EnWave Subsidiary, Hans Binder Maschinenbau GmbH, Files for Insolvency

VANCOUVER, BC--(Marketwired - September 29, 2015) - EnWave Corporation (TSX VENTURE: ENW) (FRANKFURT: E4U) ("EnWave", or the "Company") today announced that Hans Binder Maschinenbau GmbH ("Binder"), an 86.5% owned subsidiary of the Company, has filed for insolvency under German law. An individual will now be appointed by the court to facilitate receivership (the "Receiver"). The Receiver will work with Binder's management, creditors, debtors and employees to either operate the business for a period of time and/or commence liquidation proceedings.

EnWave has chosen to not provide additional funding to Binder for several reasons. First, EnWave will continue its focus on the development of its higher margin royalty licensing business where EnWave is the global leader in vacuum-microwave dehydration technology. Second, Binder's primary business of traditional air dryer sales is lower margin, cyclical in nature and has little differentiation in a highly fragmented and competitive market. EnWave has chosen to not pursue this marketplace. Lastly, EnWave's continued control over the MIVAP^® intellectual property will not change due to Binder's insolvency.

EnWave's near term efforts with respect to Binder will be focused on the release of its restricted funds that support a performance bond which is tied to the successful completion of one German based project. There is currently no guarantee that these funds will be released.

EnWave's primary business plan, the advancement, manufacture, sale and royalty collection from a growing portfolio of Radiant Energy Vacuum ("REV™") equipment, remains unchanged. Binder's insolvency will have a minimal impact on EnWave's ability to deliver commercial-scale REV™ machinery to its royalty-partners. EnWave has been solely responsible for the successful REV™ installations for Hormel Foods, Bonduelle and NutraDried LLP, and will continue to assemble and start-up all future REV™ installations.

About EnWave
EnWave Corporation is a Vancouver-based industrial technology company developing commercial applications for its proprietary Radiant Energy Vacuum (REV™) dehydration technology. EnWave aims to sign royalty-bearing commercial licenses with leading food and pharmaceutical companies for the use of its revolutionary technology. To date, the Company has signed fifteen royalty-bearing commercial licenses with various companies, thereby opening up eight distinct market sectors for commercialization. In addition to these fifteen licenses, EnWave has formed a Limited Liability Partnership, NutraDried LLP, to develop, manufacture, market and sell all-natural cheese snack products within the United States of America under the Moon Cheese^® brand.

EnWave is introducing REV™ technology as a new dehydration standard in the food and biological material sectors, with benefits including, but not limited to, a faster and cheaper method compared to freeze drying, with better end product quality than air drying or spray drying. EnWave currently has three commercial REV™ platforms:

1. nutraREV^® (food industry applications): designed for quick, low-cost dehydration of fruits, vegetables, herbs, dairy products, meats and seafood, with benefits including improved nutritional content, appearance, flavor and texture relative to conventional methods.
2. quantaREV^®(food industry applications): designed for high-volume, low-temperature dehydration of solids, liquids, granular or encapsulated products.
3. powderREV^® (pharmaceutical applications): designed as a high-speed, lower-energy, continuous alternative to freeze drying for bulk dehydration of temperature-sensitive biomaterials (bacteria, enzymes, probiotics, food cultures, etc.).

In addition, EnWave is currently developing two new commercial REV™ platforms:

1. freezeREV^®(pharmaceutical applications): a multi-vial prototype technology designed to act as an accelerated freeze dryer to produce room-temperature stable biopharmaceuticals and reagents.
2. bioREV^®(pharmaceutical applications): a single-vial prototype technology designed to produce room-temperature stable vaccines and antibodies requiring less refrigeration.

More information about EnWave is available at www.enwave.net.

EnWave Corporation
Dr. Tim Durance
President, CEO and Director

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