EnWave Provides Positive Update on Bonduelle’s InFlavor® Dehydrofrozen Vegetable Project
FEB 12TH 2019, 06:00AM
EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”) reports today that Bonduelle Group (“Bonduelle”), a long-time royalty partner of the Company, has officially launched its InFlavor® dehydrofrozen vegetable product line to its food service customers and has confirmed plans to launch retail product in late 2019. Bonduelle’s InFlavor® dehydrofrozen vegetables make use of EnWave’s proprietary Radiant Energy Vacuum (“REV™”) technology to provide a premium frozen vegetable offering to consumers.
Pursuant to this commercial momentum, EnWave has agreed to extend the term of Bonduelle’s exclusive right to produce dehydrofrozen vegetables in North America (the “Extension”) using REV™ technology. In order for Bonduelle to retain North American exclusivity over dehydrofrozen vegetables it must commit to the purchase of a 400kW REVTM machine before September 30, 2019.
Additionally, Bonduelle will make a milestone payment to EnWave in exchange for the Extension and have agreed to buy-out the operating lease on the 120kW quantaREV® machinery currently operating at Bonduelle’s plant in Sainte-Martine, Quebec.
Bonduelle has been recognized for its ground-breaking InFlavor® process by the Association pour le développement de la recherche et de l’innovation du Québec (ADRIQ) who awarded Bonduelle the Innovation Grande Enterprise award in November 2018. Bonduelle has demonstrated significant commitment to innovation in its field with the commercialization of its InFlavor® dehydrofrozen vegetable products.
Founded in 1853, Bonduelle’s mission is to become a “world leader advocating wellness through a plant-based diet.” The group diversified its operations and increased its geographic reach. Bonduelle is well established in America, with over 3000 collaborators, and a large number of processing facilities, including 8 in Canada, 4 in the United States and 1 in Brazil, where frozen and canned vegetables, as well as a range of sauces, baked beans, beans, soups and a new line of fresh salad bowls are processed. In addition to manufacture products sold to large retailers, the American subsidiary also markets vegetables under its own brand names such as Bonduelle, Arctic Gardens, Del Monte and Graves in Canada.
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;
2. powderREV® which is used for the bulk dehydration of food cultures, probiotics and fine biochemicals such as enzymes below the freezing point, and
3. quantaREV® which is used for continuous, high-volume low-temperature drying.
An additional platform, freezeREV®, is being developed as a new method to stabilize and dehydrate biopharmaceuticals such as vaccines and antibodies. 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