EnWave Signs Commercial Royalty-Bearing License with KL Ballantyne Pty Ltd and Receives Purchase Order for REV™ Machinery
JANUARY 8, 2020, 6:30 AM
EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”), today announced signing a royalty-bearing commercial license (the “License”) with KL Ballantyne Pty Ltd (“Ballantyne”), a leading Australian dairy company. The License grants Ballantyne the exclusive right to produce dairy products in Australia using the Company’s patented Radiant Energy Vacuum (“REV™”) technology, excluding direct-to-consumer cheese snack products.
This License is the third royalty-bearing license signed with an Australian company, the fifteenth 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.
In addition to the License, Ballantyne signed an equipment purchase agreement to acquire a 10kW REV™ machine to initiate commercial production. Ballantyne has agreed to pay an undisclosed royalty tied to the commercial success of REV™-dried products that they commercialize.
Pursuant to the License, Ballantyne has additional, undisclosed REV™ machine purchase order requirements that must be met in order to maintain their exclusivity in the future.
About KL Ballantyne Pty Ltd
Ballantyne is a family-owned company with a tradition of unstinting customer service and rigorous quality control. This is backed by a willingness to invest in innovative manufacturing and packaging technology. Ballantyne brings a special quality to its relationship with its customers – a quality which inspires confidence and transcends the boundaries of language, nationality, and culture.
For more information about Ballantyne, please visit www.ballantyne.com.au.
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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.
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.
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