VANCOUVER, BC–(Marketwired – July 15, 2016) – EnWave Corporation (TSX VENTURE: ENW)(FRANKFURT: E4U) (“EnWave”, or the “Company”) today announced that it has signed a commercial royalty-bearing license (the “License”) with Perdue Foods LLC (“Perdue”) following a successful research and development program utilizing EnWave’s technology. The License grants Perdue the exclusive right to use the Company’s Radiant Energy Vacuum (“REV™”) dehydration technology to process pet food and pet treats in the United States of America and Canada. Perdue is to pay EnWave a quarterly royalty based on the sales of pet food and pet treats according to the terms of the License.
Perdue has issued a purchase order and deposit for the purchase of a small commercial REV™ machine to conduct product optimization and regional market trials. In order to retain exclusivity, Perdue is required to purchase a 100kW or larger REV™ machine from EnWave within a specified timeframe from receipt of the small commercial REV™ machine.
This License represents the second royalty-bearing agreement signed by EnWave with a major meat processing company, and it’s first in the pet food market vertical. EnWave is actively engaged in research and development with several other major meat processing companies that span Europe, North America, South America and Australasia.
About Perdue Farms
Perdue Farms is dedicated to enhancing the quality of life for everyone they touch through innovative food and agricultural products. Since their beginning on Arthur Perdue’s farm in 1920, to their expansion into agribusiness and the introduction of the PERDUE® brand of chicken and turkey under Frank Perdue, and continuing with their third generation of leadership with Chairman Jim Perdue, they’ve remained family owned and family operated. They are the parent company of Perdue Foods and Perdue AgriBusiness. Through their PERDUE®, HARVESTLAND®, COLEMAN NATURAL®, COLEMAN ORGANIC®, ROCKY®, ROSIE®, and THE ORIGINAL BRAT HANS® brands; agricultural products and services; and stewardship and corporate responsibility programs, they are working to become the most trusted name in food and agricultural products. For more information on Perdue Farms visit www.perduefarms.com.
About EnWave
EnWave Corporation is a Vancouver-based industrial technology company developing commercial applications for its proprietary Radiant Energy Vacuum (REV™) dehydration technology. EnWave aims to sign royalty-bearing commercial licenses with leading food and pharmaceutical companies for the use of its revolutionary technology. To date, the Company has signed eighteen royalty-bearing commercial licenses with various companies, thereby opening up eight distinct market sectors for commercialization. In addition to these fifteen licenses, EnWave has formed a Limited Liability Partnership, NutraDried LLP, to develop, manufacture, market and sell all-natural cheese snack products within the United States of America under the Moon Cheese® brand.
EnWave is introducing REV™ technology as a new dehydration standard in the food and biological material sectors, with benefits including, but not limited to, a faster and cheaper method compared to freeze drying, with better end product quality than air drying or spray drying. EnWave currently has three commercial REV™ platforms:
1. nutraREV® (food industry applications): designed for quick, low-cost dehydration of fruits, vegetables, herbs, dairy products, meats and seafood, with benefits including improved nutritional content, appearance, flavor and texture relative to conventional methods.
2. quantaREV® (food industry applications): designed for high-volume, low-temperature dehydration of solids, liquids, granular or encapsulated products.
3. powderREV® (pharmaceutical applications): designed as a high-speed, lower-energy, continuous alternative to freeze drying for bulk dehydration of temperature-sensitive biomaterials (bacteria, cell-free extracts, enzymes, probiotics, food cultures, etc.).
In addition, EnWave is currently developing a new commercial REV™ platform:
1. freezeREV® (pharmaceutical applications): a multi-vial prototype technology designed to act as an accelerated freeze dryer to produce room-temperature stable biopharmaceuticals and reagents.
More information about EnWave is available at www.enwave.net.
EnWave Corporation
Dr. Tim Durance
President & CEO
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.
For further information:
John Budreski
Executive Chairman
EnWave Corporation
+1 (416) 930-0914
E-mail: [email protected]
Brent Charleton
Senior Vice President, Business Development
+1 (778) 378-9616
E-mail: [email protected]
Jeremy Hellman
Senior Associate
The Equity Group
+1 (212) 836-9626
E-mail: [email protected]
