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EnWave Signs Technology Evaluation and License Option Agreement With Mexican Food Processor for Cheese Products

/ -- VANCOUVER, BC --(Marketwired - August 03, 2016) - EnWave Corporation (TSX VENTURE: ENW) (FRANKFURT: E4U) ("EnWave," or the "Company") announces today that it has signed a Technology Evaluation and License Option Agreement (the "TELOA") with New Products R&D de C.V. ("NPRD"), a newly founded company run by an experienced Mexican food processing group.

Pursuant to the TELOA, NPRD has the right to use EnWave's Radiant Energy Vacuum ("REV™") dehydration technology for research and development purposes to develop several dried cheese products. NPRD has been granted the rights to an eight month exclusive option to purchase and use REV™ technology for the production of cheese snack products in Mexico. NPRD's management group has extensive experience in the Mexican food processing industry and plans to leverage their existing network to evaluate the market opportunity throughout Latin America.

To date, EnWave has signed eight commercial licenses for the production of cheese snack products using REV™ technology in countries that include the United States, Canada, Costa Rica, Chile, Portugal, Spain and Turkey. The use of REV™ technology for cheese processing has proven to offer attractive business cases for numerous consumer markets. The Company is focused on securing additional partnerships for cheese snack production in Australia, New Zealand, Japan and multiple countries throughout Europe and South America.

About New Products R&D de C.V.

New Products R&D is the latest venture of a line of successful food enterprises launched in México by a group of Food Technology entrepreneurs. NPRD has a vast network that reaches both industry and retail customers throughout Latin America. NPRD's main goal is to develop new innovative products using patented technology. NPRD is focused on building long term business relations with their clients.

Over their long and successful history, the NPRD principals have remained focused on what they do best: applied research using new technologies and to produce ingredients with the highest possible standards. This focus and commitment to continual improvement demonstrates their strong, stable position. NPRD is thrilled and eager to test new market opportunities with EnWave Corporation and will put maximum effort and know-how into forging a successful business partnership.

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 seventeen royalty-bearing commercial licenses with various companies, thereby opening up eight distinct market sectors for commercialization. In addition to these seventeen 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, cell-free extracts, enzymes, probiotics, food cultures, etc.).

In addition, EnWave is currently developing a new commercial REV™ platform:

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.

More information about EnWave is available at

EnWave Corporation
Dr. Tim Durance
President & 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 the expected synergies following the closing are forward-looking statements. All third party claims referred to in this release are not guaranteed to be accurate. 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.

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For further information:

John Budreski
Executive Chairman
+1 (416) 930-0914

Brent Charleton
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+1 (778) 378-9616

Jeremy Hellman
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The Equity Group
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