Enwave Selects Scotiabank As Financial Advisor For Sale

TORONTO, ONTARIO--(Marketwire - Feb. 24, 2012) - Enwave Energy Corporation ("Enwave") today announced that the Special Committee of the Board of Directors of Enwave has selected Scotiabank to act as financial advisor to Enwave in connection with the proposed sale of Enwave. Following the announcement by Enwave on November 30, 2011 that the shareholders of Enwave, the City of Toronto and Ontario Municipal Employees Retirement System, have directed the Board of Directors of Enwave to solicit proposals for a sale of 100% of the shares of Enwave through a competitive auction process, the Board of Directors of Enwave created the Special Committee to oversee the sale process. Scotiabank has been retained as financial advisor to Enwave to assist the Special Committee in their oversight of the sale process.

Enwave Energy Corporation is a leading provider of innovative, sustainable energy services. With district energy operations in Toronto and Windsor, Ontario, the company provides environmentally friendly heating and cooling to many of the most prestigious buildings and landmarks in both cities. In Toronto, 40 km of underground pipes interconnect over 140 buildings to three steam plants and to the company's world-renowned Deep Lake Water Cooling system. Customers include all the major downtown hospitals, multi-residential and class A commercial office towers, entertainment facilities and government buildings. In Windsor, the Enwave managed system supplies hot and chilled water to the City's Utilities Commission and the Windsor Casino.

With over 2,000 district energy systems operating in the United States and over 100 in Canada, the industry plays an important role in the broader energy sector - especially with respect to stated government objectives of achieving greater energy efficiency. Leveraging its proven reputation of bringing sustainable energy projects to market and drawing on its strong and stable financial base in Toronto, Enwave is well positioned to capitalize on many prospective growth opportunities both within the City of Toronto and throughout North America.