VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 15, 2012) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES
EnWave Corporation (TSX VENTURE:ENW)(FRANKFURT:E4U) ("EnWave" or the "Company") announced today that it intends to increase the size of its previously announced private placement by up to an additional 1,000,000 common shares. EnWave now plans to raise up to $6,000,000 in cash by issuing up to 4,000,000 common shares in a non-brokered private placement priced at $1.50 per share.
The Company expects to use the additional proceeds for working capital and general corporate purposes.
The private placement is subject to TSX Venture Exchange approval.
EnWave Corporation is a Vancouver-based industrial technology company developing commercial applications for its proprietary Radiant Energy Vacuum (REV) dehydration technology. The company recently licensed REV technology to Milne Fruit Products Inc, its first major U.S. customer, to support a launch of healthy berry snacks and powders across most major markets in North America. More recently, EnWave licensed REV technology to one of its Tier 1 multi-national partners from the list below. In addition, EnWave has entered a wide range of research and collaboration agreements with an expanding list of multinational partners, including Nestle, Kellogg's, Grupo Bimbo, Grimmway Farms, Ocean Spray Cranberries, Hormel, Bonduelle and Merck. EnWave is introducing REV as a new dehydration standard in the food and biological material sectors: potentially faster and cheaper than freeze drying, with better end product quality than air drying or spray drying.
EnWave currently has six REV platforms: commercial-scale nutraREV(R) and MIVAP(R) are used in the food industry to dry fruits, vegetables, meat, herbs and seafood quickly and at low-cost, while maintaining high levels of nutrition, taste, texture and colour. The Company is also developing powderREV(TM) for bulk dehydration of food cultures, probiotics and fine biochemicals such as enzymes; quantaREV(TM) for continuous, high-volume low-temperature drying of pastes, gels, liquids, or particulates; and bioREV(TM) and freezeREV(TM) as new methods to stabilize and dehydrate biopharmaceuticals such as vaccines and antibodies.
John McNicol, President and 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 closing of the private placement and the anticipated use of proceeds, are not a guarantee of future performance and involve a number of risks, uncertainties and assumptions. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.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.