EnWave Enhances Global Installation Capabilities and Completes Successful Remote Commissioning of 10kW Machine with Icelandic Partner
MAY 27, 2020, 6:00 AM
EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”), announced today that it has successfully completed its first remote installation and start-up of a 10kW Radiant Energy Vacuum (“REV™’) dehydration machine. In response to the global COVID-19 pandemic and restrictions placed on international travel, the Company quickly developed procedures and digital training assets to assist its licensed partners with remotely supervised installation and commissioning of 10kW REV™ machines.
Earlier this month, the Company’s licensed partner Responsible Foods of Iceland, skillfully collaborated with the EnWave’s engineering department to commission its 10kW REV™ machine, EnWave’s first successful remote commissioning. This is a critical capability to support the commercial efforts of EnWave’s current and future partners and will allow the Company to continue the global deployment of its proprietary REV™ technology without putting the health and safety of technical staff at risk.
EnWave’s remote installation program includes a series of detailed installation videos, live video partner training sessions, and ongoing support from the Company’s technical staff and REV™ experts. EnWave is optimistic that the successful commissioning of Responsible Foods’ machine can be replicated with other partners wishing to expedite product development and commercial efforts during the COVID-19 pandemic.
The remote installation program also allows EnWave to develop new business while the ability to travel internationally remains restricted. Companies that sign Technology Evaluation and License Option Agreements (“TELOA”) or Commercial License Agreements (“CLA”) are now able to move forward with the installation of machinery and can continue to integrate REV™ technology into their production facilities.
Many companies in the food sector are looking to secure new revenue streams or to pivot from fresh food to shelf-stable alternatives. REV™ technology provides these companies with an option for prolonged shelf-life of their products by converting them into high-quality dried snacks and ingredients. Food waste has been a prominent issue facing the food industry during this pandemic. EnWave is well-positioned to help companies realize commercially viable product alternatives to complement their fresh offerings. EnWave has a long-standing history of providing product development and process optimization services remotely to its international partners. The Company is committed to ensuring the safety of its employees and its partners while providing exemplary service and support.
DOWNLOAD THE PRESS RELEASE
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.
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.
All Blog Financials News Press Release