EnWave Signs Royalty-Bearing Commercial License with Established South American Food Manufacturer

February 28, 2024

Delta, BC, February 28, 2024

EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”) today announced that the Company has signed a new royalty-bearing commercial license (the “Commercial License”)with an established South American food manufacturer (the “Royalty Partner”) that currently sells health supplements, snacks, cereals, baked goods, among other products.

The Royalty Partner also signed an equipment lease agreement (the “Lease Agreement”) to lease two 10kW Radiant Energy Vacuum (“REV®”) dehydration machines, enabling immediate commercial production for the products developed in collaboration with EnWave. The Royalty Partner will have the option to buy both 10kW REV® units within six (6) months at a pre-agreed price. Concurrent with signing the Lease Agreement and as a condition to keep the Commercial License, the Royalty Partner is finalizing financing to procure a 120kW REV® machine, which must be completed within six (6) months.

About EnWave  

EnWave is a global leader in the innovation and application of vacuum microwave dehydration. From its headquarters in Delta, BC, EnWave has developed a robust intellectual property portfolio, perfected its Radiant Energy Vacuum (REV™) technology, and transformed an innovative idea into a proven, consistent, and scalable drying solution for the food, pharmaceutical and cannabis industries that vastly outperforms traditional drying methods in efficiency, capacity, product quality, and cost.

With more than fifty royalty-generating partners spanning twenty-six countries and five continents, EnWave’s licensed partners are creating profitable, never-before-seen snacks and ingredients, improving the quality and consistency of their existing offerings, running leaner and getting to market faster with the company’s patented technology, licensed machinery, and expert guidance.

EnWave’s strategy is to sign royalty-bearing commercial licenses with food producers who want to dry better, faster and more economical than freeze drying, rack drying and air drying, and enjoy the following benefits of producing exciting new products, reaching optimal moisture levels up to seven times faster, and improve product taste, texture, color and nutritional value.

Learn more at EnWave.net

EnWave Corporation 

Mr. Brent Charleton, CFA 

President and CEO 

For further information: 

Brent Charleton, CFA, President and CEO at +1 (778) 378-9616 
E-mail: bcharleton@enwave.net  

Dylan Murray, CFO at +1 (778) 870-0729
E-mail: dmurray@enwave.net   

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.