Jan 16th 18, 06:00
Vancouver, B.C., January 16, 2018
EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”) today provides an update on the 2018 corporate plans for the Company and announces an amendment to its investor relations consulting agreement with Adelaide Capital Markets.
EnWave recent material announcements have included two Technology Evaluation and License Option Agreements (“TELOAs”) with Seven Seas Fish Co., a leading Canadian seafood company, and Calbee Limited, the leading snack food company in Japan, and an Equipment Purchase Agreement with Bare Foods Co., a significant North American healthy snack food company; a positive start to 2018.
Moving forward in 2018 calendar year, the Company will continue to focus on the rapid commercialization of Radiant Energy Vacuum (“REV™”) technology in the food industry, evolving cannabis space and the development of REV™ technology for its pharmaceutical partners. The current pipeline of opportunities remains strong. There are currently 13 prospective licensees with active TELOAs for which product development are in varying stages of advancement, many of which have made significant progress on the path toward commercialization. There are also two companies with R&D projects which have made advancements in evaluating the investment case for launching new products using REV™.
A key focus for EnWave in 2018 is the acceleration of REV™ technology deployment in the legalized cannabis industry, both in Canada and internationally. On October 31, 2017 the Company signed an exclusive, sub-licensable, royalty-bearing commercial license (the “License”) with a major Canadian medical cannabis Licensed Producer (“LP”). The License granted the LP an exclusive right to use and sub-license the Company’s proprietary Radiant Energy Vacuum (“REV™”) dehydration technology to dry and decontaminate cannabis in Canada. This license was the first to use REV™ technology in the rapidly growing global cannabis market. In 2018, EnWave is targeting other leading Canadian licensed producers to sub-license REV™ technology through the LP, and will also pursue additional commercial licenses with companies that are operating internationally.
Amendment of Investor Relations Consulting Agreement
EnWave has also amended the term and compensation structure of its consulting agreement with Adelaide Capital Markets Incorporated (“ACM”). The term of the contract has been extended by twelve months to end on January 15, 2019. EnWave is to remunerate ACM at a monthly rate of CAD$6,000 and has granted ACM 100,000 stock options, vesting quarterly during the next twelve months (the “Options”). The Options are exercisable at a price of $1.07 per share, the last closing price per share on the Company’s common shares on the TSX Venture Exchange (“TSXV”) on the date of the grant. EnWave had previously been compensating ACM in the amount of $7,500 per month without stock options.