EnWave Signs Technology Evaluation and License Option Agreement with Seven Seas Fish Company Limited
Jan 8th 18, 06:00
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 Seven Seas Fish Company Limited (“Seven Seas”), a leading Canadian seafood manufacturer and international distributor.The TELOA grants Seven Seas an exclusive six-month term to evaluate the use of Radiant Energy Vacuum (“REV™”) technology for the production of high-value, premium fin fish and other seafood snacks in British Columbia, Canada. A small-scale REV™ machine will be installed at Seven Seas’ facility in February 2018, which will trigger the commencement of the exclusive term.Prior to signing the TELOA, EnWave and Seven Seas conducted several product development tests at the Company’s pilot plant that yielded positive results. REV™ technology has proven to work effectively in the dehydration of salmon, prawns, lobster, crab, scallops, mussels, oysters, sea cucumbers and other various seafood products.
About Seven Seas Fish
Seven Seas is a fish company that processes and distributes fresh, frozen and value added seafoods to a wide array of customer types in Canada and around the world. Full seafood distribution to retail, food service and wholesale distributors and a growing smoked and valued added line of sustainable, high quality seafoods. It sources seafood locally buying directly from fishers, but also globally buying from processors in several different countries. The company was founded in 1967 with its head office in Richmond, British Columbia, Canada. Seven Seas is a proven industry leader. For more information please visit www.7seas.ca.
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;
2. powderREV® which is used for the bulk dehydration of food cultures, probiotics and fine biochemicals such as enzymes below the freezing point, and
3. quantaREV® which is used for continuous, high-volume low-temperature drying.
An additional platform, freezeREV®, is being developed as a new method to stabilize and dehydrate biopharmaceuticals such as vaccines and antibodies. 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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