EnWave Signs Technology Evaluation and License Option Agreement with Extrx OY
VANCOUVER, British Columbia, Sept. 21, 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 Extrx OY ("Extrx") to evaluate the potential commercial use of the Company's Radiant Energy Vacuum ("REVtm") dehydration technology for the dehydration of a variety of wild arctic berry products in Finland.
During the term of the Agreement, Extrx will rent a 10kW REVtm machine for intensive product development at its facility in Northern Finland with the assistance of EnWave's expert food scientists. If commercially viable products are developed under the Agreement, Extrx will purchase REVtm machinery to commence commercial production in 2021.
The expansion of EnWave's global royalty-partner network to Finland further demonstrates the significant value proposition of REVtm technology for food producers seeking to launch new and innovative premium ingredient and snack food applications. EnWave has developed a comprehensive intellectual property portfolio with patents granted in numerous international markets and has licensed REVtm technology to more than forty companies in eighteen countries worldwide.
About Extrx OY
Extrx is a Finnish company that produces high quality anthocyanin extract, alongside with other nutraceutical products and functional foods from wild arctic berries. Besides extract, Extrx's product line includes juices, fresh purees rich in fiber, dried berry products with high nutritional values and various other products. The wild arctic berries are hand-picked and immediately frozen to avoid losing any single component of those super berries. Extrx specializes in creating value-add B2B products from nature's own superfood, arctic berries, for the food & beverage, nutraceutical, cosmetic and pharmaceutical industries.
About EnWave
EnWave Corporation, a Vancouver-based advanced technology company, has developed a Radiant Energy Vacuum ("REVtm") ? 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 REVtm technology, shortening the time from harvest to marketable cannabis products.
REVtm 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 REVtm 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 REVtm 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 REVtm 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: [email protected]
Dan Henriques, CPA, CA, CFO at +1 (604) 835-5212
E-mail: [email protected]
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.
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