VANCOUVER, British Columbia, April 19, 2018 (GLOBE NEWSWIRE) -- EnWave Corporation (TSX-V:ENW) (FSE:E4U) (“EnWave,” or the "Company") announced today that NutraDried Food Company, LLC (“NutraDried”), a wholly owned subsidiary of the Company, has received a second purchase order for its Moon Cheese® snack product from Costco Wholesale Corporation’s (“Costco”) Pacific Northwest division after the initial rotation launch at the beginning of April 2018. The Company previously announced the first purchase order and product rotation in Costco’s Pacific Northwest division in a press release dated March 14, 2018.
The recent repeat purchase orders from Costco’s Pacific Northwest division along with the Midwest division demonstrates the success of club format packaging of Moon Cheese® in the Costco system. NutraDried will continue to pursue expanded distribution with Costco through both additional repeat orders and potential expansion into other Costco divisions. Each Costco purchase order represents significant revenue growth for NutraDried.
The current success of club format Moon Cheese® distribution in Costco does not guarantee future continued success.
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 eight distinct market sectors for commercialization of new and innovative products. In addition to these licenses, EnWave’s wholly-owned subsidiary, NutraDried Food Company, LLC, was formed 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 (604) 755-1348
E-mail: dhonig@enwave.net
Forward-Looking Information: 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 and market position are forward-looking statements. These statements are not a guarantee of future performance and involve a number of risks, uncertainties and assumptions, including those relating to the expectation of commercially successful integration of the EnWave technology to the dehydration of cannabis, the outcome of EnWave’s patent application, the ability of the Company to expand into the cannabis industry and successfully market its technology and patents, that the Company will be able to meet all applicable legal regulatory requirements in order to commercially exploit its patent, if and when its application is approved, or otherwise market its technology to cannabis industry participants, and other risks applicable to the Company as disclosed in its public filings. 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. EnWave does not undertake to update its forward-looking information unless required by applicable securities law. Accordingly, readers should not place undue reliance on forward-looking statements.
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.