Vancouver, B.C., July 27th, 2016
EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the "Company" - http://www.commodity-tv.net/c/search_adv/?v=296439) is pleased to report that the Company has extended its Technology Evaluation and License Option Agreement (the “Agreement”) with Ultima Foods Incorporated (“Ultima”). This next phase of development will include the installation of Radiant Energy Vacuum (“REV™’) machinery in an Ultima processing plant located in Quebec, Canada for a period of up to six months. This installation will enable Ultima to refine their product applications and target potential commercialization in 2017. EnWave is working with Ultima to advance the further development of new, innovative, shelf-stable yogurt snacks with the use of EnWave’s patented REV™ dehydration technology.
Ultima is a joint venture of two of Canada's largest dairy cooperatives, Agropur and Agrifoods, and is a major Canadian yogurt producer that markets its products under the Olympic and iögo dairy brands. Ultima has successfully developed several shelf-stable yogurt snack products with the use of the Company’s REV™ dehydration technology.
Currently, Ultima has an exclusive option to license REV™ technology for the commercial production of yogurt products in Canada.
About Ultima Foods
For more than 40 years, Ultima Foods has been a Canadian leader in the manufacturing and marketing of yogurt and fresh dairy products. Headquartered in Longueuil, Quebec, the company has over 700 employees across the country. It has world-class facilities and produces more than 100 million kilos of fresh dairy products every year at its Granby, Quebec plant, that are distributed across Canada. Having developed a veritable yogurt culture in the country, Ultima Foods makes products that are adapted to the tastes and expectations of Canadian consumers by investing in high standards of quality and innovation. Ultima foods develops, manufactures and markets the iögo brand. In addition to its iögo brand, the company owns and operates Olympic-brand dairy products (www.olympicdairy.com). Ultima Foods, which is owned by the Agropur and Agrifoods dairy cooperatives, is a major player in the Canadian food industry. For more information about Ultima Foods, visit www.ultimayog.ca or follow Ultima on Facebook.
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. To date, the Company has signed eighteen royalty-bearing commercial licenses with various companies, thereby opening up eight distinct market sectors for commercialization. In addition to these fifteen licenses, EnWave has formed a Limited Liability Partnership, NutraDried LLP, to develop, manufacture, market and sell all-natural cheese snack products within the United States of America under the Moon Cheese® brand.
EnWave is introducing REV™ technology as a new dehydration standard in the food and biological material sectors, with benefits including, but not limited to, a faster and cheaper method compared to freeze drying, with better end product quality than air drying or spray drying. EnWave currently has three commercial REV™ platforms:
1. nutraREV® (food industry applications): designed for quick, low-cost dehydration of fruits, vegetables, herbs, dairy products, meats and seafood, with benefits including improved nutritional content, appearance, flavor and texture relative to conventional methods.
2. quantaREV® (food industry applications): designed for high-volume, low-temperature dehydration of solids, liquids, granular or encapsulated products.
3. powderREV® (pharmaceutical applications): designed as a high-speed, lower-energy, continuous alternative to freeze drying for bulk dehydration of temperature-sensitive biomaterials (bacteria, cell-free extracts, enzymes, probiotics, food cultures, etc.).
In addition, EnWave is currently developing a new commercial REV™ platform:
1. freezeREV® (pharmaceutical applications): a multi-vial prototype technology designed to act as an accelerated freeze dryer to produce room-temperature stable biopharmaceuticals and reagents.
More information about EnWave is available at www.enwave.net.
Dr. Tim Durance
President & CEO
For further information:
John Budreski, Executive Chairman, EnWave Corporation at +1 (416) 930-0914
Brent Charleton, Senior Vice President, Business Development at +1 (778) 378-9616
Jeremy Hellman, Senior Associate
The Equity Group
+1 (212) 836-9626
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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