VANCOUVER, British Columbia, May 23, 2018 (GLOBE NEWSWIRE) -- EnWave Corporation (TSX-V:ENW) (FSE:E4U) (“EnWave,” or the "Company") announced today that it has signed a second equipment purchase agreement (the "Agreement") with an existing licensed royalty partner (the "Royalty Partner") which is a leading American food company.
Pursuant to the Agreement, the Royalty Partner has purchased a second small commercial-scale Radiant Energy Vacuum ("REV™") machine to increase processing capacity in order to fill the increasing market demand for their REV™-dried snack products.
EnWave has also expanded its commercial relationships with both Nanuva Ingredients of Chile (“Nanuva”) and Dominant Slice Lda of Portugal (“Dominant Slice”).
Nanuva is successfully building their business of selling REV™-dried fruits and vegetables to food processing companies on an international basis. Nanuva currently operates three small commercial-scale REV™ machines and is working to build demand in 2018 to justify the acquisition of a 60kW continuous REV™ installation. EnWave expanded Nanuva’s commercial royalty-bearing license to include beetroot, carrot, goldenberries, jerusalem artichoke, sweet potato, pumpkin, mandarin, orange, kiwi, mango, kale, tomato, banana, avocado powders and cranberries, to be produced in Chile on a non-exclusive basis. The additional products were added to Nanuva’s licensed product portfolio due to tangible commercial demand for these new and innovative products.
In addition to the expanded relationship with Nanuva, EnWave recently signed a non-exclusive commercial royalty-bearing license (the “License”) with Dominant Slice, granting Dominant Slice the right to use its existing REV™ machinery to produce pineapple, mango, banana, coconut and papaya fruit pieces in Portugal. Dominant Slice is subject to minimum royalty payments generated solely from the sale of REV™-dried tropical fruit products. Dominant Slice will retain the aforementioned non-exclusive right so long as the minimum royalty payments are made to the Company.
About EnWave
EnWave Corporation, a Vancouver-based advanced technology company, has developed Radiant Energy Vacuum (“REV™”) – 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™ technology, shortening the time from harvest to marketable cannabis products.
REV™ 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™ 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™ 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™ platforms:
- 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;
- powderREV® which is used for the bulk dehydration of food cultures, probiotics and fine biochemicals such as enzymes below the freezing point, and
- 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.
EnWave Corporation
Dr. Tim Durance
President & CEO
For further information:
John P.A. Budreski, Executive Chairman at +1 (416) 930-0914
E-mail: jbudreski@enwave.net
Brent Charleton, CFA , Senior Vice President, Sales and Business Development at +1 (778) 378-9616
E-mail: bcharleton@enwave.net
Deborah Honig, Corporate Development, Adelaide Capital Markets at + 1 (647) 203-8793
E-mail: dhonig@enwave.net
Safe Harbour for Forward-Looking Information Statements: This press release may contain forward-looking information based on management's expectations, estimates and projections. All statements that address expectations or projections about the future, including statements about the Company's strategy for growth, product development, market position, expected expenditures, and the expected synergies following the closing are forward-looking statements. All third party claims referred to in this release are not guaranteed to be accurate. All third party references to market information in this release are not guaranteed to be accurate as the Company did not conduct the original primary research. These statements are not a guarantee of future performance and involve a number of risks, uncertainties and assumptions. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
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