VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 9, 2011) -


EnWave Corporation (TSX VENTURE:ENW)(FRANKFURT:E4U) ("EnWave" or the "Company") today announced that it has closed the bought deal private placement previously announced on January 18, 2011, including the full exercise of the over-allotment option. The offering was led by Canaccord Genuity Corp., on behalf of a syndicate of underwriters that included Laurentian Bank Securities and Clarus Securities Inc. (the "Underwriters"), under which the Underwriters purchased 6,706,000 Units (the "Units") at a price of CDN$1.80 per Unit for aggregate gross proceeds of CDN$12,070,800 (the "Offering"). Each Unit consists of one common share of the Company and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder to subscribe for one additional common share for a period of 18 months from the closing of the Offering at an exercise price of CDN$2.25. The Company intends to use the net proceeds of the Offering for general working capital purposes.

EnWave paid the Underwriters a cash commission equal to 7% of the gross proceeds raised under the Offering and issued to the Underwriters warrants (the "Underwriter's Warrant") equal to 10% of the number of Units sold under the Offering. Each Underwriter's Warrant is exercisable to purchase one common share at a price of $1.80 for a period of 18 months from closing of the Offering. The securities issued by EnWave in connection with this Offering are subject to a 4-month "hold period" as prescribed by the TSX Venture Exchange and applicable Canadian securities laws.

This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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™, freezeREV™ and MIVAP™ 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

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.

Contact Information: EnWave Corporation
Mr. John McNicol
President & Co-CEO
(604) 601-8524
EnWave Corporation
Jennifer Thompson
V.P. Corporate Development & Investor Relations
(604) 603-6549