors and Officers pursuant to its Share Option Plan (the "Plan"). Each option will entitle its holder to purchase one common share of the Company at an exercise price of $1.70 per share for a period of five years from this date. The options will vest in accordance to provisions set out in the Plan, or as otherwise required by the TSX Venture Exchange. The grant is subject to regulatory approval.
Using proprietary technologies developed in conjunction with the University of British Columbia, EnWave is commercializing a new method for dehydrating food and biological materials using Radiant Energy Vacuum ("REV") technology under its nutraREV™, powderREV™, bioREV™ and freezeREV™ brands. REV technology combines microwave energy transfer under vacuum to dehydrate and alter structures and drive chemical reactions, thereby creating unique product characteristics for both food products and medical applications that include fruit, vegetables, probiotics, enzymes, proteins, food cultures, vaccines and antibodies. More information about EnWave is available at www.enwave.net.
Dr. Tim Durance, Chairman & Co-CEO
Safe Harbour for Forward-Looking Information Statements: This press 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 a guarantee of future performance and involve a number of risks, uncertainties and assumptions. There is no guarantee that transactions contemplated under the agreements for the acquisition of the Intellectual Property will close, there is no guarantee the Company's REV technology can or will improve processes in the target industry; even if the Company's REV technology can be used as described in this document, there is no guarantee that such use will result in orders for the Company's REV technology. All figures comparing REV technologies to freeze drying or other dehydration technologies are provided as examples of data obtained through the Company's own scientific and testing programs; each product must be tested individually to determine the benefits of using REV.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.