VANCOUVER, BC–(Marketwired – May 04, 2016) – EnWave Corporation (TSX VENTURE: ENW) (FRANKFURT: E4U) (“EnWave”, or the “Company”) today announces that it has secured the release of $1,020,000 in restricted cash funds.
These funds were held as a portion of the collateral in support of a project-related, EUR844,000 letter of credit (“LOC”) issued to a customer of EnWave’s former subsidiary, Hans Binder Maschinenbau GmbH.
EnWave, with the assistance of Binder Dehydration GmbH, is working to recover its remaining restricted cash. This recovery is conditioned upon the final completion of a single past project of Hans Binder Maschinenbau GmbH and is expected to reach final completion in 2016.
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