EnWave Announces Trial Launch of Moon Cheese into American Costco Division and Improvement of NutraDried LLP Operations
Vancouver, B.C., October 11, 2017
EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the "Company" - https://www.commodity-tv.net/c/search_adv/?v=297852) announces today that NutraDried LLP (“NutraDried”), a 51% owned subsidiary of the Company, has secured a trial rotation of its Moon Cheese® snack product into the Midwest division of Costco Wholesale Corporation (“Costco”) in the United States of America. This product rotation opportunity will launch a new ten ounce package format of the all-natural cheese snack product in December 2017. This trial launch of Moon Cheese® is a significant positive development and revenue opportunity for NutraDried, but does not guarantee any long term distribution in Costco. This trial launch represents NutraDried’s first sale of club format product and the Company plans to target additional future club format distribution opportunities.
Additionally, EnWave is pleased to report that NutraDried has improved several areas of its business in fiscal year 2017. NutraDried has become a profitable business unit for EnWave and is contributing meaningful royalties generated from the sales of Moon Cheese® throughout North America. NutraDried’s profitability has improved significantly, generating a gross margin of approximately 50%, compared to 25% in 2016. With strong profit margins and additional revenue opportunities, NutraDried is well positioned for growth and further solidifies the business case for the use of EnWave’s technology to produce high quality, nutritious snacks.
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-two 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, Sales and Business Development at +1 (778) 378-9616
Deborah Honig, Corporate Development, Adelaide Capital Markets at + 1 (604) 755-1348
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.
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.