EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the "Company" - https://www.youtube.com/watch?v=0WricA8ainA) is pleased to announce several organizational changes regarding NutraDried LLP (“NutraDried”), its 51% owned subsidiary that manufactures and distributes Moon Cheese®. EnWave confirms that NutraDried and Spire Brands, LLC (“Spire”) have terminated the Master Supply and Distribution Agreement (the “MDA”) between the two companies. The MDA was in operation for over one year and after a careful review, both parties concluded the MDA is not serving the best interests of either party. As a result of the termination, NutraDried will overtake the marketing and distribution strategy for its all natural cheese snack product, Moon Cheese®.
NutraDried has also contracted marketing and distribution support from Slant Design (“Slant”), a Vancouver based branding and marketing firm. Slant brings extensive experience in consumer packaged goods marketing, branding and distribution. NutraDried has worked extensively with Slant on prior projects including the introduction and sale of Moon Cheese® through the major US coffee chain. Moon Cheese® is currently available for purchase in over 23,000 diversified locations throughout North America.
Additionally, NutraDried’s Board of Managers have appointed Dr. Tim Durance, Chief Executive Officer and President of EnWave, as the interim Chief Executive Officer of NutraDried. Dr. Durance will serve as Chief Executive Officer of NutraDried on an interim basis until a permanent Chief Executive Officer for NutraDried has been appointed.
The organizational changes at NutraDried were planned in order to create operational efficiencies and to allow for the growth of the Moon Cheese® brand. NutraDried will now also be able to pursue additional revenue streams through private label sales as well as toll processing opportunities.
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 seventeen royalty-bearing commercial licenses with various companies, thereby opening up eight distinct market sectors for commercialization. In addition to these seventeen 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:
- 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.
- quantaREV® (food industry applications): designed for high-volume, low-temperature dehydration of solids, liquids, granular or encapsulated products.
- 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:
- 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 at +1 (416) 930-0914
Brent Charleton, Senior Vice President, Business Development at +1 (778) 378-9616
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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