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EnWave Signs Equipment Purchase Agreement with Metamount Schweiz AG
SEPTEMBER 23, 2020, 6:00 am
EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”), today announced it has signed an equipment purchase agreement (the “Purchase Agreement”) with Metamount Schweiz AG (“Metamount”) for the purchase of a 10kW Radiant Energy Vacuum (“REV™”) machine. The Company previously announced on November 26, 2019, that it had signed a non-exclusive royalty-bearing license with Metamount for the use of EnWave’s patented technology to dry medical hemp for cannabidiol (“CBD”) extraction in Switzerland (the “License”).
With Metamount purchasing a REV™ machine for commercial production, it solidifies Metamount’s commercial use of REV™ technology for drying medical hemp in Switzerland. Further, the License establishes a foothold for potential further commercialization of REV™ technology for the drying of medical hemp for the production of hemp oil extracts and smokable CBD products.
“We are very excited about the partnership with EnWave to produce premium CBD products with REV™ technology for the Swiss market”, Andreas Gosch, CEO of Metamount.
Switzerland is one of the most advanced countries in Europe concerning the legalization of CBD consumption and strongly recognizes the beneficial properties of CBD as a medicinal product for pain relief. Under the terms of the License, Metamount will pay EnWave a quarterly royalty based on the number of dried grams produced in the REV™ machinery.
Metamount Schweiz AG in Grenchen is a branch with head office in Switzerland with operations in the industrial manufacturing of agrochemical and medical cannabis products. For more information on Metamount, please visit www.metamount.ch
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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. EnWave has further developed patent-pending 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 a disruptive dehydration platform in the food and cannabis sectors: faster and cheaper than freeze drying, with better end product quality than air drying or spray drying.
EnWave currently offers two distinct commercial REV™ platforms:
- 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
- quantaREV® which is used for continuous, high-volume low-temperature drying.
More information about EnWave is available at www.enwave.net.
Brent Charleton, CFA
President and CEO
For further information:
Brent Charleton, CFA, President and CEO at +1 (778) 378-9616
Dan Henriques, CPA, CA, Chief Financial Officer at +1 (604) 835-5212
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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