EnWave Reports Consolidated Interim Financial Results for the First Quarter Fiscal Year 2016
Vancouver, B.C., February 26th, 2016
EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the "Company" - https://www.commodity-tv.net/c/mid,1323,Interviews/?v=295748) today reported the Company’s consolidated interim financial results for the first quarter ended December 31, 2015. The Company reported consolidated revenue of $2,604,000 and a consolidated net loss of $483,000 for the first quarter. The material increase in revenues was due to the continued expansion and acceleration of Moon Cheese®, revenue from commercial projects with two pharmaceutical partners and the sale of three smaller scale commercial Radiant Energy Vacuum (“REV™”) machines for use in the food processing industry.
Significant achievements in the first quarter included:
1) the expansion of Moon Cheese® distribution in the USA and commencement of availability to Canada with the Major Global Coffee Chain;
2) additional USA distribution of Moon Cheese® through major US grocery chains;
3) the extension of the Technology Evaluation and License Option (“TELOA”) with Jack Links Protein Snacks;
4) the signing of a TELOA with Nature’s Touch Frozen Foods for dehydrofrozen fruit products;
5) the commencement of manufacturing equipment under license with a Pharmaceutical Partner;
6) the signing of a commercial royalty bearing license with Agricola Industrial La Lydia SA of Costa Rica for fruit and cheese production; and
7) the closing of a $5 million “bought deal” private placement equity financing
Over the coming quarters, EnWave will continue to aggressively pursue its commercialization strategy through confirming additional REV™ machine orders, growing royalty streams with established royalty partners and the growth of NutraDried LLP’s Moon Cheese® sales. EnWave’s mission is to disrupt the global dehydration industry through its licensed REV™ technology business model.
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 fifteen 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 and cheaper 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, low-cost 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, EnWave Corporation at +1 (416) 930-0914
Brent Charleton, Senior Vice President, Business Development at +1 (778) 378-9616
Jeremy Hellman, Senior Associate
The Equity Group
+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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