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EnWave Signs Technology Evaluation and License Option Agreement with Extrx OY
SEPTEMBER 21, 2020, 6:00 am
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 “Agreement”) with Extrx OY (“Extrx”) to evaluate the potential commercial use of the Company’s Radiant Energy Vacuum (“REV™”) dehydration technology for the dehydration of a variety of wild arctic berry products in Finland.
During the term of the Agreement, Extrx will rent a 10kW REV™ machine for intensive product development at its facility in Northern Finland with the assistance of EnWave’s expert food scientists. If commercially viable products are developed under the Agreement, Extrx will purchase REV™ machinery to commence commercial production in 2021.
The expansion of EnWave’s global royalty-partner network to Finland further demonstrates the significant value proposition of REV™ technology for food producers seeking to launch new and innovative premium ingredients and snack food applications. EnWave has developed a comprehensive intellectual property portfolio with patents granted in numerous international markets and has licensed REV™ technology to more than forty companies in eighteen countries worldwide.
About Extrx OY
Extrx is a Finnish company that produces high-quality anthocyanin extract, alongside with other nutraceutical products and functional foods from wild arctic berries. Besides extract, Extrx’s product line includes juices, fresh purees rich in fiber, dried berry products with high nutritional values, and various other products. The wild arctic berries are hand-picked and immediately frozen to avoid losing any single component of those super berries. Extrx specializes in creating value-add B2B products from nature’s own superfood, arctic berries, for the food & beverage, nutraceutical, cosmetic and pharmaceutical industries.
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 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 used in the food industry to dry food products quickly and at low-cost, while maintaining high levels of nutrition, taste, texture and colour; and
- quantaREV® which is used for continuous, high-volume low-temperature drying.
More information about EnWave is available at www.enwave.net.
Brent Charleton, CFA
President and CEO
For further information:
Brent Charleton, CFA, President and CEO at +1 (778) 378-9616
Dan Henriques, CPA, CA, Chief Financial Officer at +1 (604) 835-5212
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