EnWave Receives Purchase Order from Milne Fruit Products for 120kW REV™ Machine and Expands License to Include New Products
Vancouver, B.C., June 28th, 2016
EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the "Company") today reports that it has received a purchase order (the “Purchase Order”) from Milne Fruit Products, Inc. (“Milne”) for a 120kW Radiant Energy Vacuum (“REV™”) machine to expand their processing capacity of Microdried® fruit and vegetable products. EnWave has also agreed to expand the current license agreement with Milne to now include Concord and wine grapes, parsley, kale, green beans, squash, zucchini, cabbage, spinach, bell peppers, apricots, apples and legumes for the pet food industry.
Milne is currently supplying a diversified array of clients with its Microdried® product line. Milne’s MicroDried® ingredients are 100% all-natural, high quality dried fruit and vegetables that are rich in nutritional values and health benefits – retaining higher levels of polyphenols than other commercial drying processes. MicroDried® products bring real fruit color, flavor and enhanced nutritional values to consumer products. Milne currently offers MicroDried® fruits and vegetables in whole, fragmented, and powder forms. Select products are available in both high and low moisture level offering different textures - chewy and crunchy.
Under the expanded license Milne will continue to pay EnWave product specific quarterly royalties on each Microdried® product sold. EnWave expects the 120kW REV™ machine to be installed for royalty bearing production in the spring of 2017.
About Milne Fruit Products
Since 1956, Milne Fruit Products has been an industry leader in creating fruit juices, concentrates and purees from Concord grapes and has expanded its product line to include over 25 different all-natural fruit and vegetable varieties and more than 50 ingredient products. Today, Milne is an independent processor and global supplier for the industrial food ingredient, beverage and health and wellness markets. For more information on Milne Fruit Products please visit www.milnefruit.com.
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 sixteen royalty-bearing commercial licenses with various companies, thereby opening up eight distinct market sectors for commercialization. In addition to these fifteen 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 method compared to freeze drying, with better end product quality than air drying or spray drying. EnWave currently has three commercial REV™ platforms:
1. nutraREV® (food industry applications): designed for quick dehydration of fruits, vegetables, herbs, dairy products, meats and seafood, with benefits including improved nutritional content, appearance, flavor and texture relative to conventional methods.
2. quantaREV® (food industry applications): designed for high-volume, low-temperature dehydration of solids, liquids, granular or encapsulated products.
3. 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:
1. 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
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.