VANCOUVER, British Columbia , Sept. 15, 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 Irish operating company, Dairy Concepts IRL (“DCI”), a leader in innovative dairy snacks.
DCI intends to use EnWave’s Radiant Energy Vacuum (“REV™”) technology to develop a portfolio of innovative sweet and savoury, shelf-stable, all-natural, hand-held dairy snacks. DCI intends to launch their own consumer branded products, as well as co-manufacture for other leading dairy companies based in Ireland and the United Kingdom.To facilitate initial REV™ processing, DCI has forged a commercial relationship with Moorepark Technology Limited (“MTL”). MTL is joint venture company established by Teagasc with shareholders from the Irish Dairy Industry to provide commercial pilot plant and research services for food industry customers and a key constituent of Teagasc Food Research Centre Moorepark in the process of knowledge and technology transfer. MTL operates an ultra modern pilot plant with the most up-to-date and versatile pilot scale processing equipment for food research and development.MTL purchased a 10kW Radiant Energy Vacuum (“REV™”) machine from EnWave in September 2019.Pursuant to the License, DCI has secured the exclusive right to use REV™ technology in Ireland and the United Kingdom to produce dried snack products comprised of either cheese or cheese-like products. To retain exclusivity, DCI must purchase large-scale REV™ equipment in 2021 and will pay an undisclosed quarterly royalty to EnWave during the License term.EnWave has licensed its REV™ technology to forty companies on a global basis, providing scalable and reliable vacuum-microwave machinery to leading innovators in the food, cannabis and pharmaceutical industries.About Dairy Concepts IRLDairy Concepts IRL has become a leading innovator in the global dairy snacks market, by combining its entrepreneurial vision with Ireland’s scientific talent, quality dairy ingredients, global reputation and sustainable competitive advantage in dairy.DCI is focused on the development of innovative, cheese and cheese-like, hand-held dairy snacks for the global market and is based at the Teagasc Moorepark Food Research Centre, Cork, Ireland – the world-renowned dairy research and development centre.For more information on DCI visit www.dairyconcepts.ie.About EnWaveEnWave Corporation, a Canadian advanced technology company, has developed Radiant Energy Vacuum (“REV™”) – an innovative, proprietary method for the precise dehydration of organic materials. EnWave has further developed patented 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.EnWave is also active in the pharmaceutical industry through a joint development agreement with GEA Lyophil, a leader in GMP drying machinery.
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, CA, CPA, Chief Financial Officer at +1 (604) 835-5212
E-mail: dhenriques@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 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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