EnWave Announces 2017 Third Quarter Consolidated Interim Financial Results
Vancouver, B.C., August 25th, 2017
EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the "Company") today reported the Company’s consolidated interim financial results for the third quarter ended June 30, 2017. The Company reported consolidated revenue of $4,674,000, and a consolidated net loss of $529,000 for the third quarter of fiscal year 2017. Non-cash items included in the consolidated net loss were $300,000 of stock based compensation expense and $206,000 of amortization expense related to intangible assets.
Significant achievements in the third quarter to the date of this release include:
- Receiving purchase orders for a large-scale commercial REVTM machine and a small-scale REVTM machine from Pitalia S.A. in Costa Rica;
- Signing a royalty-bearing Commercial License Agreement with Ashgrove Cheese Pty Ltd. and receiving a purchase order for a small-scale REVTM machine for placement in Australia;
- Signing a royalty-bearing Commercial License Agreement with Bare Foods Co., a leading American snack producer;
- Signing Technology Evaluation and License Option Agreements with six new prospective royalty partners to evaluate the use of EnWave’s REVTM dehydration technology;
- Entering a contract with the US Army Natick Soldier R&D Center to jointly develop phytonutrient-rich field rations.
EnWave’s Radiant Energy Vacuum (“REV™”) technology is well positioned to capture market share in both the food and pharmaceutical drying industries. The intrinsic value of using REV™ technology as an alternative to conventional options has been proven in several market verticals on a global basis. EnWave anticipates continued commercial success and growth in the worldwide deployment of REV™ technology.
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. REV™ technology’s commercial viability has been demonstrated and is growing rapidly across several market verticals in the food and pharmaceutical sectors. 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 twenty-three royalty-bearing licenses to date, opening up eight distinct market sectors for commercialization of new and innovative products. In addition to these licenses, EnWave has formed a Limited Liability Partnership, NutraDried LLP, 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.
Dr. Tim Durance
President & CEO
For further information:
John Budreski, Executive Chairman at +1 (416) 930-0914
Brent Charleton, Senior Vice President, Business Development at +1 (778) 378-9616
Deborah Honig, Corporate Development, Adelaide Capital Markets at + 1 (647) 203-8793
Jeremy Hellman, Senior Associate, The Equity Group at +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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