Vancouver, B.C., October 13, 2017
EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the "Company" - http://www.commodity-tv.net/c/search_adv/?v=297852) announced today that it has signed a commercial royalty-bearing license (the “License”) with Howe Foods Pty Ltd (“HFG”), a diversified, family-owned business and the second largest producer of bananas in Australia. The License grants HFG the exclusive right to use the Company’s proprietary Radiant Energy Vacuum (“REV™”) dehydration technology to produce dried banana products in Australia and the non-exclusive right to produce dried blueberry products in Australia.
HFG has also submitted a purchase order for EnWave to deliver a small-scale commercial REV™ machine to initiate commercial production and continue product development. Pursuant to the License, HFG is required to submit additional purchase orders for REV™ machinery with minimum total capacity of 240kW within twelve months of the installation of its first REV™ machine to retain its exclusive rights. All other terms of the License are confidential.
About Howe Farming Group
One of Australia's largest and most diverse farming enterprises, Howe Farming Group is a second generation family owned company. Tom and Yola Howe began growing tobacco and vegetables in the early 1950’s in Bilwon, and in 1975 the family purchased their main farm at Chewko Road, Walkamin, Queensland. HFG is a diversified enterprise and grows a number of crops, including bananas, sugar cane, coffee, avocados and blueberries.
HFG proudly supplies both Woolworths and Coles grocery store chains (two of the largest in Australia) with their produce, as well as independent fruit marketers and vendors. In order to ensure HFG fruit standard meets or exceeds customers’ expectations, they employ a full time Quality Assurance team who are dedicated to providing their customers with a reliable and consistent supply of fruit that is of the highest possible quality.
For more information on Howe Farming Group, please visit www.howefarms.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-three 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
Brent Charleton, Senior Vice President, Sales and Business Development at +1 (778) 378-9616
Deborah 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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