EnWave Signs Commercial License Agreement with Responsible Foods in Iceland and Receives Purchase Order For REV™
DECEMBER 18, 2019, 6:30 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 Responsible Foods ehf (“Responsible Foods”) to produce Radiant Energy Vacuum (“REV™”) dried snacks and ingredients using premium Icelandic raw materials. These REV™-dried applications will be sold in both domestic and international markets. Under the terms of the License, Responsible Foods purchased a 10kW commercial REV™ machine to initiate production in Iceland.
The License grants Responsible Foods the exclusive right to process a variety of unique and healthy food products in Iceland including, but not limited to, dairy products, seafood, meat, microalgae and seaweed, and a variety of herbs, berries, and mushrooms native to Iceland. These REV™ dried products can be sold as ingredients or retail consumer products around the world.
This License is the first signed by EnWave in Iceland and 36th world-wide further proving the value proposition of REV™ technology as a tool to create innovative, premium food applications.
About Responsible Foods
Responsible Foods is an Icelandic innovative healthy start-up snack food company located in the Reykjavik metro area in Iceland. Responsible Foods has developed new disruptive and innovative healthy functional snack food products under the brand name Næra™, which means to nourish (nai:ra / verb). The snacks are based on healthy authentic clean natural Icelandic ingredients rooted in centuries of Icelandic Viking traditions. The company is revolutionizing snacking using the proven exclusive EnWave drying technology in combination with its Icelandic ingredient and exclusive formulations. The highly novel healthy snacks will be the first of their kind and will meet escalating global consumer demand for products that are at the same time healthy, tasty and convenient to keep them fueled throughout the day and for outdoor adventures. All the snacks produced by Responsible Foods will be nut, wheat and gluten-free as well as non-GMO, antibiotic and hormone-free. The company is led by a highly experience strong international team with decades of experience in the global food industry.
More information on Responsible Foods is available at www.responsiblefoods.is.
Holly T. Kristinsson (Petty), PhD
CEO and Founder
For further information:
Holly T. Kristinsson (Petty), PhD, CEO and Founder at +354 858-5060
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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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