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>>> EnWave Provides Additional Information Regarding Strategic Equity Investment by Aurora Cannabis Inc.


https://www.marketwatch.com/press-release/enwave-provides-additional-information-regarding-strategic-equity-investment-by-aurora-cannabis-inc-2019-04-26?siteid=bigcharts&dist=bigcharts


Apr 26, 2019

VANCOUVER, British Columbia, Apr 26, 2019 (GLOBE NEWSWIRE via COMTEX) -- EnWave Corporation ("EnWave" or the "Company"), a global leader in vacuum microwave dehydration technology, is pleased to provide further information relating to the $10 million strategic equity investment by Aurora Cannabis Inc. ("Aurora") in the Company announced earlier today.

Pursuant to the terms of a share purchase agreement between the parties dated April 25, 2019, Aurora has purchased 5,302,227 common shares in the capital of EnWave (the "EnWave Shares") at a deemed price of $1.886 per share, based on the volume weighted average trading price ("VWAP") for EnWave's shares on the TSX Venture Exchange (the "TSXV") for the five (5) consecutive trading days to and including April 22, 2019. As consideration for the EnWave Shares, Aurora issued to EnWave 840,576 common shares in the capital of Aurora (the "Aurora Shares") at a deemed price of $11.8966 per share, based on the VWAP for Aurora's shares on the Toronto Stock Exchange for the five (5) consecutive trading days to and including April 22, 2019.

Each of the EnWave Shares and the Aurora Shares will be subject to a hold period of four months and one day from the date of issuance pursuant to applicable securities laws. The TSXV has provided conditional approval for the transaction.

EnWave intends to dispose of or otherwise transact in the Aurora Shares for the purpose of realizing the cash value of the strategic equity investment as soon as possible, and may enter into any number of arrangements, including but not limited to sale or lending transactions, in furtherance thereof.

About EnWave

EnWave Corporation, a Vancouver-based advanced technology company, has developed Radiant Energy Vacuum ("REV(TM)") - an innovative, proprietary method for the precise dehydration of organic materials. EnWave has further developed patent-pending methods for uniformly drying and decontaminating cannabis through the use of REV(TM) technology, shortening the time from harvest to marketable cannabis products.

REV(TM) technology's commercial viability has been demonstrated and is growing rapidly across several market verticals in the food and pharmaceutical sectors including legal cannabis. EnWave's strategy is to sign royalty-bearing commercial licenses with industry leaders in multiple verticals for the use of REV(TM) technology. The company has signed over twenty royalty-bearing licenses to date, opening up nine distinct market sectors for commercialization of new and innovative products. In addition to these licenses, EnWave has formed a Limited Liability Corporation, NutraDried Food Company, LLC, to develop, manufacture, market and sell all-natural cheese snack products in the United States under the Moon Cheese brand.

EnWave has introduced REV(TM) 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(TM) 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.

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