EnWave Announces Option Trade Program and Additional Option Grant for Non-Insider Employees
June 23 2023 - 8:00AM
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 +1
(778) 378-9616 E-mail: bcharleton@enwave.net
Dylan Murray, CFO at +1 (778) 870-0729E-mail:
dmurray@enwave.net
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.
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