EnWave Signs Equipment Purchase Agreement With Tilray To Deliver A Second 60kW Radiant Energy Vacuum Machine
EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”) reports today that it has signed an Equipment Purchase Agreement (the “Purchase Agreement”) with Tilray to deliver a 60kW commercial-scale Radiant Energy Vacuum (“REV™”) machine to be installed in Portugal, and that Tilray has exercised its option to expand the territory of its exclusive, sub-licenseable, royalty-bearing commercial license (the “License”) for the processing of medical cannabis to include the country of Portugal.
The Purchase Agreement and expanded License extends the Company’s proprietary REV™ dehydration technology for drying and decontaminating cannabis beyond Canada for the first time. EnWave is pursuing additional global opportunities to serve the rapidly growing medical and recreational cannabis market.
Under the terms of the expanded License, Tilray will pay royalties based on the amount of cannabis processed using the REV™ equipment. The sub-license rights granted to Tilray under the expanded License allow for the sub-licensing of the technology to additional producers in Portugal, with sub-license royalties to be shared between EnWave and Tilray on an undisclosed basis. All other terms of the License are confidential.
Tilray is a global pioneer in the research, cultivation, processing and distribution of medical cannabis and cannabinoids. Tilray was the first federally licensed cannabis company to be EU GMP certified to produce medical cannabis. The company currently serves tens of thousands of patients, physicians, pharmacies, governments, hospitals, and researchers in ten countries spanning five continents through its affiliated entities in Australia and New Zealand (Tilray Australia New Zealand Pty Ltd), Canada (Tilray Canada Ltd), and Germany (Tilray Deutschland GmbH).
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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