June 23, 2014 – EnWave Corporation
EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”) is pleased to announce the appointment of Mr. John P.A. Budreski as a Director and Executive Chairman of the Board of EnWave.
Mr. Budreski joins EnWave with over 30 years of extensive capital markets and executive management experience. Mr. Budreski has a professional history of advancing and accelerating businesses, as well as tangible engineering experience. He was formerly a Vice Chairman of Cormark Securities Inc. from 2009 to 2012 and President and CEO of Orion Securities Inc. from 2005 to 2007, prior to its successful sale to Macquarie Bank. He has filled the roles of a Managing Director of Equity Capital Markets and Head of Investment Banking for Scotia Capital Inc. from March 1998 to February 2005 after starting out as a Managing Director of US Institutional Equity Group for Scotia Capital. He also held senior roles in investment banking and equity sales and trading for RBC Dominion Securities. Mr. Budreski is currently a Director of Sandstorm Gold Ltd., Alaris Royalty Corporation and Delta Gold Corporation. He is also the Chief Executive Officer and a Director of Morien Resources Corporation. He holds a Bachelor of Engineering from Dalhousie / TUNS University and an MBA from the University of Calgary.
With Mr. Budreski’s appointment, Dr. Tim Durance will become the sole President and Chief Executive Officer of the Company and vacate the position of Chairman on the Board of Directors. The Company also announces that, effective June 30th, 2014, Mr. John McNicol, who served as the Company’s President, co-CEO and as a Director on the Board from February 2007 until June 2014, will be reducing his role with EnWave to become a Consultant, enabling him to pursue personal interests.
“EnWave’s management is very pleased to have such a qualified business professional join the executive team, especially at a time when the Company’s Radiant Energy Vacuum (“REV™”) technology is experiencing a commercialization inflection point,” stated Dr. Tim Durance, President & CEO of EnWave. “On behalf of the EnWave Board and management team I would also like to thank John McNicol for his valued contributions to the development of EnWave over the past seven years.”
Additionally, EnWave announces that it has granted a total of 800,000 stock options to Mr. Budreski pursuant to its Share Option Plan (the “Plan”). Each option will entitle Mr. Budreski to purchase one common share of the Company at an exercise price of $1.35 per share for a period of five years from this date. The options will vest in accordance to provisions set out in the Plan, or as otherwise required by the TSX Venture Exchange. The grant is subject to regulatory approval.
The stock options granted to Mr. Budreski are part of his compensation package and will provide him with an opportunity to establish a meaningful position in EnWave as the Company continues to progress.
Lastly, the Company announces that it has agreed to a private placement (the “Private Placement”) with Mr. Budreski, who will be adding to his existing holdings of EnWave through the purchase of 111,111 common shares at price of $1.35 per share, for cash proceeds to the Company of $150,000.
The net proceeds from the Private Placement shall be used for working capital and general corporate purposes.
The common shares of Enwave to be issued in connection with the Private Placement will be subject to a statutory four-month hold period. Completion of the Private Placement is subject to a number of conditions, including, without limitation, the receipt of all required regulatory approvals, including approval of the TSX Venture Exchange.
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. Thus far the Company has signed ten royalty-bearing licenses, opening up eight distinct market sectors for commercialization with companies that include Bonduelle, a global leader in the production of vegetables; Hormel Foods Corporation, a major processed meat manufacturer in the United States of America; and Sutro Biopharma, a company developing a protein synthesis process for the pharmaceutical industry. In addition to these licenses, EnWave has formed a Limited Liability Partnership, NutraDried LLP, to develop, manufacture, market and sell all-natural cheese snack products in the United States under the Moon Cheese® brand. The Company has also signed a license and manufacturing agreement with NutraDried Creations to market the dried cheese and other REV™ snack products through private label distribution channels in the United States and Latin America.
EnWave has signed a wide range of research agreements with an expanding list of companies that include Nestlé, Kellogg’s, Ocean Spray Cranberries, Sun-Maid Growers, R.J. Reynolds and Merck among others. 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® and MIVAP® are used in the food industry to dry food products quickly and at low-cost, while maintaining high levels of nutrition, taste, texture and colour. The Company has also commercialized powderREV® for bulk dehydration of food cultures, probiotics and fine biochemicals such as enzymes below the freezing point; quantaREV™ for continuous, high-volume low-temperature drying; and bioREV™ and freezeREV™ as new methods to stabilize and dehydrate biopharmaceuticals such as vaccines and antibodies. More information about EnWave is available at www.enwave.net.
Dr. Tim Durance
President, CEO & Director
For further information:
Mr. John Budreski, Executive Chairman, EnWave Corporation at (+1) 416-930-0914
Mr. Brent Charleton, Vice President, Corporate Affairs at (+1) 778-378-9616
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 Private Placement are forward-looking statements. 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.