EnWave Appoints Mr. Pablo Cussatti to its Board of Directors, Announces Retirement of Director, Mr. Hugh McKinnon
NOVEMBER 20, 2020 | 6:00 AM
EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”), announced today that Mr. Pablo Cussatti has been appointed to EnWave’s Board of Directors. Mr. Cussatti brings 28 years of food operations and manufacturing experience to the Company. He is currently the Senior Vice President of Manufacturing for Ventura Foods and has extensive experience with other national brands such as Blue Apron, Pinnacle Foods, Pepsi Bottling Group, and Dean Foods. EnWave believes that Mr. Cussatti’s expertise will benefit the operations and growth prospects of NutraDried Food Company (“NutraDried”), the Company’s wholly-owned subsidiary, and other strategic initiatives currently underway at EnWave, including the buildout of a Radiant Energy Vacuum toll manufacturing facility.
Mr. Cussatti’s appointment coincides with the retirement of Mr. Hugh McKinnon from his role as a Director. Mr. McKinnon is on a number of public and private company Boards and has decided to reduce the number businesses that he is involved with. EnWave is very grateful for the high-level governance and strategic guidance provided by Mr. McKinnon throughout his six-year tenure as a director of the Company. EnWave would like to thank Mr. McKinnon for his past contributions and ongoing support of EnWave.
EnWave’s Board of Directors currently sits at seven members including Ms. Mary Ritchie (Audit Committee Chair), Mr. Stephen Sanford (Independence Committee Chair), Mr. Patrick Turpin, Dr. Steward Ritchie, Mr. Pablo Cussatti, Mr. Brent Charleton (EnWave’s President and CEO) and Mr. John P.A. Budreski (Executive Chairman).
Upon his appointment to the Board of Directors, the Company has granted Mr. Cussatti an aggregate of 150,000 incentive stock options, subject to the terms of the Company’s Stock Option Plan (the “Plan”), that are exercisable at the last closing price of the Company’s common shares on the TSX Venture Exchange (“TSXV”) on November 19, 2020. The incentive stock options are exercisable for a term of five years expiring on November 19, 2025 and will vest in accordance to the provisions set out in the Plan, or as otherwise required by the TSXV. The Company also granted Mr. Cussatti an aggregate of 20,000 Restricted Share Rights (“RSRs”) pursuant to the Company’s Restricted Share Rights Plan. The RSRs granted will vest three years from the date of the award.
EnWave Corporation, a Vancouver-based advanced technology company, has developed a Radiant Energy Vacuum (“REV™”) – an innovative, proprietary method for the precise dehydration of organic materials. EnWave has further developed patented 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 innovative, disruptive companies in multiple verticals for the use of REV™ technology. The company has signed over thirty royalty-bearing licenses to date. In addition to these licenses, EnWave established a Limited Liability Corporation, NutraDried Food Company, LLC, to manufacture, market and sell all-natural dairy snack products in the United States, including 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.
Mr. Brent Charleton, CFA
President & CEO
For further information:
Brent Charleton, CFA
President & CEO at +1 (778) 378-9616
Dan Henriques, CA, CPA,
Chief Financial Officer at +1 (604) 835-5212
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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