EnWave Announces Option Trade Program and Additional Option Grant for Non-Insider Employees

VANCOUVER, British Columbia, June 23, 2023 (GLOBE NEWSWIRE) -- EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the "Company") announced today that it has adopted a value-for-value option trade program (the "Program") for non-insider employees whose current stock options are significantly "out of the money".

The Program is designed to incentivize and retain key employees. Non-insider employees will have the option to elect to exchange their previously awarded stock options for up to 905,515 new stock options with equivalent value (the "Traded Options"). The Traded Options will have a five-year term and an exercise price of $0.75, which is a premium to the current market price of the Company's common shares. As a result of the Program, the total number of outstanding stock options will be materially reduced.

The Company will also grant a total of 500,000 additional stock options under its current share option plan to certain employees of the Company on the same terms as the Traded Options which vest over 18 months.

About EnWave

EnWave is a global leader in the innovation and application of vacuum microwave dehydration. From its headquarters in Vancouver, BC, EnWave has developed a robust intellectual property portfolio, perfected its Radiant Energy Vacuum (REV) technology, and transformed an innovative idea into a proven, consistent, and scalable drying solution for the food, pharmaceutical and cannabis industries that vastly outperforms traditional drying methods in efficiency, capacity, product quality, and cost. 

With more than fifty royalty-generating partners spanning twenty countries and five continents, EnWave’s licensed partners are creating profitable, never-before-seen snacks and ingredients, improving the quality and consistency of their existing offerings, running leaner and getting to market faster with the company’s patented technology, licensed machinery, and expert guidance. 

EnWave’s strategy is to sign royalty-bearing commercial licenses with food and cannabis producers who want to dry better, faster and more economical than freeze drying, rack drying and air drying, and enjoy the following benefits: 

• Food and ingredients companies can produce exciting new products, reach optimal moisture levels up to seven times faster, and improve product taste, texture, color and nutritional value. 
  

• Cannabis producers can dry four to six times faster, retain up to 20% more terpenes and 25% more cannabinoids, and achieve at least a 3-log reduction in crop-destroying microbes. 
  

Learn more at EnWave.net. 

EnWave Corporation 
Mr. Brent Charleton, CFA 
President and CEO 

For further information: 

Brent Charleton, CFA, President and CEO at [phone] 
E-mail: [e-mail]

Dylan Murray, CFO at [phone]
E-mail: [e-mail]

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.