DECEMBER 31, 2019, 6:30 AM

EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”), reports today that it has signed an Equipment Purchase Agreement (the “Agreement”) for the delivery of a 100kW nutraREV^® processing line to Consulting FB Tech and Apps S.L. (“Fresh Business”) in Peru. The Agreement marks the scale-up of Fresh Business’ commercial operations in Peru, where it sources premium, highly nutritious fruit and vegetable products to be dried using EnWave’s Radiant Energy Vacuum (“REV^TM”) technology for export to international markets.

EnWave and Fresh Business signed a royalty-bearing commercial license agreement (the “License”) in April 2019, whereby EnWave granted Fresh Business the exclusive rights to produce a variety of premium dried food products using REV™ technology in Peru. Fresh Business purchased a 10kW REV^TM machine upon signing the License. With the addition of a 100kW nutraREV^® machine, Fresh Business will substantially increase its royalty-bearing production capacity.

Fresh Business is poised to take advantage of the diverse, locally grown agricultural products of Peru while utilizing EnWave’s proprietary REV™ technology to create value-added commercial applications for export internationally. REV™ technology is a low-temperature, fast method of removing water from organic materials in a homogeneous manner. It is a proven method to create healthy, premium fruit and vegetable products that can be sold as ingredients or as retail consumer products. Installation and commissioning of the 100kW nutraREV^® processing line is targeted for the summer of 2020.

About Fresh Business

Fresh Business is backed by a team of professionals with deep experience in the agri-food industry. With access to high-value raw materials sourced locally in Peru, Fresh Business is building a robust export business of premium, dried fruits and vegetables from South America to western markets. Fresh Business processes low-cost fruit and vegetable raw materials at source in Peru that are turned into premium products for export.

Fresh Business employs a business model where professionals with an advanced vision in the integration of creativity, marketing and innovation apply their know-how to improve their clients’ business strategy. Fresh Business is committed to uniquely generating new business ideas that are competitive in today’s marketplace.

Fresh Business’ positive and proactive attitude, their desire to excel and the constant search for new challenges, led them to expand their business, developing a new division, Fresh Business Food & Nutrition Innovation,  focused on the agri-food industry. Fresh Business Food & Nutrition Innovation,  has its own approach to connect creativity, knowledge, technology and marketing to create, incubate and develop innovative food businesses with an international vocation.

For more information about Fresh Business please visit www.freshgroup.es and www.freshbusiness.es

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About EnWave

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.

EnWave Corporation
Dr. Tim Durance
President & CEO

For further information:
John Budreski, Executive Chairman at +1 (416) 930-0914
E-mail: jbudreski@enwave.net

Brent Charleton, Senior Vice President, Sales and Business Development at +1 (778) 378-9616
E-mail: bcharleton@enwave.net

Deborah Honig, Corporate Development, Adelaide Capital Markets at + 1 (647) 203-8793
E-mail: dhonig@enwave.net

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.