Vancouver, B.C., August 23, 2017
EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the "Company") announced today that it has amended the existing commercial license agreement (the “Amendment”) with Milne Fruit Products d.b.a Milne MicroDried Inc. (“Milne”) to grant Milne the exclusive rights to produce dried blueberries and dried strawberries in the United States of America using EnWave’s proprietary Radiant Energy Vacuum (“REV™”) technology. Prior the Amendment, Milne’s exclusive territory for using REVTM for dried blueberries and dried strawberries was the State of Idaho.
Milne intends to purchase additional REV™ machinery with minimum capacity of 100kW (the “Machinery”) within eighteen months of the Amendment. Upon signing the Amendment, EnWave received a non-refundable USD$100,000 deposit towards the purchase of the Machinery. All other terms of the Amendment are confidential.
Milne MicroDried is committed to creating innovative solutions and healthier ingredients for international, national and regional food, beverage and nutraceutical manufacturers. This includes bringing new fruit and vegetable varieties with no added colors, sugars or preservatives to market and customizing ingredient characteristics to meet customer specifications.
Milne MicroDried has more than doubled its capacity to meet the industrial ingredient needs of customers by adding a second REV™ dryer line to its Nampa, Idaho plant. As part of its commitment to the industrial food industry, Milne MicroDried is dedicated to responsive customer service and finding innovative solutions for new product applications.
For more information about Milne MicroDried please visit www.milnemicrodried.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-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: a faster method compared to 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
Debra 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.
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