EnWave Signs Equipment Purchase Agreement with Fresh Business for a 10kW Machine to Accelerate Commercial Product Opportunities in Spain
EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”) announced today that it has received a purchase order for a 10kW Radiant Energy Vacuum (“REV™”) machine (the “REV™ Equipment”) from Consulting Fresh Business S.L. (“Fresh Business”) to accelerate the development of commercial food, nutraceutical, and cosmetic products in Spain using EnWave’s technology. EnWave previously signed a Research and Development License Agreement (the “R&D License”) with Fresh Business on January 13, 2021, at which time a non-refundable deposit was paid to EnWave for the REV™ Equipment. Fresh Business has assigned the R&D License to a newly formed subsidiary, NEOREV INNOVATION S.L. (“NEOREV”), and completed the purchase of the REV™ Equipment to accelerate research and development on new products in collaboration with industry partners in Spain.
Fresh Business d.b.a. NEOREV intends to forge close partnerships with Spain-based technology hubs and innovation centers to leverage EnWave’s patented REV™ technology for the development of new commercial opportunities. The installation of the REV™ Equipment in Spain will enable industry innovators to expedite the commercialization of leading-edge, premium applications using the EnWave technology. Fresh Business intends to partner with selected technology centers that will provide research and development services to demonstrate the value proposition of REV™ technology. Fresh Business expects to complete the installation of the REV™ Equipment at a technology innovation center in Spain in the coming months, which will increase the visibility of REV™ technology among potential new EnWave partners and will serve as another European hub for proof-of-concept trials on new product applications.
Fresh Business d.b.a. NXTDRIED (nxtdried.com) currently holds a royalty-bearing commercial license agreement to produce a broad portfolio of food products in Peru. EnWave commissioned a 100kW REV™ machine and 10kW REV™ machine at NXTDRIED’s Peruvian facilities in late 2020. NXTDRIED operates a highly sustainable business model that sources locally grown fresh fruits and superfoods to be dried using the REV™ low temperature dehydration process to transform them into nutritious, organic, super-crunchy snacks and ingredients with simply amazing results.
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About Fresh Business
Fresh Business is a food consultancy organization focusing on innovative food technology solutions with three offices in three major food hubs worldwide. Fresh Business focuses on connecting creativity, knowledge, technology and marketing to serve innovative food businesses. Fresh Business offers innovative products and business models for the international market, innovative food product conception, development and marketing, consultancy and long-term partnership for business development.
Learn more about Fresh Business at freshbusiness.es
EnWave Corporation, a Vancouver-based advanced technology company, has developed a Radiant Energy Vacuum (“REV™”) – an innovative, proprietary method for the precise dehydration of organic materials. EnWave has further developed patented methods for uniformly drying and decontaminating cannabis through the use of REV™ technology, shortening the time from harvest to marketable cannabis products.
REV™ technology’s commercial viability has been demonstrated and is growing rapidly across several market verticals in the food, and pharmaceutical sectors, including legal cannabis. EnWave’s strategy is to sign royalty-bearing commercial licenses with innovative, disruptive companies in multiple verticals for the use of REV™ technology. The company has signed over thirty royalty-bearing licenses to date. In addition to these licenses, EnWave established a Limited Liability Corporation, NutraDried Food Company, LLC, to manufacture, market and sell all-natural dairy snack products in the United States, including 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.
Mr. Brent Charleton, CFA
President & CEO
For further information:
Brent Charleton, CFA
President & CEO at +1 (778) 378-9616
Dan Henriques, CA, CPA,
Chief Financial Officer at +1 (604) 835-5212
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