VANCOUVER, British Columbia, June 30, 2021 (GLOBE NEWSWIRE) — EnWave Corporation (TSX-V: ENW | FSE: E4U) (“EnWave”) announced today that it has signed a Commercial License Agreement (the “License”) with Europe Snacks Group (“Europe Snacks”), a European leader in savory snack production. Europe Snacks also purchased the 10kW Radiant Energy Vacuum (“REV™”) dehydration machine that was being utilized for product development during the technology evaluation since August 2020. If Europe Snacks’ market launch of REV™-dried snacks into the European market is successful, then Europe Snacks will scale its REV™ manufacturing capabilities based on market demand.
The License grants exclusivity to Europe Snacks to produce crunchy, shelf-stable cheese as well as several vegetable snacks in France. These products will complement Europe Snacks’ existing portfolio of private label savory snack products that are currently manufactured in France, the United Kingdom and Spain, and being sold to customers throughout Europe. Europe Snacks must meet certain minimum annual royalty and machine purchase requirements to maintain the exclusivity granted under the License. Europe Snacks intends to develop and commercialize several innovative REV™-dried snacks across its European distribution network.
The use of REV™ to create shelf-stable, value-added dairy and vegetable products has been proven in several markets globally. This License further validates the opportunity and business case for premium snack manufacturers such as Europe Snacks to leverage EnWave’s technology to bring dried dairy and vegetable snacks to market.
EnWave’s scalable and reliable REV™ technology produces shelf-stable fruit and vegetable products that are among the best in nutritional value, taste, texture and colour. EnWave has signed 45 royalty-bearing commercial license agreements with companies that are bringing innovative new products to market using EnWave’s patented dehydration technology.
About Europe Snacks
Europe Snacks is an ambitious multinational group that is a leader in the production of private label snack products. With a wide product portfolio and more than 200 customers, Europe Snacks’ products are available in many independent and major retailers throughout Europe. Europe Snacks operates across seven manufacturing facilities in France, Spain and the United Kingdom and currently offers contract manufacturing and private label manufacturing throughout the European marketplace.
Europe Snacks is dedicated to producing innovative and healthier products that include local and environmentally friendly solutions. Europe Snacks creates products that offer the best value for money and the best indulgent experience in a responsible way. Innovation is critical to anticipate and capture deep consumer needs and trends. Europe Snacks takes pride in developing product recipes that fit into a balanced and healthier lifestyle. Europe Snacks also cares for the environment by reducing packaging and production waste, and by limiting their carbon footprint.
For more information please visit: https://www.europesnacks.com
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 high-quality, 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. It has signed over forty royalty-bearing licenses to date in twenty countries worldwide. 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 Corporation
Mr. Brent Charleton, CFA
President and CEO
For further information:
Brent Charleton, CFA, President and CEO at +1 (778) 378-9616
E-mail: bcharleton@enwave.net
Dan Henriques, CPA, CA, CFO at +1 (604) 835-5212
E-mail: dhenriques@enwave.net
For Media Inquiries:
Email: media@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) accept responsibility for the adequacy or accuracy of this release
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e5f74467-c1fd-45ab-9af7-e281d49d7c71.
