EnWave Announces Production Capacity Expansion at NutraDried Food Company
OCTOBER 7, 2019, 6:00 AM
EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”), today announced that NutraDried Food Company LLC (“NutraDried”), a wholly-owned subsidiary of EnWave, will install a third large-scale 120kW Radiant Energy Vacuum (“REV™”) machine to expand production capacity for its rapidly growing Moon Cheese® snack product line.
Moon Cheese® is currently sold in over 25,000 points of distribution in North America including premier retailers such as Starbucks, Costco, Whole Foods, Publix, Target, and Wegmans. The brand has also recently gained distribution at HEB, ShopRite, Sprouts, and Raley’s. Moon Cheese is in the midst of a major brand re-launch reflecting world-class new packaging, new varieties (Garlickin’ Parmesan and Cheddar Bacon Me Crazy), and new sizes. The re-launch has been enthusiastically received by retail partners and will be supported by significant investments in sales and marketing. NutraDried revenue has more than doubled in each of the past two years and aggressive growth rates are expected to continue.
EnWave’s Board of Directors has approved a capital investment budget of up to CA $8.0 MM for the Company to construct a new 120kW nutraREV® machine and to outfit the NutraDried manufacturing facility to allow for robust commercial growth. The capital expansion will include upgrades to improve productivity and will allow for the potential installation of two more nutraREV® processing lines. This investment in the purpose-built commercial infrastructure today will allow for up to a total of five nutraREV® machines to be commissioned to address commercial growth. At the completion of the initial expansion, NutraDried will have three large-scale nutraREV® machines in commercial production.
With over $20 million of cash on hand, EnWave has ample capital available to support and optimize the investment. The increased manufacturing capacity will enable continued distribution and velocity growth of the Moon Cheese® brand.
About NutraDried Food Company LLC
NutraDried Food Company, LLC, based in Ferndale, Washington State, is a wholly-owned subsidiary of EnWave Corporation. NutraDried leverages EnWave’s proprietary Radiant Energy Vacuum (“REV™”) technology to produce innovative snack products that meet the evolving dietary preferences of consumers. NutraDried was the first company to produce all-natural crunchy cheese snacks using REV™ at commercial scale.
Operating primarily in the dairy vertical, NutraDried manufactures the clean label snack, Moon Cheese®. This 100% crunchy-cheese snack product is sold across the United States through over 25,000 retail stores. For more information on Moon Cheese®, please visit www.mooncheese.com.
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
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