The purpose of .wav and .aiff files is not to be small. Yes, .wav files may be compressed, but who does that? If it is important for you to have small file size without sacrificing quality, there are many lossless codecs out there, most notably FLAC ("Free Lossless Audio Codec"). Here is
way more information than you probably need.
And whoever told you their codec would be perfect quality while giving you a file size very roughly 1% of a standard .wav file was lying through their teeth.