EnWave Corporation Completes Warrant Exercise, Generating $2.2M in Cash

VANCOUVER, BRITISH COLUMBIA--(Marketwire - January 21, 2011) - EnWave Corporation (TSX VENTURE: ENW)(FRANKFURT: E4U) (“EnWave” or “the Company”) today announced that all of the 1,944,444 warrants issued to shareholders under the private placement announced on December 17, 2009 have been exercised into common shares at a price of $1.15 per warrant. Due to expire on January 19, 2011, the warrants generated $2,236,110 in cash for the Company. The total number of EnWave common shares issued and outstanding now stands at 61,900,822. The private placement was led by Canaccord Financial Ltd., acting as sole lead agent and bookrunner, with syndication participation by Clarus Securities Inc.

“EnWave continues to assemble the resources we need to execute our business strategy,” stated John McNicol, President and Co-CEO of EnWave. “A healthy balance sheet is fundamental to achieving our goal of developing Radiant Energy Vacuum dehydration technology for broad acceptance in the global market.”

About EnWave

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™, quantaREV™, 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.

EnWave Corporation

John McNicol, President & 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 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.