The LoI extends until May 31, 2010. Until this date, the consortium has been granted exclusivity over the use of nutraREV in a certain area of Latin America and this may be extended to additional areas subject to a set of purchase targets and minimum royalty performance levels.

In addition to the terms of the commercial equipment sale, provisions in the LoI include a royalty of up to 10% on gross sales derived from products produced using nutraREV technology. The equipment license will also include opportunities to expand into the production of other nutraDried fruit and vegetable products grown in the licensed regions.

Deal Type    Partnership
Sub-Category Letter of Intent
Deal Status  Announced: 2009-11-12

Deal Participants

Partner 1 (Company) SmartPac, LLC
Partner 2 (Company) EnWave Corporation
Partner 3 (Company) Innovative Food Systems

Banana chips are a globally-consumed snack food with a wide variety of other applications, including cereals and baked goods. Sample quantities of nutraDried banana chips produced by EnWave for the Consortium have better flavour than conventionally-prepared banana chips. In addition, unlike traditional banana chips, nutraDried products are dried in their natural state and not fried in fattening oil.

"We are excited by the opportunity to introduce the nutraREV(R) technology to the South and Central American markets," stated Dr. Perry Lidster, President of IFS. "We have a solid depth of experience in fresh food processing in this region, and we are looking forward to working closely with Dr. Tim Durance and his product development team to create truly unique, high quality product offerings for the global market."

The LOI extends until May 31, 2010, and is subject to the completion of a market assessment by the Consortium, delivery of Consortium financing, and the negotiation of final license terms between the parties. Until this date, the Consortium has been granted exclusivity over the use of nutraREV(R) in a certain area of Latin America, and this may be extended to additional areas subject to a set of purchase targets and minimum royalty performance levels. In addition to the terms of the commercial equipment sale, provisions in the LOI include a royalty of up to 10% on gross sales derived from products produced using nutraREV(R) technology. The equipment license would also include opportunities to expand into the production of other nutraDried fruit and vegetable products grown in the licensed regions.

About IFS & SmartPac

Together, IFS and SmartPac, LLC provide patented and trademarked packaging, food safety systems and technologies that extend fresh produce life span and protect vegetables and fresh fruits throughout storage and the logistics distribution process. The SmartPac(TM) modified atmosphere packaging system provides growers and exporters the ability to ripen fruits on the tree or vine to achieve optimum flavor, sugar/acid balance and nutritional values. The introduction and implementation of the nutraREV(R) technology complements the core "value add" business.

About EnWave

Using proprietary technologies developed in conjunction with the University of British Columbia, EnWave is focused on the development of new methods of dehydrating food and biological materials using Radiant Energy Vacuum technology under its nutraREV(R), powderREV(R), bioREV(R) and freezeREV(R) brands. REV technology combines microwave energy transfer under vacuum to dehydrate and alter structures and drive chemical reactions, thereby creating unique product characteristics for both food products and medical applications that include fruit, vegetables, probiotics, enzymes, proteins, food cultures, vaccines and antibodies. More information about EnWave is available at www.enwave.net.

EnWave Corporation

Mr. John McNicol, President & Co-CEO

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 financial results are forward-looking statements. These statements are not a guarantee of future performance and involve a number of risks, uncertainties and assumptions: there is no guarantee that the Company's REV technology can or will improve dehydration processes in the target industries; even if the Company's REV technology can be used as described in this document, there is no guarantee that such use will result in orders for the Company's REV technology.

The TSX Venture Exchange has neither approved nor disapproved the information contained herein. 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.

Contacts:
EnWave Corporation
Mr. John McNicol
President & Co-CEO
(604) 601-8524
john.mcnicol@enwave.net

EnWave Corporation
Jennifer Thompson
V.P. Corporate Development & Investor Relations
(604) 603-6549
jthompson@enwave.net
www.enwave.net

SOURCE: EnWave Corporation

mailto:john.mcnicol@enwave.net
mailto:jthompson@enwave.net
http://www.enwave.net

Banana chips are a globally-consumed snack food with a wide variety of other applications, including cereals and baked goods. Sample quantities of nutraDried banana chips produced by EnWave for the Consortium have better flavour than conventionally-prepared banana chips. In addition, unlike traditional banana chips, nutraDried products are dried in their natural state and not fried in fattening oil.

"We are excited by the opportunity to introduce the nutraREV(R) technology to the South and Central American markets," stated Dr. Perry Lidster, President of IFS. "We have a solid depth of experience in fresh food processing in this region, and we are looking forward to working closely with Dr. Tim Durance and his product development team to create truly unique, high quality product offerings for the global market."

The LOI extends until May 31, 2010, and is subject to the completion of a market assessment by the Consortium, delivery of Consortium financing, and the negotiation of final license terms between the parties. Until this date, the Consortium has been granted exclusivity over the use of nutraREV(R) in a certain area of Latin America, and this may be extended to additional areas subject to a set of purchase targets and minimum royalty performance levels. In addition to the terms of the commercial equipment sale, provisions in the LOI include a royalty of up to 10% on gross sales derived from products produced using nutraREV(R) technology. The equipment license would also include opportunities to expand into the production of other nutraDried fruit and vegetable products grown in the licensed regions.

About IFS & SmartPac

Together, IFS and SmartPac, LLC provide patented and trademarked packaging, food safety systems and technologies that extend fresh produce life span and protect vegetables and fresh fruits throughout storage and the logistics distribution process. The SmartPac(TM) modified atmosphere packaging system provides growers and exporters the ability to ripen fruits on the tree or vine to achieve optimum flavor, sugar/acid balance and nutritional values. The introduction and implementation of the nutraREV(R) technology complements the core "value add" business.

About EnWave

Using proprietary technologies developed in conjunction with the University of British Columbia, EnWave is focused on the development of new methods of dehydrating food and biological materials using Radiant Energy Vacuum technology under its nutraREV(R), powderREV(R), bioREV(R) and freezeREV(R) brands. REV technology combines microwave energy transfer under vacuum to dehydrate and alter structures and drive chemical reactions, thereby creating unique product characteristics for both food products and medical applications that include fruit, vegetables, probiotics, enzymes, proteins, food cultures, vaccines and antibodies. More information about EnWave is available at www.enwave.net.

EnWave Corporation

Mr. John McNicol, President & Co-CEO

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 financial results are forward-looking statements. These statements are not a guarantee of future performance and involve a number of risks, uncertainties and assumptions: there is no guarantee that the Company's REV technology can or will improve dehydration processes in the target industries; even if the Company's REV technology can be used as described in this document, there is no guarantee that such use will result in orders for the Company's REV technology.

SOURCE: EnWave Corporation

EnWave Corporation
Mr. John McNicol
President & Co-CEO
(604) 601-8524
john.mcnicol@enwave.net
EnWave Corporation
Jennifer Thompson
V.P. Corporate Development & Investor Relations
(604) 603-6549
jthompson@enwave.net
www.enwave.net

EnWave's proprietary Radiant Energy Vacuum ("REV") technology combines microwave energy with vacuum pressure to produce high-speed dehydration of live or active pharmaceuticals in vials. The Company has developed two versions of REV for use in drying live or active pharmaceuticals: bioREV(TM), a dehydration method for materials which require a gentler drying process without extreme temperature changes or freezing, and freezeREV, a dehydration method for frozen material where low moisture levels in the final product are imperative for long product shelf-life.

"The Saskatchewan Research Council currently performs pilot-scale vaccine production for a number of vaccine producers in Canada, and they are keen to find a dehydration alternative that is faster and less expensive than freeze drying," said Dr. Tim Durance, EnWave's Chairman & Co-CEO. "Our prototype freezeREV technology is designed to dry material in minutes, compared to days required for conventional freeze dryers. It will significantly reduce processing costs.

While the technology worked well for recent samples of antibodies, we are looking forward to testing the machine on a new vaccine in order to further prove the concept of freezeREV. Additionally, we are saving the company many hundreds of thousands of dollars by eliminating the need to build a laboratory, capable of handling pathogenic material, and instantly acquiring access to the highly-trained scientists and engineers at the SRC."

"SRC is dedicated to providing research, development and demonstration solutions that address current industry needs," said Dale Kelly, vice-president of SRC's Agriculture, Biotechnology and Food Division. "We are excited to work with EnWave on piloting Radiant Energy Vacuum technology to evaluate its potential as an alternative to current processing and preservation methods of freeze drying for vaccines and biologics."

About SRC

SRC is Saskatchewan's leading provider of applied R&D and technology commercialization. It takes the leading-edge knowledge developed in Saskatchewan and sells it to the world and, at the same time, brings the best knowledge the world has to offer and applies it to the unique Saskatchewan situations.

SRC was established in 1947 to advance the development of the province in the physical sciences. Today, the company has evolved to become a market-driven corporation, selling services and products to companies in Saskatchewan and around the world. The corporation has more than 340 staff. Annual revenues are about $41 million and growing. More information is available about the SRC at http://www.src.sk.ca/.

About EnWave

Using proprietary technologies developed in conjunction with the University of British Columbia, EnWave is focused on the development of new methods of dehydrating food and biological materials using Radiant Energy Vacuum technology under its nutraREVTM, powderREV, bioREVTM and freezeREV brands. REV technology combines microwave energy transfer under vacuum to dehydrate and alter structures and drive chemical reactions, thereby creating unique product characteristics for both food products and medical applications that include fruit, vegetables, probiotics, enzymes, proteins, food cultures, vaccines and antibodies. More information about EnWave is available at www.enwave.net.

EnWave Corporation

Dr. Tim Durance, Chairman & Co-CEO

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 financial results are forward-looking statements. These statements are not a guarantee of future performance and involve a number of risks, uncertainties and assumptions: there is no guarantee that the Company's REV technology can or will improve dehydration processes in the target industries; even if the Company's REV technology can be used as described in this document, there is no guarantee that such use will result in orders for the Company's REV technology.

The TSX Venture Exchange has neither approved nor disapproved the information contained herein.

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.

Contacts:
EnWave Corporation
Dr. Tim Durance
Chairman & Co-CEO
(604) 822-4425
tdurance@enwave.net

EnWave Corporation
Jennifer Thompson
V.P. Corporate Development & Investor Relations
(604) 603-6549
jthompson@enwave.net
www.enwave.net

SOURCE: EnWave Corporation

mailto:tdurance@enwave.net
mailto:jthompson@enwave.net
http://www.enwave.net