EnWave Signs Technology Evaluation and License Option Agreement with Pick-One to Develop REV™ Snacks in Mexico
NOVEMBER 19, 2019, 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 Pick-One S.A. de CV (“Pick-One”) to evaluate the use of the Company’s Radiant Energy Vacuum (“REV™”) dehydration technology for the development of dehydrated fruit and vegetable snacks. During the term of the TELOA, Pick-One will pay a monthly evaluation fee and have the non-exclusive option to license REV™ technology in Mexico for a range of snack products.
The expansion of EnWave’s technology into Mexico further proves the global value proposition for food processors seeking to launch new and innovative premium snack food products. EnWave holds a robust intellectual property portfolio spanning numerous international markets and has licensed REV™ technology to food companies in over fifteen countries worldwide.
Pick-One is a 100% Mexican owned company born with the idea of bringing healthy and delicious products to the market. Through the company’s commitment to adopting innovative processes and unique flavor profiles into its product offering, Pick-One came across EnWave’s REV technology. Pick-One is excited to develop an innovative new suite of healthy snack products to captivate the taste buds of the Mexican consumer utilizing EnWave’s REV technology.
For more information, please visit www.pick-one.mx
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. REV™ technology’s commercial viability has been demonstrated and is growing rapidly across several market verticals in the food, legal cannabis and pharmaceutical sectors. EnWave’s strategy is to sign royalty-bearing commercial licenses with industry leaders in multiple verticals for the use of REV™ technology. The company has signed over twenty royalty-bearing licenses to date, opening up eight distinct market sectors for commercialization of new and innovative products. In addition to these licenses, EnWave has formed a Limited Liability Partnership, NutraDried LLP, to develop, manufacture, market and sell all-natural cheese snack products in the United States under 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.
Dr. Tim Durance
President & CEO
For further information:
John Budreski, Executive Chairman at +1 (416) 930-0914
Brent Charleton, Senior Vice President, Sales and Business Development at +1 (778) 378-9616
Deborah Honig, Corporate Development, Adelaide Capital Markets at + 1 (647) 203-8793
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