EnWave Signs Commercial License Agreement with Pacifico Snacks in Colombia and Receives Purchase Order for REV™ Machine
JANUARY 23, 2020, 10:00 AM
EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”), announced today that it has signed a royalty-bearing commercial license agreement (the “License”) with Pacifico Snacks S.A.S. (“Pacifico Snacks”) to produce REV™ dried fruit snacks for the North American grocery market. Under the terms of the License, Pacifico Snacks purchased a 10kW commercial Radiant Energy Vacuum (“REV™”) machine to initiate commercial production in Colombia.
The License grants Pacifico Snacks the exclusive right to produce certain types of mango, pineapple and banana products within Colombia. With extensive expertise in the private label production of fruit snack applications, this new premium product offering will further enhance Pacifico Snack’s reputation as a leading private-label supplier to major North American grocers.
This License is the first signed by EnWave in Colombia and the 38th worldwide, further proving the value proposition of REV™ technology as a tool to create innovative, premium food applications. With access to low cost, high quality local raw materials in Columbia, Pacifico plans to produce clean label, better-for-you snack offerings using REV™.
Pursuant to the terms of the License, Pacifico Snacks has royalty payment obligations to the Company and additional future undisclosed REV™ machine purchase order requirements that must be met in order to maintain their exclusive rights. The other terms of the License are confidential.
About Pacifico Snacks
Pacifico Snacks is a woman-owned and operated business that produces natural snacks for specialty food retailers. The company specializes in private-label production of high-quality, desirable, and innovative plantain and cassava chips that delight its consumers and impact the bottom line of major retailers.
Pacifico Snacks started operations in 2011, with the aim to contribute to peace in Colombia through the fusion of amazingly delicious snacks with effective means to transform Colombian marginalized rural settings emerging from conflict into cohesive collaborative communities. Currently, all production is exported to the US and sold at a national level in top grocery retailers under private labels.
For more information, please visit www.pacificosnacks.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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