EnWave Signs Commercial Lease Agreement with Major Pet Treat Company to Accelerate New Product Development
Vancouver, BC, September 27, 2023
EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”) announced today that it has signed a commercial lease agreement (the “Agreement”) with a major pet treat company (“Partner”) in the United States. The Partner previously signed a commercial royalty-bearing license with EnWave and pursuant to the Agreement, EnWave will lease a new 10kW Radiant Energy Vacuum (“REV™”) dehydration machine for the Partner to use for the development and test marketing of new, innovative pet treat products.
Prior to signing the Agreement, the Partner and EnWave conducted preliminary product development at the Company’s Innovation Center located in Delta, British Columbia. The product concepts were received favorably by the Partner, compelling both parties to continue exploration of material commercial product opportunities using REV™ technology in the pet treat space.
EnWave intends to grant certain product exclusivities to the Partner if the next phase of product development and market testing is successful, and pursuant to Partner’s acquisition of large-scale REV™ dehydration machinery.
EnWave is a global leader in the innovation and application of vacuum microwave dehydration. From its headquarters in Delta, 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-six 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 producers who want to dry better, faster and more economical than freeze drying, rack drying and air drying, and enjoy the following benefits of producing exciting new products, reaching optimal moisture levels up to seven times faster, and improve product taste, texture, color and nutritional value.
Learn more at EnWave.net.
Mr. Brent Charleton, CFA
President and CEO
For further information:
Brent Charleton, CFA, President and CEO at +1 (778) 378-9616
Dylan Murray, CFO at +1 (778) 870-0729
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.