Vancouver, B.C., August 10, 2017
EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the "Company") announced today that it has signed an amendment (the “Amendment”) with Agricola La Lydia Industrial (“La Lydia”) to transfer the existing commercial license agreement (the “License”) to Pitalia S.A. (“Pitalia”), a newly formed business entity owned by La Lydia. The Amendment will enable Pitalia, which has its facilities located in a tax-free zone in Costa Rica, to take advantage of several tax breaks regarding the export and production of dried food products using EnWave’s patented Radiant Energy Vacuum (“REV™”) technology.
Subsequent to the Amendment, Pitalia has signed an equipment purchase agreement (the “Purchase Order”) and paid a deposit to obtain a 100kW REV™ machine to expand their processing capacity. Pitalia has now purchased two 10kW REV™ machines and ordered one 100kW™ continuous REV™ production line. Pitalia plans to immediately begin selling pineapple, apple, mango and banana snack products through their Pure Joy Bites brand in the European and South, Central and North American markets.
Reminiscent of shimmering gold, Costa Rican pineapple is delectably sweet and refreshingly juicy. The ultimate in pineapple flavor, it’s very low acid content allows for a very sweet taste. Its tender bright yellow flesh is not only rich in taste, it's rich in color and generously releases its characteristic fresh tropical aroma. These high-quality characteristics are highlighted in the REV™-dried finished products of Pitalia.
About Pitalia S.A.
Pitalia S.A. is a subsidiary of Agricola Industrial La Lydia, a family-owned company that was founded over 70 years ago in Costa Rica. La Lydia has been a global leader in the production and exportation of golden pineapple since 2005. La Lydia continues to provide their clients with the highest quality product assurance through that distribution of their two golden pineapple brands: YAZ and SWITI. For more information about La Lydia, please visit www.costaricapineapple.com.
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-one 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:
- 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;
- powderREV® which is used for the bulk dehydration of food cultures, probiotics and fine biochemicals such as enzymes below the freezing point, and
- 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
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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