EnWave Signs Royalty-Bearing License with Second Large U.S. Cannabis Multi-State Operator and Receives Purchase Order for 120kW REVtm Machine for Commissioning in 2021

VANCOUVER, British Columbia, Sept. 23, 2021 (GLOBE NEWSWIRE) -- EnWave Corporation (TSX-V:ENW | FSE:E4U) ("EnWave") announced today that it has signed a royalty-bearing commercial license agreement (the "License") with a second large U.S. cannabis multi-state operator ("MSO"). The MSO is one of the largest North American cannabis producers. This License grants the MSO the rights to use REVtm technology for the rapid and gentle processing of material amounts of premium cannabis.

The MSO is also purchasing a large-scale 120kW Radiant Energy Vacuum ("REVtm") machine for use at its existing cultivation facility. The 120kW REVtm machine is anticipated to be commissioned before the end of the 2021 calendar year.

Prior to committing to using REVtm technology, the MSO conducted extensive tests to confirm the advantages of using REVtm versus incumbent drying methods. The tests used REVtm as a method for drying for multiple strains, and included several controlled benchmark studies to confirm the improved retention of terpenes and cannabinoids. The terpene and cannabinoid levels of the REVtm-dried samples were clearly superior to the conventional room/rack dried flower. Further, the smoke experience of REVtm-dried cannabis when compared to existing product was undiscernible.

The MSO's testing employed EnWave's Terpene Maxtm drying protocol, which offers a fast, gentle drying method that removes moisture homogenously from cannabis at controlled, low temperatures, which are below the point where decarboxylation occurs. When compared to other drying methods, REVtm protocols can be customized to improve terpene retention while preserving equivalent or higher cannabinoids. Typically, cannabis flowers dried using the Terpene Maxtm program yield greater than 10% more retained terpenes than room/rack dried flower. Bioburden is also materially reduced when using select REVtm protocols. Drying times are reduced from multiple days to less than two hours using REVtm technology.

A single 120kW REVtm machine will process in excess of 200lbs of wet cannabis biomass per hour, yielding approximately 45lbs of dried finished product. That translates into over 200,000lbs of dried cannabis produced per year. REVtm machinery is manufactured for GACP compliance and GMP upon request.

Redeployment of REVtm Machine and Termination of License

Concurrent with the signing of the License, the Company terminated a commercial license agreement previously announced on April 26, 2019 (the "License"). EnWave had fabricated and delivered two 120kW REVtm machines and one 10kW machine that were fully paid for but never installed. The REVtm machines have been held in storage since the licensee decided to close certain of its cultivation facilities in Canada. EnWave has repurchased these three machines.

To facilitate the commissioning (before year end) of the 120 kW REVtm machine sold to the MSO, EnWave will re-sell one of the two repurchased 120kW REVtm machines. EnWave is optimistic that the second 120kW REVtm machine will be sold in the coming months to a new or existing licensed partner.

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. 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 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:

1. 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,
2. 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]

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