VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 28, 2007) - EnWave Corporation (TSX VENTURE:ENW) (the “Company”) wishes to announce the closing of the non-brokered private placement originally announced on February 9, 2007, raising $200,000 by issuing 800,000 units at a price of $0.25 per unit. Each unit consists of one common share and one common share purchase warrant. Each warrant entitles its holder to purchase one common share of the Company at a price of $0.40 per share until February 28, 2009. The securities issued pursuant to the private placement, including any shares issued on exercise of the warrants, will be subject to a four month hold period expiring on July 1st, 2007. Of the total amount, 205,000 units were subscribed by insiders.
