EnWave Signs Commercial Royalty-Bearing License Agreement With Nomad Nutrition Limited To Produce Ready-To-Eat Meals In Canada, Receives Purchase Order For Radiant Energy Vacuum Machinery
EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”) announced today that the Company has signed a commercial royalty-bearing license agreement (the “License”) with Nomad Nutrition Limited (“Nomad”), a Canadian company focused on the development and commercialization of premium shelf-stable, nutrient-packed gourmet products that are made from locally sourced organic ingredients. Nomad also signed an Equipment Purchase Agreement (the “EPA”) to obtain an introductory-scale Radiant Energy Vacuum (“REV™”) machine for immediate commercial production.
Nomad has agreed to pay EnWave an undisclosed royalty on the revenue derived from the the sales of their products in exchange for the exclusive right to manufacture their specific products in Canada using REV™ technology.
Prior to signing the License, Nomad was using EnWave’s pilot plant facility to toll manufacture its line of innovative and healthy ready-to-eat meals. After successfully launching Hungarian Goulash, Indian Red Lentil Stew, Kathmandu Curry and Irish Shepard’s Pie meals, Nomad determined that the business opportunity justified investing in their own REV™ machinery.
This commercial license agreement is EnWave’s first in the ready-to-eat meal market vertical.
About Nomad Nutrition Limited
Born in the mountain ranges of British Columbia, Canada, Nomad Nutrition is the culmination of a lifelong pursuit of wild places and good food. Nomad Nutrition promotes a healthy, organic lifestyle with adventure meals geared towards backpackers, hikers, climbers, paddlers, hunters, and anyone on the go or venturing on overnight excursions. Nomad strives to provide you with the highest quality ingredients and optimized nutrition to feed your adventure. Integrity is at the core of what we do.
Nomad’s mission is to feed avid adventurers and their pursuits with locally crafted, wholesome and sustainable meals; to share their passion for clean, non-GMO sports nutrition; and to support local food producers whenever they can. For more information about Nomad Nutrition please visit www.nomadnutrition.co.
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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