EnWave Signs Commercial License Agreement with Patatas Fritas Torres S.L. and Receives Purchase Order for REV™ Machinery
SEPTEMBER 24, 2019,6:00 AM
EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”) reports today that it has signed a royalty-bearing commercial license agreement (the “License”) with Patatas Fritas Torres S.L. (“Patatas Fritas Torres”). The License grants Patatas Fritas Torres the non-exclusive right to process a variety of premium cheese snack products in Spain. Patatas Fritas Torres has purchased a 10kW commercial Radiant Energy Vacuum (“REV™”) machine to initiate commercial production of new premium cheese snack products using EnWave’s proprietary dehydration technology.
Established in 1969, Patatas Fritas Torres started as a premium potato chip manufacturer and that tradition continues today with a wide range of innovative premium snacks and chips. Patatas Fritas Torres intends to extend its offering of premium snack products using REV™ for the local market in Spain and for export markets.
This License is the second royalty-bearing commercial license agreement signed by EnWave in Spain, the twelfth such license signed for dairy product processing worldwide and further proves the value proposition of REV™ technology as a tool to create innovative, premium food applications in the dairy industry.
About Patatas Fritas Torres S.L.
Patatas Fritas Torres is a Catalonian family business, known for its innovative and entrepreneurial approach to the development and marketing of premium snacks. Patatas Fritas Torres is committed to creating high-quality products that are healthy and tasty, high in nutritional value and that have health benefits for consumers.
Patatas Fritas Torres has received the XXI International Food and Beverage Trophy in Paris and also the XXVII International Trophy for Quality.
For more information about Patatas Fritas Torres, please visit www.patatastorres.com
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.
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.