EnWave Sells Third 10kW REV™ Machine to Dairy Concepts IRL, Further Increasing Capacity for Shelf-Stable Dairy Snack Production
EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”) announced that Dairy Concepts IRL (“DCI”), an emerging leader in innovative dairy snacks has signed an Equipment Purchase Agreement (the “Agreement”) to acquire its third 10kW Radiant Energy Vacuum (“REV™”) dehydration machine for commercial use at Moorepark Technology Limited’s (“MTL”) facility in Cork, Ireland.
DCI signed a royalty-bearing commercial license agreement (the “License”) with EnWave in September 2020, granting it processing rights for a portfolio of natural, sweet and savory, shelf-stable, hand-held dairy snacks. To facilitate initial REV™ processing, DCI forged a commercial relationship with MTL, a leading provider of commercial pilot plant and research services for customers in the food industry. DCI and MTL have collaborated to combine leading technology with food innovation strategy to launch new and exciting dairy-based products to the market in Europe.
MTL previously purchased a 10kW REV™ machine from EnWave in September 2019, and this machine has been used commercially by DCI since September 2020. In March 2021, EnWave sold a second 10kW REV unit to DCI to expand its manufacturing capacity at MTL, and the addition of a third 10kW REV™ machine will continue to increase production capacity at the MTL facility.
DCI will use all three of the existing REV™ machines at MTL for the production of CheeseOs™ and its premium specialty cheese brand Moorepark.
As DCI continues to expand its market presence with the production of dried cheese and cheese-like snacks in Ireland and the United Kingdom. They will look to further expand REV™ capacity with additional investments.
DOWNLOAD THE UPDATE HERE
About Dairy Concepts
Dairy Concepts IRL has become a leading innovator in the global dairy snacks market by combining its entrepreneurial vision with Ireland’s scientific talent, quality dairy ingredients, global reputation and sustainable competitive advantage in dairy.
DCI is focused on the development of innovative, all-natural, hand-held dairy snacks for the global market.
For more information on DCI, visit dairyconcepts.ie/.
EnWave is a global leader in the innovation and application of vacuum microwave dehydration. From its headquarters in Vancouver, BC, EnWave has developed a robust intellectual property portfolio, perfected its Radiant Energy Vacuum (REV™) technology, and transformed an innovative idea into a proven, consistent, and scalable drying solution for the food, pharmaceutical and cannabis industries that vastly outperforms traditional drying methods in efficiency, capacity, product quality, and cost.
With more than fifty royalty-generating partners spanning twenty countries and five continents, EnWave’s licensed partners are creating profitable, never-before-seen snacks and ingredients, improving the quality and consistency of their existing offerings, running leaner and getting to market faster with the company’s patented technology, licensed machinery, and expert guidance.
EnWave’s strategy is to sign royalty-bearing commercial licenses with food and cannabis producers who want to dry better, faster and more economical than freeze drying, rack drying and air drying, and enjoy the following benefits:
• Food and ingredients companies can produce exciting new products, reach optimal moisture levels up to seven times faster, and improve product taste, texture, color and nutritional value.
• Cannabis producers can dry four to six times faster, retain up to 20% more terpenes and 25% more cannabinoids, and achieve at least a 3-log reduction in crop-destroying microbes.
Learn more at EnWave.net.
Mr. Brent Charleton, CFA
President & CEO
For further information:
Brent Charleton, CFA
President & CEO at +1 (778) 378-9616
Dan Henriques, CA, CPA,
Chief Financial Officer at +1 (604) 835-5212
For Media Inquiries:
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