EnWave Signs Partnership Agreement With Lucid Capital Management, and Signs Commercial License to Launch Healthy Dried Cheese

EnWave Signs Partnership Agreement With Lucid Capital Management, and Signs 
Commercial License to Launch Healthy Dried Cheese Snacks in the
U.S. Market 
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/27/13 -- EnWave
Corporation (TSX VENTURE:ENW)(FRANKFURT:E4U) ("EnWave" or "the
Company") is pleased to announce that, through a newly created
wholly-owned subsidiary in the United States called EnWave USA
Corporation, it entered today into a 70-30 Partnership Agreement with
Lucid Capital Management Ltd. ("Lucid') to form NutraDried LLP ("the
LLP"), a limited liability partnership established in the United
States of America. EnWave and Lucid have agreed to establish this LLP
to develop, manufacture, market and sell 100% all-natural cheese
snack products under the nutraDRIED(TM) trademark. Together, EnWave
and Lucid have committed up to a total of CAD$2,000,000 to the LLP
for the purposes of developing a market, infrastructure and
nutraREV(R) capacity for producing healthy cheese snack products in
the State of Washington for sale across the U.S. market.  
In April 2013 the LLP is expected to begin producing cheese snack
products for initial market introductions and early stage sales,
utilizing the Company's smaller scale commercial nutraREV(R)
equipment. In anticipation of a successful market launch, EnWave has
initiated building a larger scale nutraREV(R) machine to be available
for delivery in Q4 2013; either to the Partnership or to another near
term commercial opportunity expected to be secured during the year.  
EnWave has also entered into a royalty-bearing Commercial License
("the License Agreement") with NutraDried LLP. The License Agreement
grants the LLP the right to use Radiant Energy Vacuum ("REV(TM)")
technology for the production of natural cheese snack products in the
United States of America. Furthermore, the License Agreement provides
the LLP with the right to market and sell such products on a global
basis. The LLP will pay EnWave a revenue-based royalty of 5%, with a
provision of up to 10% in certain scenarios.  
NutraDried LLP also has the option to extend the License Agreement to
include Belgium and the Netherlands, provided a second commercial
nutraREV(R) machine is purchased for the European region within 12
months. Lucid ownership and man
agement have extensive experience and
retail distribution relationships in the U.S and European markets
with access to existing manufacturing facilities in the Netherlands
where the second plant would be established. Under the agreement
Lucid also retains a share purchase option to increase its equity
ownership in the LLP from 30% to 49% through the end of 2014. 
A Trademark Agreement has also been entered into with the LLP that
outlines the required use of the nutraDRIED(TM) trademark and logo.
Pursuant to the usage requirements, the LLP must include the
nutraDRIED(TM) logo on every package sold, regardless of size. This
requirement is a positive step towards building the nutraDRIED(TM)
brand and associating it with a new, healthy, flavourful, all-natural
snack product. EnWave's goal is to establish nutraDRIED(TM) as a
symbolic term that indicates high levels of nutrients, color and
flavour in all-natural products. 
Strategic Partner with Proven Success 
Lucid Capital Management Ltd. is part of the Wiebco Group of
Companies controlled by the parent company Wiebco Investments Ltd.,
which is a private holding and management company controlled by J.
Hugh Wiebe and his family. Mr. Wiebe has been a Director of EnWave
Corporation since December 2010.  
Mr. Wiebe was formerly a shareholder and Chairman of the Board of
Brookside Foods Ltd. ("Brookside"), which was sold to Hershey Company
in January 2012. During his time with Brookside, Mr. Wiebe helped
build a highly recognized national chocolate brand through an
extensive U.S. retail distribution network. 
Mr. Wiebe was also an early pioneer in the development of enzymes for
a variety of food applications, and has developed international
operations and customer relationships for these products in Europe,
Japan and North America. He also has extensive experience with both
spray drying and freeze drying technologies as they are used to
preserve food and biomaterials. Mr. Wiebe is currently the President
and CEO of Bioplex Nutrition Inc. and serves as a Board member for a
number of companies operating in the food products sector.  
All Natural Cheese Snack Products  
The cheese snack products are made of 100% natural dried cheese. They
can be produced in a wide variety of flavours and are very healthy,
possessing high levels of protein and calcium. Currently, there are
very few shelf-stable all-natural cheese snacks on the market; most
cheese snacks only contain about 10-15% real cheese with many other
non-dairy filler ingredients. The LLP believes that their healthy
alternative could be very successful in a market that continues to
experience growth in natural and organic product areas by offering a
product line with rich flavour's, vibrant colors, crunchy texture and
a puffed appearance; all characteristics created through the REV(TM)
dehydration process.  
The consumer trend towards more natural and healthy products is
growing rapidly in the U.S. and around the world. Natural Foods
Merchandiser's 2012 Market Overview Survey showed that sales in the
United States of all natural and organic products jumped 10 percent
to nearly USD$91 billion last year. Establishing a direct
distribution channel for nutraDRIED(TM) cheese snacks is the first
step towards introducing the nutraDRIED(TM) brand and offers EnWave
the strategic option of expanding its nutraDRIED(TM) brand in other
healthy snack areas through the LLP network or through other licensed
Prior to signing the LLP agreement with Lucid, EnWave received
interest from several other well-established companies regarding the
innovative all-natural cheese snack product and numerous other
shelf-stable snack products that would be considered 'all-natural'
when produced using REV(TM) technology. To support this interest,
EnWave is actively pursuing additional cheese and other licensing
opportunities, in a number of geographic locations. 
"The combination of our high quality innovative cheese snack product
with the processing and distribution expertise of our partner is an
attractive recipe for potential success," stated Dr. Tim Durance,
Chairman and Co-CEO of EnWave. "We feel that the optimal value we can
create for EnWave shareholders is by not only generating a royalty
stream from this operation, but by also owning a stake in future
sales, profits and equity value."  
"Lucid continues to engage with entrepreneurial companies like
EnWave, who have proprietary, innovative technology and attractive
growth prospects," stated Mr. Rufino Dee, President and CEO of Lucid
Capital Management. "We believe that there is a tremendous
opportunity to use our distribution relationships and marketing
expertise to grow the nutraDRIED(TM) brand into a household name,
synonymous with healthy, tasty, all-natural snack products." 
About EnWave  
EnWave Corporation is a Vancouver-based industrial technology company
developing commercial applications for its proprietary Radiant Energy
Vacuum (REV(TM)) dehydration technology. Recently, EnWave formed a
Limited Liability Partnership with Lucid Capital Management to
develop, manufacture, market and sell all-natural cheese snack
products in the United States. The company licensed REV(TM)
technology to Milne Fruit Products Inc in 2011, its first major U.S
customer, to support a launch of healthy berry snacks and powders
across most major markets in North America. More recently, EnWave
licensed REV(TM) technology to one of its Tier 1 multinational
collaborators from the list below. In addition, EnWave has entered
into a wide range of research and collaboration agreements with an
expanding list of multinational companies, including Nestle,
Kellogg's, Grupo Bimbo, Grimmway Farms, Ocean Spray Cranberries,
Hormel, Bonduelle, Cherry Central, Sun-Maid Growers, Gay Lea Foods
and Merck. EnWave is introducing REV(TM) 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(TM) platforms: commercial-scale
nutraREV(R) and MIVAP(R) are used in the food industry to dry fruits,
vegetables, meat, herbs and seafood quickly and at low-cost, while
maintaining high levels of nutrition, taste, texture and colour. The
Company is also developing powderREV(TM) for bulk dehydration of food
cultures, probiotics and fine biochemicals such as enzymes;
quantaREV(TM) for continuous, high-volume low-temperature drying of
pastes, gels, liquids, or particulates; and bioREV(TM) and
freezeREV(TM) as new methods 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, Chairman & Co-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
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
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. 
EnWave Corporation
Mr. John McNicol
President & Co-CEO
EnWave Corporation
Mr. Brent Charleton
Director of Marketing & Corporate Affairs
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