EnWave Signs Royalty-Bearing License with Fourth Australian Cannabis Company, Sells Third 10kW GMP REVtm Machine
VANCOUVER, British Columbia, Sept. 15, 2021 (GLOBE NEWSWIRE) -- EnWave Corporation (TSX-V:ENW | FSE:E4U) ("EnWave", or the "Company") announces today that it has signed a royalty-bearing commercial license (the "License") with a fourth Australia based cannabis company ("AusCo"). The License grants AusCo the right to use EnWave's patented Radiant Energy Vacuum ("REVtm") technology for the production of cannabis products in Australia.
AusCo has purchased a 10kW REVtm machine that will be used to dry cannabis flower for use in medicinal products. This REVtm machine will be built to the standard of Good Manufacturing Practices ("GMP") which will facilitate AusCo to manufacture EU GMP grade medical cannabis products for export to Europe and other global export markets.
EnWave's REVtm technology offers a fast, gentle drying method that removes moisture homogenously from cannabis at selected low temperatures which are below the point of decarboxylation. When compared to incumbent drying methods, REVtm protocols can be customized to improve terpene retention in the order of 20% or greater and preserve equivalent or higher cannabinoids when compared to conventional rack or room drying methods. Bioburden is also effectively reduced when using select REVtm protocols. Drying times are shortened from multiple days to less than two hours. REVtm machinery is manufactured for GACP compliancy and GMP standards upon request ? a key manufacturing competency of EnWave.
REVtm technology has been proven at scale in the food and cannabis industries. EnWave currently has 49 licensed partners and counting and has installed over 50 royalty-bearing REVtm machines globally.
Scitek Acquires 10kW REVtm Machine from Helius
EnWave's exclusive channel partner representing REVtm technology in Australasia has agreed to purchase the 10kW non-GMP REVtm machine from Helius Therapeutics for the purposes of showcasing the technology's capabilities to a plethora of new potential licensees in both the food and cannabis verticals. Scitek will install their 10kW machine close to Melbourne, Australia and make it available to any interested third-parties for testing and product development.
Concurrently with the transfer of machine ownership to Scitek, Helius and EnWave agreed to terminate their license agreement. Former Helius management purchased a non-GMP REVtm machine that is not compatible with their full GMP facility classification.
About Scitek
Scitek is a vacuum technology expert business with over 30 years of industry experience. Their expertise covers a wide range of vacuum facilitating technologies as used in the cannabis, pharmaceutical and food industries. This includes GMP ready solutions for botanical extraction, cleanup, concentration and isolation.
More info about Scitek is available on http://medicinalcannabisproduction.com.au/
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 high-quality, 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 forty-five 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 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]
For Media Inquiries:
Email: [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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