Dr. Tim Durance reports

ENWAVE COMPLETES ACQUISITION OF 86.5% CONTROLLING INTEREST IN HANS BINDER MASCHINENBAU GMBH

EnWave Corp., further to its press release dated Oct. 18, 2012, has completed and closed the acquisition of an approximately 86.5-per-cent interest in Hans Binder Maschinenbau GmbH, in exchange of an investment of two million euros into the capital of Binder.

The company has granted an aggregate of 625,000 stock options to the managing directors and to a shareholder of Binder pursuant to the company's share option plan. Each stock option entitles its holder to purchase one common share of the company at an exercise price of $1.32 per common share until Oct. 26, 2017. The options will vest in accordance to provisions set out in the plan, or as otherwise required by the TSX Venture Exchange. The grant is subject to regulatory approval.

We seek Safe Harbor.