VANCOUVER, BC–(Marketwired – May 12, 2016) –
EnWave Corporation
(TSX VENTURE: ENW)
(FRANKFURT: E4U)
(“EnWave”, or the “Company”) today announced that it has received a second purchase order and deposit for a Radiant Energy Vacuum (“REV™”) machine from Eregli Agrosan, a Turkish company that produces high-value, natural products and derivative products for the food, cosmetic and health sectors. This second REV™ machine will double the processing capacity of Eregli Agrosan and is scheduled for delivery in the fall of 2016.
The license terms for Eregli Agrosan include a requirement that, in addition to purchasing two smaller REV™ machines, Eregli Agrosan must submit a purchase order for one 100kW REV™ machine within twelve months of the start-up of the first small commercial REV™ machine. Further, the license terms also include a requirement that a second 100kW REV™ machine be purchased within three years. These multiple purchase commitments are required in order for Eregli Agrosan to retain exclusivity.
Eregli Agrosan also recently purchased a lab-scale REV™ machine for product development purposes. Their technicians and scientists have been actively developing numerous product applications at their facility in Istanbul since March 2016 and representatives from Eregli Agrosan spent a week in April at EnWave’s pilot plant facilities to improve their processing know-how.
Eregli Agrosan holds the exclusive right to process a variety of fruit, vegetable and cheese products using REV™ dehydration technology in Turkey. Subject to their exclusive license, Eregli Agrosan has agreed to pay EnWave a quarterly product specific royalty based on the wholesale value of the individual product applications.
About Eregli Agrosan
Eregli Agrosan was founded by several influential and successful Turkish business people including Mr. Bülent Ünal, the Chairman of Tüyap Fairs and Exhibitions; Mr. Mehmet Ali Karamehmet, a Board Member of Çukurova Holding; and Mr. Ömer Kaymakçalan, an experienced and successful investment manager. Eregli Agrosan’s strength is derived from the experience and skillsets of its founders. They have extensive knowledge and experience in financial management, international trade, marketing and operations management.
Eregli Agrosan’s head office and research and development laboratory are in Istanbul; their agricultural activity takes place on company owned agricultural land which is located on 7,000 decares in Konya, Eregli and 2,000 decares in Tarsus. Eregli Agrosan is currently completing two facilities for production: a 30,000m2 facility in Konya, Eregli district and a 4,000m2 facility in Tarsus-Mersin. The strategic location of Turkey acts as a natural bridge between both East-West and North-South axis resulting in the creation of an efficient and cost-effective outlet to major markets. Operating from this location, Eregli Agrosan can easily reach 1.5 billion potential customers in Europe, Eurasia, the Middle East and North Africa. Since Turkey has a highly developed technological infrastructure in transportation (both railway and sea transport), direct delivery to most of the EU countries is possible.
For more information on Eregli Agrosan please visit www.eregliagrosan.com/en/.
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 fifteen 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
+1 (416) 930-0914
E-mail: jbudreski@enwave.net
Brent Charleton
Senior Vice President, Business Development
+1 (778) 378-9616
E-mail: bcharleton@enwave.net
Jeremy Hellman
Senior Associate
The Equity Group
+1 (212) 836-9626
E-mail: jhellman@equityny.com