EnWave Signs Non-Exclusive License With Merck, Agrees to Build Second Generation Radiant Energy Vacuum Dryer

VANCOUVER, BC--(Marketwired - December 29, 2014) - EnWave Corporation (TSX VENTURE: ENW) (FRANKFURT: E4U) ("EnWave", or the "Company") today announced that it has signed a non-exclusive Research and Development License Agreement (the "Agreement") with Merck ("Merck"), known as MSD outside the United States and Canada, through a subsidiary to enable testing and advancement of the Company's Radiant Energy Vacuum ("REV™") dehydration technology in the pharmaceutical industry.

This latest license builds upon a prior agreement signed in 2012 with Merck that provided for activities on an exclusive basis. With this new arrangement, EnWave can now actively pursue additional research partners in the pharmaceutical industry in an effort to promote eventual widespread adoption of REV™ technology as a replacement for lyophilization.

Under the terms of the 10 year Agreement, both parties have established a work plan for the production of a specifically designed non-GMP REV™ dryer. EnWave will be eligible for undisclosed milestone payments associated with the progress of the project. Further terms of the Agreement were not disclosed. Merck will retain an option to exclusively license REV™ for the drying of several specific vaccines.

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. Thus far the Company has signed twelve 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.