(via Thenewswire.ca)
December 19 2008 - EnWave Corporation (TSX-V: ENW) ("EnWave" or "the Company") today announced that, at a meeting of the Board of Directors ("the Board") held December 16, 2008, the Board accepted the recommendation of the Company's Compensation Committee and granted options to certain directors and officers to purchase an aggregate of up to 800,000 common shares for a five year period. In accordance with the provisions of the Company's management contracts with Co-CEO's Mr. John McNicol and Dr. Timothy Durance, each of them was granted an option to purchase up to 400,000 common shares for a five year period, effective December 31, 2008 at the higher of the closing bid price of the Company's shares on that date or 30 cents per share. The options granted to Mr. John McNicol and Dr. Timothy Durance are subject to disinterested shareholder approval, if required, and to all necessary regulatory approvals.
Additionally, in accordance with the recommendations of the Company's Compensation Committee and contractual obligations, an aggregate of 157,708 common shares at a deemed price of $0.30 per common share will be paid in bonuses to members of the management team The issuance of these bonus shares is subject to the approval of the TSX Venture Exchange and the payment of all required tax source deductions
Gary Sandberg, a director of the Company, stated that EnWave made considerable progress in 2008 toward commercializing nutraREV technology and establishing positive vaccine testing data related to the bioREV technology. In addition, management created new freezeREV and powderREV prototype technology for the pharmaceutical and food culture markets, and began broadening industry relationships in all market segments. The Board is pleased with the management team's achievements in 2008 and looks forward to continued progress in 2009.
About EnWave
Using proprietary technologies developed in conjunction with the University of British Columbia, EnWave is focused on the development of new methods of dehydrating biological and food materials using Radiant Energy Vacuum technology under its bioREV, freezeREV, powderREV and nutraREV brands. REV technology combines microwave energy transfer with pressure control to dehydrate and alter structures and drive chemical reactions, thereby creating unique product characteristics for both food products and medical applications that include dry vaccines and antibodies. More information about EnWave is available at www.enwave.net.
EnWave Corporation
Gary Sandberg
Director
For further information: Dr. Tim Durance, Chairman and Co-CEO, or Mr. John McNicol, President and Co-CEO at (604) 806-6110, fax (604) 806-6112.
Safe Harbour for Forward-Looking Information Statements: This 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 guarantees of future performance and involve a number of risks, uncertainties and assumptions: there is no guarantee that the Company's REV technologies can or will be used to create commercial-scale products or will result in successful commercialization.
The TSX Venture Exchange has neither approved nor disapproved the information contained herein.
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