EnWave Corporation Completes Warrant Exercise, Generating $3.2M in Cash

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 01, 2010) - EnWave Corporation (TSX VENTURE: ENW)(FRANKFURT: E4U) ("EnWave" or "the Company") today announced that all of the 7,223,834 warrants issued to shareholders under two non-brokered private placements held in 2008 and 2009, respectively, have been exercised into common shares at a price of $0.45 per warrant generating $3,250,725 in cash for the Company over the exercise period of such warrants. All of the warrants were due to expire by May 30, 2010. The total number of EnWave common shares issued and outstanding now stands at 58,453,282.

"With total cash now on hand of approximately $6.3M, government R&D grants of almost $100,000 still to be claimed, and no debt, EnWave has the strongest balance sheet since its inception and we are exceptionally well positioned to accomplish our targeted business goals," stated John McNicol, President and Co-CEO of EnWave.

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 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.

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.

The TSX Venture Exchange has neither approved nor disapproved the information contained herein.

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.