EnWave Signs Commercial License and Equipment Purchase Agreement with Calbee Inc.
MAY 13TH, 2019, 6:00AM
EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”) announced today it had signed Commercial License and Equipment Purchase Agreements (the “Agreements”) with Calbee Inc. (“Calbee”), a leading Japan-based company mainly engaged in the manufacture and sale of snack confectionary, bakery food and cereal food. The Agreements provide Calbee with the exclusive right to explore and pilot EnWave’s Radiant Energy Vacuum (“REV™”) food dehydration technology for the development of premium, healthy fruit and vegetable snack products and ingredients in the country of Japan.
Calbee plans to conduct intense product development in 2019 and launch several iterations through test marketing efforts in 2020. If Calbee’s products resonate commercially with Japanese consumers, Calbee intends to scale-up their production to a larger, continuous REV™ processing line in 2021. All other terms of the Agreements are confidential.
Calbee, Inc. engages in the manufacture and sale of potato, flour and corn based snacks, and processed bread and cereals. It operates through the Production and Sale of Food and Others Business division. The Production and Sale of Food business division handles snacks, serial food, and bakeries. The Others Business manages logistics including planning, production, and shipping. The company was founded on April 30, 1949 and is headquartered in Tokyo, Japan.
For more information about Calbee Inc. please visit www.calbee.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;
2. powderREV® which is used for the bulk dehydration of food cultures, probiotics and fine biochemicals such as enzymes below the freezing point, and
3. quantaREV® which is used for continuous, high-volume low-temperature drying.
An additional platform, freezeREV®, is being developed as a new method to stabilize and dehydrate biopharmaceuticals such as vaccines and antibodies. 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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