VANCOUVER, British Columbia, July 27, 2020 (GLOBE NEWSWIRE) — EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”) announced today that the Company has obtained a Research License from Health Canada under the Cannabis Act for its Vancouver-based facilities (the “License”).
With a pilot plant that is now approved for independent research and development for cannabis products, EnWave has the ability to expedite process development and data analytics for terpene and cannabinoid retention along with other critical properties of cannabis. This strategy is designed to further demonstrate the significant value proposition of the Company’s proprietary, vacuum-microwave drying technology. Previous trials conducted at our licensed partners’ facilities yielded very positive results. With a Health Canada License, this valuable in-house research can further facilitate adoption decisions by Canadian and international cannabis producers looking to up-scale their post-harvest drying operations. It also allows EnWave to better advance the research process, working independently and in collaboration with cannabis companies at its on-site facilities. Through its new licensed capabilities, EnWave is intensifying its efforts to support licensed producers looking to improve their drying processes.EnWave’s proprietary Radiant Energy Vacuum (“REV™”) drying technology provides cannabis producers with a rapid drying solution that creates high quality cannabis products for both extraction and combustion, while reducing processing bottlenecks at lower operating costs. The REV™ process also significantly reduces the bioburden in the product and reduces crop loss due to microbes and other quality issues. REV™ has already been adopted by several licensed cannabis and hemp producers in Canada, Switzerland, New Zealand, Australia and the United States of America.With EnWave conducting on-site trials with a variety of cannabis strains, the perceived technology risk is anticipated to be materially reduced for prospective licensees and is targeted to stimulate new licenses and REV™ equipment sales into the sector. About EnWave
EnWave 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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