May 22, 2014 – EnWave Corporation
EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”) announced today that the Company has signed a Commercial Royalty-Bearing License (the “License”) and Machine Purchase Agreement (the “Agreement”) with a Canadian vegetable and herb producer (the “Licensee”). The License grants the Licensee with the right to dehydrate a number of high-value vegetable and herb products using EnWave’s Radiant Energy Vacuum (“REV™”) technology. To enable commercial production, the Licensee has signed the Agreement to purchase a 20kW commercial nutraREV® unit expected to be delivered to their facilities in the second half of 2014.
Prior to signing the License and Agreement, EnWave conducted a series of product development tests with the Licensee at the Company’s pilot plant facilities that yielded compelling results. Key product characteristics that have become closely associated with the use of REV™ technology, such as high nutritional retention, strong flavors and natural colors, all contributed to the Licensee’s decision to proceed on a commercial basis.
“This represents our third commercial licensee in the vegetable market sector,” stated Dr. Tim Durance, Chairman and Co-CEO of EnWave. “There is increased momentum building in each of our seven established market sectors and we expect further market opportunities to be confirmed over the coming quarters.”
EnWave Corporation is a Vancouver-based industrial technology company developing commercial applications for its proprietary Radiant Energy Vacuum (REV™) dehydration technology. EnWave aims to sign royalty-bearing commercial licenses with leading food and pharmaceutical companies for the use of its revolutionary technology. Thus far the Company has signed commercial licenses with Bonduelle, a global leader in the production of vegetables, for the processing of dehydrofrozen vegetables; Hormel Foods Corporation, a major processed meat manufacturer, for the production of healthy dried meat products; Milne Fruit Product, EnWave’s first major licensee, for the production of several dehydrated fruit and vegetable products in the whole, fragmented and powdered form; a leading North American enzyme company, to dehydrate a series of food-related enzymes for their Tier 1 clients; and Napa Mountain Spice Company, to dry high-quality California bay leaves. In addition to these licenses, EnWave has formed a Limited Liability Partnership with Lucid Capital Management to develop, manufacture, market and sell all-natural cheese snack products in the United States under the Moon Cheese® brand. EnWave has also signed a commercial royalty-bearing license with NutraDried Creations LLP to enable them to aggressively market nutritious snack products to private label customers in North America and Latin America. Most recently, EnWave signed a commercial license with a Canadian vegetable and herb producer.
Also, EnWave has entered into a wide range of research and collaboration agreements with an expanding list of multinational companies, including Nestlé, Kellogg’s, Grupo Bimbo, Grimmway Farms, Ocean Spray Cranberries, Cherry Central, Sun-Maid Growers, Gay Lea Foods, R.J. Reynolds and Merck. EnWave is introducing REV™ as a new dehydration standard in the food and biological material sectors: potentially faster and cheaper than freeze drying, with better end product quality than air drying or spray drying.
EnWave currently has six REV™ platforms: commercial-scale nutraREV® and MIVAP® are used in the food industry to dry fruits, vegetables, meat, herbs and seafood quickly and at low-cost, while maintaining high levels of nutrition, taste, texture and colour. The Company is also developing powderREV® for bulk dehydration of food cultures, probiotics and fine biochemicals such as enzymes; quantaREV™ for continuous, high-volume low-temperature drying of pastes, gels, liquids, or particulates; and bioREV™ and freezeREV™ as new methods to stabilize and dehydrate biopharmaceuticals such as vaccines and antibodies. More information about EnWave is available at www.enwave.net.
Dr. Tim Durance
Chairman and Co-CEO
For further information:
Mr. Brent Charleton, Vice President, Corporate Affairs at (778) 378-9616
Mr. John McNicol, President & Co-CEO, EnWave Corporation at (604) 601-8524
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 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.
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.