EnWave Signs Technology Evaluation and License Option Agreement with NuWave Foods Inc. to Develop Shelf-Stable Baked Goods
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VANCOUVER, British Columbia, May 14, 2020 (GLOBE NEWSWIRE) -- EnWave Corporation (TSX-V:ENW | FSE: E4U) (“EnWave”, or the “Company”) announced today that it has signed a Technology Evaluation and License Option Agreement (the “Agreement”) with a Canadian food company NuWave Foods Inc. (“NuWave”) to evaluate the potential commercial use of the Company’s Radiant Energy Vacuum (“REV™”) dehydration technology. NuWave operates a fully licensed commercial kitchen and bakery operation in Edmonton, Alberta, and is focused on the development of new and innovative shelf-stable donut and fritter products.
During the term of the Agreement, NuWave will rent a 10kW REV™ machine for intensive product development at its facility in Edmonton. NuWave has been granted an exclusive option to license REV™ technology in Canada and the U.S. for shelf-stable donut and fritter products. If commercially viable products are developed under the Agreement, NuWave will potentially purchase REV™ machinery to commence commercial production at its facility in Edmonton.
EnWave’s proprietary dehydration technology has broad applications in the processing of innovative food products. REV™ technology enables baked goods processors to produce shelf-stable baked goods without using added preservatives, eliminating cold-storage and elongating product life. EnWave holds a robust intellectual property portfolio spanning numerous international markets and has licensed REV™ technology to more than thirty food companies in over sixteen countries worldwide.
About NuWave Foods Inc.NuWave is a 51% owned subsidiary of Blackhawk Growth Corp. (CSE: BLR). NuWave is a fully licensed commercial kitchen and baked goods manufacturer located in Edmonton, Alberta. NuWave is focused on the development and commercialization of shelf-stable baked products, without the use of any preservatives. NuWave was formed as a joint partnership between a group of like-minded professionals seeking to leverage their considerable contacts in North America’s food industry to rapidly become a leader in the rapidly changing space. NuWave seeks to leverage innovative food technologies to introduce new food products into the North American market.
About EnWave EnWave 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, CFAPresident and 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.
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