EnWave Announces Plans to License REV Technology into the U.S. Cannabis Market
MARCH 18, 2020, 6:00 AM
EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”), a global leader in vacuum microwave dehydration technology, announced today that its Board of Directors has approved a plan to license the Company’s proprietary Radiant Energy Vacuum (“REVTM”) into the U.S. cannabis market through a wholly-owned American subsidiary.
As a supplier of equipment that embodies years of research and development, patented innovation, know-how and, particularly, a recent process patent specifically for the drying and decontamination of cannabis, the U.S. market presents a significant opportunity to EnWave. Over the past several months, the Company, in association with its U.S. counsel, Canadian counsel and the TSX Venture Exchange (the “TSXV”), has conducted extensive legal and regulatory due diligence. This included assessments of cross-border issues and compliance with U.S. federal laws, which concluded that EnWave may proceed with its expansion strategy into the U.S. market in compliance with applicable U.S. federal laws.
EnWave has also received assurances from the TSXV that its planned business expansion into the U.S. cannabis market will not affect the continued listing of the Company’s securities on the TSXV, subject to certain conditions that the Company believes it can satisfy.
EnWave’s proprietary dehydration technology provides a distinct value proposition to cannabis and hemp producers, including faster drying, higher precision and reduces cost. The Company only plans to license its technology to companies that operate within legalized frameworks at State, Municipal and other non-federal regulatory levels.
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; and
2. quantaREV® which is used for continuous, high-volume low-temperature drying.
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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