ENW EnWave Corporation

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES


EnWave Corporation (TSX VENTURE:ENW)(FRANKFURT:E4U) ("EnWave", or the "Company")
is pleased to announce that it has closed its previously announced fully
marketed private placement, issuing 5,534,872 units of the Company (the "Units")
at a price of $1.40 per Unit for gross proceeds of approximately $7.75 million
(the "Offering"). Each Unit consists of one common share of the Company (a
"Common Share") and one half of one common share purchase warrant (a "Warrant").
Each whole Warrant entitles the holder to purchase one Common Share at a price
of $1.75 for a period of 24 months following the closing date of the Offering
(the "Closing Date"). The Offering was led by Raymond James Ltd. and included
CIBC (together, the "Agents"). One subscriber has elected not to receive 650,000
Warrants in connection with its subscription.


In connection with the Offering, the Agents received a cash commission equal to
6.0% of the gross proceeds raised under the Offering and that number of
non-transferable broker warrants (the "Broker Warrants") equal to 6.0% of the
number of Units sold. Each Broker Warrant will be exercisable into one Common
Share of the Company at the same price per share as the offering price of the
Units, for a period of 24 months from the Closing Date. The Agents received a
reduced commission and no Broker Warrants where EnWave introduced subscribers
participating in the Offering for up to $3.0 million. All securities issued by
EnWave in connection with the Offering will be subject to a statutory four month
hold period. 


The net proceeds from the Offering shall be used to finance the production of
several Radiant Energy Vacuum ("REV(TM)") machines associated with confirmed
royalty-bearing commercial licenses, and for expanded sales and marketing
efforts, focused research and development, working capital and general corporate
purposes. 


About EnWave

EnWave Corporation is a Vancouver-based industrial technology company developing
commercial applications for its proprietary Radiant Energy Vacuum (REV(TM))
dehydration technology. EnWave aims to sign royalty-bearing commercial licenses
with leading food and pharmaceutical companies for the use of its revolutionary
technology. Thus far the Company has signed commercial licenses with Bonduelle,
a global leader in the production of vegetables, for the processing of
dehydrofrozen vegetables; Hormel Foods Corporation, a major processed meat
manufacturer, for the production of healthy dried meat products; Milne Fruit
Product, EnWave's first major licensee, for the production of several dehydrated
fruit and vegetable products in the whole, fragmented and powdered form; a
leading North American enzyme company, to dehydrate a series of food-related
enzymes for their Tier 1 clients; and Napa Mountain Spice Company, to dry
high-quality California bay leaves. In addition to these licenses, EnWave has
formed a Limited Liability Partnership with Lucid Capital Management to develop,
manufacture, market and sell all-natural cheese snack products in the United
States under the Moon Cheese(R) brand.


Also, EnWave has entered into a wide range of research and collaboration
agreements with an expanding list of multinational companies. EnWave is
introducing REV(TM) 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(TM) 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.
More information about EnWave is available at www.enwave.net. 


EnWave Corporation

Dr. Tim Durance, Chairman & 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 use of proceeds of
the Offering, Company's strategy for growth, product development, market
position, expected expenditures, and the expected synergies following the
closing are forward-looking statements. All third party references to market
information in this release are not guaranteed to be accurate as the Company did
not conduct the original primary research. These statements 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
EnWave Corporation
Mr. John McNicol
President & Co-CEO
(604) 601-8524
john.mcnicol@enwave.net


EnWave Corporation
Mr. Brent Charleton
Vice President, Corporate Affairs
(778) 378-9616
bcharleton@enwave.net
www.enwave.net

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