EnWave Receives Purchase Order from Agricola Industrial La Lydia SA for Second REV™ Machine for Tropical Fruit and Cheese Production
Receive up-to-date information about the company directly via push notification
Vancouver, B.C., May 17th, 2017
EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the "Company") today reports that it has received a purchase order (the “Purchase Order”) from Agricola Industrial La Lydia SA (“La Lydia”) for a second small-scale commercial Radiant Energy Vacuum (“REV™”) machine to double their production capacity in the near term for tropical fruit and cheese snack products in Costa Rica. This second REV™ machine is expected to be commissioned at La Lydia’s facility in July 2017.
The current license agreement granted to La Lydia (the “License Agreement”) provides exclusivity for processing in a territory consisting of Costa Rica, Nicaragua, Honduras, Panama, El Salvador, the Dominican Republic, Belize and Guatemala for a number of fruit, vegetable and cheese products. The exclusivity granted under the License Agreement is subject to La Lydia submitting a future purchase order for large-scale commercial REVTM machinery and minimum annual royalty payments to EnWave. All other terms of the License and Purchase Order are confidential.
About Agricola Industrial La Lydia SA
Agricola Industrial La Lydia is 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 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
E-mail: [email protected]
Brent Charleton, Senior Vice President, Business Development at +1 (778) 378-9616
E-mail: [email protected]
Jeremy Hellman, Senior Associate
The Equity Group
+1 (212) 836-9626
E-mail: [email protected]
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.