Vancouver, B.C., August 24, 2017
EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the "Company") announced today that it has signed a commercial royalty-bearing license (the “License”) with Ultima Foods Incorporated (“Ultima”), a major Canadian yogurt processor with over 40 years of experience. Ultima is a joint venture between two of Canada's largest dairy cooperatives, Agropur and Agrifoods.
The License grants Ultima the exclusive right to use EnWave’s Radiant Energy Vacuum (“REV™”) technology to process yogurt products in Canada. In exchange for this exclusivity, Ultima has agreed to pay EnWave an undisclosed royalty on the wholesale price of all REV™-dried products sold. Ultima has also agreed to purchase a small commercial REV™ machine to enable a focused market trial in early 2018. Subject to maintaining the exclusivity of the License, Ultima is required to order a larger, continuous REV™ machine before the end of 2018. All other terms of the agreement are confidential.
This is EnWave’s twenty-second commercial royalty-bearing license and the first for yogurt products.
About Ultima Foods Inc.
For more than 40 years, Ultima has been a Canadian leader in the manufacturing and marketing of yogurt and fresh dairy products. Headquartered in Longueuil, Quebec, the company has over 700 employees across the country. It has world-class facilities and produces every year at its Granby, Quebec plant more than 100 million kilos of fresh dairy products that are distributed across Canada.
Having developed a veritable yogurt culture in the country, Ultima makes products that are adapted to the tastes and expectations of Canadian consumers by investing in high standards of quality and innovation. Ultima develops, manufactures and markets the iögo brand. In addition to its iögo brand, the company owns and operates Olympic-brand dairy products (www.olympicdairy.com).
Ultima, which is owned by the Agropur and Agrifoods dairy cooperatives, is a major player in the Canadian food industry. For more information about Ultima, visit www.ultimayog.ca or follow Ultima on Facebook.
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-two 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, Business Development at +1 (778) 378-9616
Debra 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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