VANCOUVER, British Columbia, Nov. 07, 2018 (GLOBE NEWSWIRE) -- EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the "Company") announced today that it has signed a Research and Development License Agreement (the "Agreement") with the College of Agriculture and Life Sciences at Cornell University (CALS). CALS has also committed to purchasing a 10kW Radiant Energy Vacuum (“REV™”) dehydration machine to be used at its New York Center of Excellence in Food and Agriculture located in upstate New York.
Under the Agreement, Cornell will use the REV™ machinery for research and development purposes to propagate the REV™ technology with key stakeholders in the food manufacturing industry throughout New York State and beyond to help develop innovative, premium food applications. The Center for Excellence will effectively serve as a proving ground for prospective future royalty partners of the Company to evaluate the merits of REV™ technology. The installation of a pilot-scale REVTM machine at Cornell’s Food Venture Center pilot plant will increase the visibility of EnWave’s technology to potential new royalty partners, and will serve as a location for product trials and demonstrations.
EnWave personnel will collaborate closely with Cornell’s renowned food science department to showcase the REVTM technology to potential new royalty partners on a project-to-project basis.
About Cornell University’s Center of Excellence in Food and Agriculture
The Center for Excellence serves as a hub to connect New York businesses with services they need for success by linking them with world-class Cornell researchers, farmers, processors, businesses and consumers. It pulls together multiple partners to accelerate business development and leverage high technology.
New York state’s food manufacturing sector is the nation’s second largest, behind only California in the number of food-related businesses, according to the U.S. Department of Agriculture. New York ranks in the top 10 in production of 30 commodities. It is the second-largest producer of apples, snap beans and maple syrup, third in cabbage, grapes and dairy – the largest segment of the state’s agricultural sector – and fourth in pears, according to the New York State Department of Agriculture and Markets.
In partnership with the Cornell Agriculture and Technology Park in Geneva, the Center for Excellence has an incubator program for startups that provides entrepreneurship training, business mentorship and space. Through a mentor network, participants connect with distributors and marketers, potential partners, co-packing and manufacturing facilities and other existing resources.
The Center for Excellence assists in bringing technical products to market, expanding technology-related business and employment, and encouraging private-sector investment in emerging high-tech fields, such as REV™ technology. In addition, helps to commercialize Cornell food and agriculture-related innovations, inventions and intellectual property.
For more information, please visit https://foodscience.cals.cornell.edu/.
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:
| 1. | 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; | |
| 2. | powderREV® which is used for the bulk dehydration of food cultures, probiotics and fine biochemicals such as enzymes below the freezing point, and | |
| 3. | 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
Mr. Brent Charleton, CFA
President and CEO
For further information:
John P.A. Budreski, Executive Chairman at +1 (416) 930-0914
E-mail: jbudreski@enwave.net
Brent Charleton, CFA , President and CEO at +1 (778) 378-9616
E-mail: bcharleton@enwave.net
Deborah Honig, Corporate Development 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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