EnWave Signs First Royalty-Bearing License For Drying Industrial Hemp in the United States with Electric Farms LLC
JULY 25, 2019,6:00 AM
EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”) reports today that it has signed a royalty-bearing commercial license agreement (the “License”) with Electric Farms LLC (“Electric Farms”). Electric Farms cultivates high-quality hemp flowers in both indoor and outdoor grow facilities at its licensed facility in Tennessee, USA. The License grants Electric Farms non-exclusive rights to use EnWave’s proprietary Radiant Energy Vacuum (“REV™”) dehydration technology for the drying of industrial hemp in Tennessee.
The License marks the first extension of EnWave’s REV™ technology for drying of industrial hemp in the United States. This License establishes a foothold for further expansion of EnWave’s technology for the drying of hemp in the production of smokable hemp products and hemp oil extracts. The United States legalized the cultivation of industrial hemp with the 2018 Farm Bill, presenting a major market opportunity for the application of EnWave’s technology. The Company’s strategy is to secure commercial royalty-bearing licenses with licensed industrial hemp companies to propagate EnWave’s rapid drying technology in the recently legalized sector.
Under the terms of the License, Electric Farms will pay EnWave a usage-based royalty based on the weight of hemp plant material dried using the REV™ machine. Electric Farms has submitted a purchase order to EnWave for a 10kW small-scale machine to enable the rapid drying of industrial hemp at its Tennessee facilities.
About Electric Farms LLC
Electric Farms was established in 2018 and operates a 6,000 sqft indoor hydroponic growing operation and a 12 acre outdoor growing operation, and expects to produce over 10,000 lbs of dried organic hemp flower for smoking and extraction each year. The company grows hemp using natural aquaponics and organic techniques to bring healthier products free from pesticides and herbicides to its customers.
For more information on Electric Farms, please visit www.facebook.com/electricfarmsllc
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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