EnWave Signs Technology Evaluation and License Option Agreement with Leading European Snack Company
AUGUST 26, 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 “TELOA”) with a leading European snack company (the “EnWave Partner”) to evaluate the potential commercial use of the Company’s proprietary Radiant Energy Vacuum (“REV™”) dehydration technology. During the term of the TELOA, the EnWave Partner will pay a monthly evaluation fee and have the exclusive option to license REV™ technology to produce a variety of premium dehydrated snack products.
If commercially viable products are successfully developed, the EnWave Partner will leverage EnWave’s patented REV™ technology to introduce innovative new products into the European marketplace. The EnWave partner has well-established snack distribution and robust market presence in several European countries. EnWave plans to support the joint development and market testing and will aim to sign a royalty-bearing commercial license agreement with the EnWave Partner alongside the purchase of REV™ machinery.
EnWave has developed a comprehensive intellectual property portfolio with patents granted in numerous international markets and has licensed REV™ technology to more than thirty-five companies in over sixteen countries worldwide.
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 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 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 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; and
2. quantaREV® which is used for continuous, high-volume low-temperature drying.
More information about EnWave is available at www.enwave.net.
Mr. Brent Charleton, CFA
President & CEO
For further information:
Brent Charleton, CFA
President & CEO at +1 (778) 378-9616
Dan Henriques, CA, CPA,
Chief Financial Officer at +1 (604) 835-5212
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