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EnWave Announces Exclusive Partnership With Medical Cannabis Producer Tilray® And The Shipment Of First Radiant Energy Vacuum Microwave Machine For The Commercial Production Of Medical Cannabis
Feb 1st 18, 06:00
EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”) reports today that for the first time, it has shipped a commercial Radiant Energy Vacuum (REV™) dehydration machine for further research refinement and also the commercial production of medical cannabis. Additionally, the Company has named Tilray (“Tilray”), a major Canadian Licensed Producer (“LP”), as its licensed partner under the terms of an exclusive, sub-licensable, royalty bearing commercial license (the “License”) signed in October 2017. The License grants Tilray an exclusive right to use and sub-license the Company’s proprietary REV™ dehydration technology in Canada for efficient production of high-quality dried and decontaminated cannabis products.
The shipment and installation marks EnWave’s entrance into the rapidly growing Canadian cannabis market. The partnership with Tilray has been designed to pair EnWave’s disruptive cannabis processing technology with Tilray’s industry-leading processing capabilities and regulatory expertise. The Company’s strategy, in partnership with Tilray, is to secure additional royalty bearing sub-licenses with additional licensed producers in the cannabis sector.
This first small-scale 10 kW REV™ dryer will be used by Tilray to initiate commercial production and for advanced product development. A second, larger-scale, continuous 60kW commercial REV™ machine will be shipped to the LP before mid-2018 to initiate large-scale commercial production.
EnWave’s patented technology pasteurizes and uniformly dries cannabis in its natural state, without any additives, in under one hour, dramatically shortening the time from harvest to marketable products and circumvents the need to transport medical cannabis to highly-specialized and expensive off-site decontamination facilities. EnWave’s continuous high-volume REV™ drying process is energy efficient and eliminates the need for large-scale in-house drying rooms and the associated potential for product loss due to mold growth during the traditional multi-day drying process. The automation of the drying process by EnWave’s scalable REV™ machinery is expected to reduce personnel costs and provide a highly cost-effective solution for high-quality cannabis production.
Following installation of the REV™ equipment, Tilray, which is projected to achieve production capacity greater than 74 metric tons in 2018, will pay royalties based on the amount of cannabis processed using EnWave’s REVtm technology. The sub-license rights granted to Tilray allow for the sub-licensing of the technology to additional Canadian licensed producers, with sub-license royalties to be shared between EnWave and Tilray on an undisclosed basis. All other terms of the License are confidential. In other applications, EnWave’s REV™ drying is used to produce food products including many that are certified organic in accordance with USDA Organic Regulations.
About Tilray ®
Tilray is a global pioneer in the research, cultivation, processing and distribution of medical cannabis and cannabinoids. Tilray was the first federally licensed cannabis company to be EU GMP certified to produce medical cannabis. The company currently serves tens of thousands of patients, physicians, pharmacies, governments, hospitals, and researchers in eight countries spanning four continents through its affiliated entities in Australia and New Zealand (Tilray Australia New Zealand Pty Ltd), Canada (Tilray Canada Ltd), Germany (Tilray Deutschland GmbH), and Portugal (Tilray Portugal Unipessoal Lda).
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. EnWave has further developed patent-pending methods for uniformly drying and decontaminating cannabis through the use of REV™ technology, shortening the time from harvest to marketable cannabis products.
REV™ technology’s commercial viability has been demonstrated and is growing rapidly across several market verticals in the food, and pharmaceutical sectors including legal cannabis. 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 over twenty royalty-bearing licenses to date, opening up nine 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, CFA, Senior Vice President, Sales and Business Development at +1 (778) 378-9616
Deborah Honig, Corporate Development, Adelaide Capital Markets at +1 (604) 755-1348
Forward-Looking Information: 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 and market position are forward-looking statements. These statements are not a guarantee of future performance and involve a number of risks, uncertainties and assumptions, including those relating to the expectation of commercially successful integration of the EnWave technology to the dehydration of cannabis, the outcome of EnWave’s patent application, the ability of the Company to expand into the cannabis industry and successfully market its technology and patents, that the Company will be able to meet all applicable legal regulatory requirements in order to commercially exploit its patent, if and when its application is approved, or otherwise market its technology to cannabis industry participants, and other risks applicable to the Company as disclosed in its public filings. 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. EnWave does not undertake to update its forward-looking information unless required by applicable securities law. Accordingly, readers should not place undue reliance on forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.