EnWave Signs Technology Evaluation and License Option Agreement with American Multinational Food Company
Vancouver, B.C., August 11, 2017 - EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the "Company") today announced that, the Company has signed a Technology Evaluation and License Option Agreement (the “Agreement”) with a major American multinational food company (the “Partner”). The Partner is an international leader in the meat and prepared food industries.
The Agreement enables the Partner to evaluate Radiant Energy Vacuum (“REV™”) technology as a viable option to process several of its current and potential commercial offerings. The Agreement between EnWave and the Partner allows for the rental of pilot-scale REV™ machinery for a period of up to six months. EnWave has granted the Partner an option to exclusively license this technology for specific products and territories should the outcome of the evaluation be successful. All other terms of the Agreement are confidential.
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
Jeremy Hellman, Senior Associate, The Equity Group at +1 (212) 836-9626
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