EnWave Announces Fourth Quarter and 2018 Annual Consolidated Financial Results
EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”) announced today that it has signed a Purchase Requisition (the “Agreement”) with the United States Army Natick Soldier Research, Development and Engineering Center (“NSRDEC”) to supply a 10kW Radiant Energy Vacuum (“REV™”) machine for research and development purposes. The acquisition of the 10kW REV™ machine by NSRDEC aims to facilitate an accelerated path to improved Close Combat Assault Ration deployment.
Dr. Tom Yang has been leading the project on behalf of NSRDEC and recently presented a scientific poster at the Institute of Food Technologists (“IFT”) Food Expo in Chicago on the 17th of July. The NSRDEC also displayed a series of REVTM-dried Close Combat Assault Rations at the IFT Food Expo where featured rations including shelf-stable mini-quiches, high-protein crunchy cheese snacks, a Korean BBQ bar, a chewy banana bar, and cheese cake bites were showcased.
After a successful presentation at the Pentagon in May 2018 and confirmed demand for REV™ dried rations, the NSRDEC has fast tracked the research and development necessary for implementation with close combat warfighters. An additional presentation to NASA will take place in September 2018. This project has been under development for the past year with trials previously being completed at EnWave’s pilot plant facility located in Vancouver, Canada.
EnWave and the NSRDEC are currently looking to collaborate with potential vendors to manufacture and supply REV™-dried nutrient rich field rations moving forward. Any interested parties are encouraged to contact EnWave Corporation at firstname.lastname@example.org.
About US Army Natick Soldier Research, Development and Engineering Center (NSRDEC)
The Soldier’s RDEC – Ensuring dominance through superior Scientific and Engineering expertise NSRDEC provides the Army with innovative Science & Technology solutions to optimize Soldier/Team performance and improve combat readiness. By focusing on the Soldier domain, NSRDEC incorporates the latest innovations to maximize the Warfighter’s survivability, sustainability, mobility, combat effectiveness and field quality of life. Using basic science, technology generation/application/transition that enables rapid fielding of the right equipment when it is needed, NSRDEC continues to empower, unburden and protect Warfighters. NSRDEC’s Portfolios and Focus Areas concentrate on the “The Science Behind the Soldier” and include Soldier & Squad Performance Optimization, Expeditionary Force Projection, Maneuver and Sustainment, Human Systems Integration, Individual Multi-Threat Protection, and Soldier Systems Engineering Architecture.
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, legal cannabis 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 over twenty 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 (647) 203-8793
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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