VANCOUVER, British Columbia, March 18, 2020 (GLOBE NEWSWIRE) — EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”), a global leader in vacuum microwave dehydration technology, announced today that its Board of Directors has approved a plan to license the Company’s proprietary Radiant Energy Vacuum (“REV™”) into the U.S. cannabis market through a wholly-owned American subsidiary.
As a supplier of equipment that embodies years of research and development, patented innovation, know-how and, particularly, a recent process patent specifically for the drying and decontamination of cannabis, the U.S. market presents a significant opportunity to EnWave. Over the past several months, the Company, in association with its U.S. counsel, Canadian counsel and the TSX Venture Exchange (the “TSXV”), has conducted extensive legal and regulatory due diligence. This included assessments of cross-border issues and compliance with U.S. federal laws, which concluded that EnWave may proceed with its expansion strategy into the U.S. market in compliance with applicable U.S. federal laws.EnWave has also received assurances from the TSXV that its planned business expansion into the U.S. cannabis market will not affect continued listing of the Company’s securities on the TSXV, subject to certain conditions that the Company believes it can satisfy.EnWave’s proprietary dehydration technology provides a distinct value proposition to cannabis and hemp producers, including faster drying, higher precision and reduces cost. The Company only plans to license its technology to companies that operate within legalized frameworks at State, Municipal and other non-federal regulatory levels.About EnWave
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. EnWave has further developed patent-pending 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 a disruptive dehydration platform in the food and cannabis sectors: faster and cheaper than freeze drying, with better end product quality than air drying or spray drying. EnWave currently offers two distinct commercial REV™ platforms:nutraREV® which is a drum-based system that dehydrates organic materials quickly and at low-cost, while maintaining high levels of nutrition, taste, texture and colour; and,quantaREV® which is a tray-based system used for continuous, high-volume low-temperature drying.
More information about EnWave is available at www.enwave.net.EnWave CorporationMr. Brent Charleton, CFA
President and CEOFor further information:Brent Charleton, CFA , President and CEO at +1 (778) 378-9616
E-mail: bcharleton@enwave.netDan Henriques, CFO at +1 (604) 835-5212
E-mail: dhenriques@enwave.netDeborah Honig, Corporate Development at + 1 (647) 203-8793
E-mail: dhonig@enwave.netForward-Looking Information: 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 proposed expansion into the U.S. cannabis market, are forward-looking statements. These statements are not a guarantee of future performance and involve a number of risks, uncertainties and assumptions, including that such expansion efforts may not meet the expectations of management of the Company, that applicable laws may change to become more restrictive on the Company’s proposed business expansion, that the Company may be exposed to legal and regulatory risk, including fines, penalties or other sanctions, and other risks identified in the Company’s public filings, all of which may have a material adverse effect on the Company’s ability to pursue the proposed business expansion strategy and the Company’s business as a whole. 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. The Company does not undertake any obligation to update any forward-looking information, except as required by applicable securities law.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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