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EnWave Signs Second Equipment Purchase Agreement with Patata Torres to Increase REV™ Manufacturing Capacity by 100kW
November 30, 2020 | 6:00 am
EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”), announced today that it has signed its second Equipment Purchase Agreement with Patatas Fritas Torres S.L. (“Patatas Torres”), a leading snack manufacturer in Spain. This purchase is for a much larger 100kW Radiant Energy Vacuum (“REV™”) machine complimenting Patatas Torres’ previous purchase of a 10kW REV™ machine. Patatas Torres signed a commercial royalty-bearing license with EnWave in March 2020 for the right to produce REV™-dried cheese snacks in Spain. The acquisition of this larger continuous vacuum microwave processing line will allow Patatas Torres to meaningfully grow and leverage their successful development and launch of their portfolio of premium cheese snacks under the brand “Just This!” domestically.
Historically a leading manufacturer of premium potato chip products with robust international and domestic distribution, Patatas Torres has committed to diversifying its portfolio to include several healthy snack offerings through this meaningful investment in REV™ technology. Their plan is to develop multiple flavors and formats that appeal to varying international markets and which can be exported through Patatas Torres’ existing distribution network. The planned delivery and start-up of the 100kW REV™ machinery is targeted for May 2021.
About Patatas Fritas Torres S.L.
Patatas Fritas Torres is a Catalonian family business, known for its innovative and entrepreneurial approach to the development and marketing of premium snacks. Patatas Fritas Torres is committed to creating high-quality products that are healthy and tasty, high in nutritional value and that have health benefits for consumers.
Patatas Fritas Torres has received the XXI International Food and Beverage Trophy in Paris and also the XXVII International Trophy for Quality.
For more information about Patatas Fritas Torres, please visit www.patatastorres.com
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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 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 a drum-based system that dehydrates organic materials quickly and at low-cost, while maintaining high levels of nutrition, taste, texture and colour; and,
- quantaREV® which is a tray-based system used for continuous, high-volume low-temperature drying.
More information about EnWave is available at www.enwave.net.
Mr. Brent Charleton, CFA
President and CEO
For further information:
Brent Charleton, CFA, President and CEO at +1 (778) 378-9616
Dan Henriques, CPA, CA, CFO 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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