EnWave Signs Technology Evaluation and License Option Agreement with Calbee Incorporated

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EnWave Signs Technology Evaluation and License Option Agreement with Calbee Incorporated

VANCOUVER, BC--(Marketwired - January 10, 2018) - EnWave Corporation (TSX VENTURE: ENW) (FRANKFURT: E4U) ("EnWave", or the "Company") announced today that it has signed a Technology Evaluation and License Option Agreement (the "TELOA") with Calbee Incorporated ("Calbee"), the largest snack food manufacturer in Japan.

After multiple site visits and extensive preliminary trials at EnWave's facilities in Canada, Calbee decided to enter a TELOA to exclusively evaluate several snack food applications at their facilities using lab-scale Radiant Energy Vacuum ("REV™") technology.

This is the first TELOA signed by EnWave with a Japanese food manufacturing company and represents an important milestone for the Company. Over the past year, EnWave has been working under a Cooperation Agreement with Correns Corporation ("Correns") of Tokyo to broaden its sales and business development network in Japan. Correns will continue to collaborate with EnWave to support both research and development, as well as potential future commercial installations in Japan.

About Calbee Incorporated
Calbee Incorporated is a major Japanese snack food maker. Founded in 1949, its Calbee snacks are hugely popular in Asia, and are well known in the United States and internationally. Calbee manufactures a wide range of snack foods using potato, wheat, and corn as main ingredients. The company also manufactures bakery products and cereals.

Calbee is committed to harnessing nature's gifts, to bringing taste and fun to its consumers, and to contributing to healthy life styles. Its headquarters are located in the Marunouchi Trust Tower Main in Marunouchi, Chiyoda, Tokyo. For more information please visit www.calbee.com.

About Correns Corporation
Correns Corporation, founded in Tokyo in 1948, has contributed to the growth of this trade, serving as a bridge, not only for goods and services but also for mutual understanding, between Japan and Western countries.

Correns strives to play a broader role than merely trading, aiming to be reliable partners to both our principals and clients, to help them understand each other well enough to form long-lasting relationships. Correns has a staff of about 175 employees, most of them sales engineers, build strong ties on both sides; they bring to clients the benefits of the suppliers' expertise in engineering, production processes and product design. They also assist suppliers and clients with patent issues.

For more information about Correns, please visit www.correns.co.jp.

About EnWave
EnWave Corporation, a Vancouver-based advanced technology company, has developed Radiant Energy Vacuum ("REV™") -- an innovative, proprietary method for the precise dehydration of organic materials. REV™ technology's commercial viability has been demonstrated and is growing rapidly across several market verticals in the food and pharmaceutical sectors. EnWave's strategy is to sign royalty-bearing commercial licenses with industry leaders in multiple verticals for the use of REV™ technology. The company has signed twenty-three royalty-bearing licenses to date, opening up eight distinct market sectors for commercialization of new and innovative products. 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.

EnWave has introduced REV™ as the new dehydration standard in the food and biological material sectors: faster and cheaper than freeze drying, with better end product quality than air drying or spray drying. EnWave currently has three commercial REV™ platforms:

1. nutraREV® which is used in the food industry to dry food products quickly and at low-cost, while maintaining high levels of nutrition, taste, texture and colour;

2. powderREV® which is used for the bulk dehydration of food cultures, probiotics and fine biochemicals such as enzymes below the freezing point, and

3. quantaREV® which is used for continuous, high-volume low-temperature drying.

An additional platform, freezeREV®, is being developed as a new method to stabilize and dehydrate biopharmaceuticals such as vaccines and antibodies. More information about EnWave is available at www.enwave.net.

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.

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.

For further information:

John Budreski
Executive Chairman
+1 (416) 930-0914
E-mail: [email protected]

Brent Charleton
Senior Vice President
Sales and Business Development
+1 (778) 378-9616
E-mail: [email protected]

Deborah Honig
Corporate Development
Adelaide Capital Markets
+ 1 (647) 203-8793
E-mail: [email protected]

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