VANCOUVER, British Columbia, Jan. 23, 2020 (GLOBE NEWSWIRE) — EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”) announced today that it has signed a royalty-bearing commercial license agreement (the “License”) with Pacifico Snacks S.A.S. (“Pacifico Snacks”) to produce REV™ dried fruit snacks for the North American grocery market. Under the terms of the License, Pacifico Snacks purchased a 10kW commercial Radiant Energy Vacuum (“REV™”) machine to initiate commercial production in Colombia.
The License grants Pacifico Snacks the exclusive right to produce certain types of mango, pineapple and banana products within Colombia. With extensive expertise in the private label production of fruit snack applications, this new premium product offering will further enhance Pacifico Snack’s reputation as a leading private-label supplier to major North American grocers.This License is the first signed by EnWave in Colombia and the 38th worldwide, further proving the value proposition of REV™ technology as a tool to create innovative, premium food applications. With access to low cost, high quality local raw materials in Columbia, Pacifico plans to produce clean label, better-for-you snack offerings using REVTM .Pursuant to the terms of the License, Pacifico Snacks has royalty payment obligations to the Company and additional future undisclosed REV™ machine purchase order requirements that must be met in order to maintain their exclusive rights. The other terms of the License are confidential.About Pacifico SnacksPacifico Snacks is a woman-owned and operated business that produces natural snacks for specialty food retailers. The company specializes in private-label production of high-quality, desirable, and innovative plantain and cassava chips that delight its consumers and impact the bottom line of major retailers.Pacifico Snacks started operations in 2011, with the aim to contribute to peace in Colombia through the fusion of amazingly delicious snacks with effective means to transform Colombian marginalized rural settings emerging from conflict into cohesive collaborative communities. Currently, all production is exported to the US and sold at a national level in top grocery retailers under private labels.About EnWaveEnWave Corporation, a Vancouver-based advanced technology company, has developed a 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.net
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 it’s 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.A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d072f8f2-41ff-4d40-b8b6-63c40d3c7e1e
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