Vancouver, B.C., February 29th, 2016
EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the "Company" - http://www.commodity-tv.net/c/mid,1323,Interviews/?v=295748) today announced that it has signed a commercial royalty-bearing license (the “License”) with Ereğli Agrosan, a Turkish company that produces high-value, natural products and derivative products for the food, cosmetic and health sectors. The License grants Ereğli Agrosan the exclusive right to process a variety of fruit, vegetable and cheese products using EnWave’s Radiant Energy Vacuum (“REV™”) dehydration technology in Turkey. Ereğli Agrosan will pay EnWave a quarterly product specific royalty based on the wholesale value of the individual product offerings.
Ereğli Agrosan will manufacture several dried fruit, vegetable and cheese products using REV™ technology to be sold to consumer goods companies. Ereğli Agrosan has many strong, existing relationships with businesses in the Turkish, European and Asian markets, which are seeking to source higher-quality, natural food products. Ereğli Agrosan plans to access this widespread market demand by using the positive differentiation that REV™ technology provides. Turkey is a nation with rich agricultural potential which is anticipated to create substantial processing opportunities for Ereğli Agrosan.
License terms include a requirement that Ereğli Agrosan submit multiple purchase orders for REV™ machinery on an agreed upon timeline in order to retain exclusivity. The first purchase order under the License is for a small commercial REV™ machine to be installed at Eregli Agrosans facility in the spring of 2016, In the spring of 2016, a purchase order is required for a second small commercial REV™ machine. The License further requires Ereğli Agrosan submit purchase orders for at least one 100kW REV™ machine within twelve months of the start-up of the first small commercial REV™ machine in Turkiye and a second 100kW REV™ machine within three years in order to retain exclusivity.
This is the second commercial royalty bearing license signed by EnWave with a European partner company, the seventh license for cheese product production and the sixth license to produce fruit and vegetable products using REV™ technology.
About Ereğli Agrosan
Ereğli Agrosan was founded by several influential and successful Turkish business people including Mr. Bülent Ünal, the Chairman of Tüyap Fairs and Exhibitions; Mr. Mehmet Ali Karamehmet, a Board Member of Çukurova Holding; and Mr. Ömer Kaymakçalan, an experienced and successful investment manager. Ereğli Agrosan’s strength is derived from the experience and skillsets of its founders. They have extensive knowledge and experience in financial management, international trade, marketing and operations management.
Ereğli Agrosan’s head office and research and development laboratory are in İstanbul; their agricultural activity takes place on company owned agricultural land which is located on 7,000 decares in Konya, Ereğli and 2,000 decares in Tarsus. Ereğli Agrosan is currently completing two facilities for production: a 30,000m2 facility in Konya, Ereğli district and a 4,000m2 facility in Tarsus-Mersin. The strategic location of Turkey acts as a natural bridge between both East-West and North-South axis resulting in the creation of an efficient and cost-effective outlet to major markets. Operating from this location, Ereğli Agrosan can easily reach 1.5 billion potential customers in Europe, Eurasia, the Middle East and North Africa. Since Turkey has a highly developed technological infrastructure in transportation (both railway and sea transport), direct delivery to most of the EU countries is possible.
Since 2002, the size of the Turkish economy (GDP) as of the 2014 year-end was tripled to 800 billion USD and the per capita GDP was 10,390 USD in that year. With an average annual real GDP growth rate of 5%, economic growth is said to be robust (TurkStat). According to World Bank, GNI per capita in Turkey was 10,840 USD in 2014 and GDP per capita is estimated to be around 12.400 USD in 2020. Turkey is expected to be one of the fastest growing economies within OECD countries between 2012-2017 with an annual average real GDP growth rate of 5,2%. According to some estimates, Turkey’s total GDP is forecasted to move up to the 14th rank in the global league rankings for 2030, and is expected to maintain that rank until 2050.
For more information on Ereğli Agrosan please visit www.eregliagrosan.com/en/.
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
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