EnWave Provides Update on Bonduelle’s Commercial Progress for InFlavor Frozen Vegetable Brand
SEPTEMBER 30, 2019,6:00 AM
EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”) today provides an update on the commercialization efforts of Bonduelle Group (“Bonduelle”), a long-time royalty partner of the Company.
Bonduelle introduced its InFlavor brand of premium frozen vegetables to many food service clients in early 2019, generating material commercial interest including receiving The Grande Enterprise award for its revolutionary InFlavor process from ADRIQ. Based on Bonduelle’s positive commercial momentum, EnWave had previously agreed to extend Bonduelle’s exclusivity period to use its Radiant Energy Vacuum (“REV™”) technology for the production of dehydrofrozen vegetables in North America until September 30, 2019. This extension included a requirement to purchase a commercial-scale 400kW REV™ machine prior to the aforementioned date.
In July, and following its initial introduction to the food service industry, Bonduelle launched the InFlavor dehydrofrozen line of vegetables in North America through its well-known Arctic Garden retail brand. Arctic Garden products are now available to consumers at retailers across Canada in fajita mix, pizza mix and diced onion varieties. This direct-to-consumer initiative aims to justify the potential purchase of additional REV™ dehydration machines from EnWave in the near future, but will not do so before September 30, 2019.
Bonduelle remains committed to the commercialization of its unique and premium InFlavor product portfolio. With the launch of InFlavor into the food service and retail verticals recently underway; Bonduelle has delayed its prospective commitment to an additional REV™ purchase order. This delay triggers the conversion of its royalty-bearing license to be non-exclusive and thus allows EnWave to now pursue additional partners in the same product area. Bonduelle will continue to build market demand for the InFlavor line and pay an undisclosed royalty on all REVTM products produced under its commercial license agreement with EnWave.
Both parties plan to continue their strong collaboration and work towards increased commercial success that will support further investment in REV™ drying capacity.
Bonduelle, a family business, was established in 1853. Its mission is to be the world reference in “well-living” through plant-based food. Prioritizing innovation and long-term vision, the group is diversifying its operations and geographical presence. Its vegetables, grown over more than 130,000 hectares all over the world, are sold in 100 countries under various brand names and through various distribution channels and technologies. An expert in agro-industry with 56 industrial sites or owned agricultural production sites, Bonduelle produces quality products by selecting the best crop areas close to its customers.
For more information about Bonduelle, please visit www.bonduelle.com
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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.
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