VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 14, 2007) - EnWave Corporation (TSX VENTURE:ENW) (the “Company”) wishes to announce that it has agreed to a non-brokered private placement of up to 2,000,000 units at a price of $0.45 per unit. Each unit will consist of one common share and one share purchase warrant. Each warrant will entitle the holder to purchase one common share at an exercise price of $0.65 per share for a period of one year from the time of issuance of the units. The units will have a hold period of four months from the date of distribution as required by TSX Venture Exchange policies and securities law. The proceeds of up to $900,000 will be used for EnWave’s Radiant Energy Vacuum (bioREV and nutraREV) research projects, and for working capital. The completion of this private placement is subject to TSX Venture Exchange (the “Exchange”) approval.
