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EnWave Signs Technology Evaluation and License Option Agreement with Bridgford Foods Corporation to Collaborate with the U.S. Army to Produce Military Rations
EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”) announced today that it has signed a technology evaluation and license option agreement (the “TELOA”) with Bridgford Foods Corporation (NASDAQ: BRID) (“Bridgford”), a leading American food production company. Bridgford currently focuses on the production of frozen and snack foods, with operations in California, Texas, Illinois and North Carolina. Prior to the signing of the TELOA, Bridgford entered into a cooperative research and development agreement (“CRADA”) with the U.S. Army to jointly develop commercially viable military ration components.
The CRADA allows EnWave to install a 10kW REV™ machine recently purchased by the U.S. Army in February 2021 at a site of Bridgford’s in North Carolina for research and development purposes. The TELOA grants Bridgford the option to enter into a royalty-bearing commercial license to produce REV™-dried commercial baked goods and meat products for both the U.S. Army and their broader client base. EnWave and Bridgford will now collaborate to replicate certain close combat rations developed by the U.S. Army for field use.
Concurrently during the term of the TELOA, the U.S. Army is planning to submit a ManTech application to the U.S. Department of Defense to potentially receive funding to purchase a 60kW REV™ machine for larger-scale military ration production.
About Bridgford Foods Corporation
Bridgford Foods Corporation, a California corporation, was organized in 1952. Bridgford originally began operations in 1932 as a retail meat market in San Diego, California and evolved into a meat wholesaler for hotels and restaurants, a distributor of frozen food products, a processor and packer of meat, and a manufacturer and distributor of frozen food products for sale on a retail and wholesale basis. Currently, Bridgford and its subsidiaries are primarily engaged in the manufacturing, marketing and distribution of an extensive line of frozen and snack food products throughout the United States.
For almost 90 years, the mission of Bridgford Foods Corporation has been to develop, produce, sell and distribute superior quality food products that provide a consistent value to their customers. Bridgford adheres to the highest ethical standards. They treat their customers and employees with honesty, respect, dignity and appreciation. Bridgford believes that they wrap their future in every package, and they stand behind the products they sell 100%. Bridgford believes that innovation is essential to the future success of their business, and they strive to be industry trendsetters in the development of new products.
For more information about Bridgford Foods, please visit www.bridgford.com.
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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 patented 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 forty royalty-bearing licenses to date spanning twenty countries and five continents. 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, as well as co-manufacture for third parties.
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
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