VANCOUVER, British Columbia, Feb. 29, 2024 (GLOBE NEWSWIRE) — EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”) today announced that BranchOut Food Inc. (NASDAQ:BOF) (“BranchOut”), a royalty partner of the Company, has broadened its existing relationship with the nation’s largest warehouse club following exceptional sales of its popular Pineapple Chips product in the California regions. The warehouse club retailer has now committed to two new orders valued at nearly US$900,000, scheduled for Q3 2024, placing the product again in the Northern California Region, plus seven additional states across the Southeast.
The warehouse club retailer’s Southeast region is one of its largest and includes Florida, Georgia, Alabama, South Carolina, North Carolina, and Tennessee. Several other regions are now reviewing BranchOut Food’s products and sales data as well. BranchOut expects to begin delivery of products in the third quarter of 2024.
BranchOut also recently expanded its relationship with the nation’s largest grocery retailer. BranchOut states that the new agreement is valued at an estimated US$7.6 million annually. BranchOut has renewed its contract with the grocery retailer for two products and entered into a new contract for two additional products. BranchOut received a 12-month contract extension for two dried fruit private label items that were first supplied in 2023.
These developments with both the largest warehouse club retailer and the largest grocery retailer in the United States are expected to bolster the royalties collected by EnWave from BranchOut, and the Company is optimistic regarding further positive growth in this commercial relationship.
About BranchOut Food Inc.
BranchOut Food is an international food-tech company delivering truly great natural snacks and real superfood ingredients enabled by its licensed dehydration technology. The company’s GentleDry (REV®) Technology is the next generation in dehydration technology, preserving up to 95% of the original nutrition of fresh fruits and vegetables. BranchOut’s technology is protected by more than 17 patents. BranchOut Food is proud to be a leading provider of high-quality dehydrated fruit and vegetable-based products and its commitment to quality and innovation sets it apart as a trusted brand and private label supplier. For more information about BranchOut Food Inc. and its products, please visit www.branchoutfood.com.
About EnWave
EnWave is a global leader in the innovation and application of vacuum microwave dehydration. From its headquarters in Delta, BC, EnWave has developed a robust intellectual property portfolio, perfected its Radiant Energy Vacuum (REV™) technology, and transformed an innovative idea into a proven, consistent, and scalable drying solution for the food, pharmaceutical and cannabis industries that vastly outperforms traditional drying methods in efficiency, capacity, product quality, and cost.
With more than fifty royalty-generating partners spanning twenty-three countries and five continents, EnWave’s licensed partners are creating profitable, never-before-seen snacks and ingredients, improving the quality and consistency of their existing offerings, running leaner and getting to market faster with the company’s patented technology, licensed machinery, and expert guidance.
EnWave’s strategy is to sign royalty-bearing commercial licenses with food producers who want to dry better, faster and more economical than freeze drying, rack drying and air drying, and enjoy the following benefits of producing exciting new products, reaching optimal moisture levels up to seven times faster, and improve product taste, texture, color and nutritional value.
Learn more at EnWave.net.
EnWave Corporation
Mr. Brent Charleton, CFA
President and CEO
For further information:
Brent Charleton, CFA, President and CEO at +1 (778) 378-9616
E-mail: [email protected]
Dylan Murray, CPA, CA, CFO at +1 (778) 870-0729
E-mail: [email protected]
Safe Harbour for Forward-Looking Information Statements: This press release may contain forward-looking information based on management’s expectations, estimates and projections. All statements that address expectations or projections about the future, including statements about the Company’s strategy for growth, product development, market position, expected expenditures, and the expected synergies following the closing are forward-looking statements. All third-party claims referred to in this release are not guaranteed to be accurate. All third-party references to market information in this release are not guaranteed to be accurate as the Company did not conduct the original primary research. These statements are not a guarantee of future performance and involve a number of risks, uncertainties and assumptions. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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