February 11, 2014 – EnWave Corporation
EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”) is pleased to announce today that following the signing of a global exclusive royalty-bearing license on November 19th, 2013, the Company has signed an Equipment Lease Agreement (the “Agreement”) with a division of Bonduelle (“Bonduelle”), the world’s leading processed vegetable producer. Under the Agreement, EnWave will build a 120kW MIVAP® machine (the “Machinery”), via their subsidiary Hans Binder Maschinenbau GmbH (“Binder”), for Bonduelle to use for their North American operations.
The Machinery is scheduled to be delivered to Bonduelle in late 2014, where it will be used to create and develop dehydrofrozen (“DHF”) vegetables as part of their business development efforts.
DHF vegetables are partially dehydrated and then quickly frozen. The purpose of this process is to retain nutritional content, color, flavor and most importantly texture when cooked from the frozen state.
From a global perspective, Bonduelle plans to explore many unique opportunities for DHF frozen products with better quality ingredients for frozen consumer products. Bonduelle is convinced that the attributes of the “EnWave Frozen vegetables” respond to specific customers’ needs that actual fresh or frozen vegetables do not satisfy adequately.
In anticipation of a successful research and development program, the two companies will concurrently collaborate on the design of a commercial-scale quantaREV® machine for DHF vegetable production with target finished frozen product capacity of between 3 and 4 tonnes per hour. The quantaREV® machine design is expected to be completed in 2015 providing Bonduelle with the opportunity to launch DHF products on a commercial scale.
“We are excited to be working together with a market leader like Bonduelle to support the development of the first commercial scale quantaREV® platform for this exciting new product category,” stated Dr. Tim Durance, Chairman and Co-CEO of EnWave. “If the research of quantaREV® technology can create success in this product area it can open up many new market opportunities for EnWave where high capacity low temperature drying options do not currently exist.”
Bonduelle has a clear goal: to be a nutrition partner for consumers. It does all it can to encourage people to eat vegetables by offering a very wide product range which is extensively available in over 100 countries worldwide. Today the company has over 80 types of vegetable and has been present since 1998 in four segments: canned, frozen, fresh and delicatessen salads. Bonduelle is above all a ‘corporate’ brand and a family brand. The brand name is both the name of the company and the name of the founding family, whose activities began back in the middle of the 19th Century. Giving the family’s name to the product ensures that consumers immediately identify the product and recognize the name, Bonduelle. Its Chief Executive Officer, Christophe Bonduelle, represents the 6th generation of this family business. For more information on Bonduelle please visit www.bonduelle.com.
EnWave Corporation is a Vancouver-based industrial technology company developing commercial applications for its proprietary Radiant Energy Vacuum (REV™) dehydration technology. EnWave aims to sign royalty-bearing commercial licenses with leading food and pharmaceutical companies for the use of its revolutionary technology. Thus far the Company has signed commercial licenses with Bonduelle, a global leader in the production of vegetables, for the processing of dehydrofrozen vegetables; Hormel Foods Corporation, a major processed meat manufacturer, for the production of healthy dried meat products; Milne Fruit Product, EnWave’s first major licensee, for the production of several dehydrated fruit and vegetable products in the whole, fragmented and powdered form; a leading North American enzyme company, to dehydrate a series of food-related enzymes for their Tier 1 clients; and Napa Mountain Spice Company, to dry high-quality California bay leaves. In addition to these licenses, EnWave has formed a Limited Liability Partnership with Lucid Capital Management to develop, manufacture, market and sell all-natural cheese snack products in the United States under the Moon Cheese® brand.
Also, EnWave has entered into a wide range of research and collaboration agreements with an expanding list of multinational companies. EnWave is introducing REV™ as a new dehydration standard in the food and biological material sectors: potentially faster and cheaper than freeze drying, with better end product quality than air drying or spray drying.
EnWave currently has six REV™ platforms: commercial-scale nutraREV® and MIVAP® are used in the food industry to dry fruits, vegetables, meat, herbs and seafood quickly and at low-cost, while maintaining high levels of nutrition, taste, texture and colour. The Company is also developing powderREV™ for bulk dehydration of food cultures, probiotics and fine biochemicals such as enzymes; quantaREV™ for continuous, high-volume low-temperature drying of pastes, gels, liquids, or particulates; and bioREV™ and freezeREV™ as new methods to stabilize and dehydrate biopharmaceuticals such as vaccines and antibodies. More information about EnWave is available at www.enwave.net.
Dr. Tim Durance
Chairman and Co-CEO
For further information:
Mr. Brent Charleton, Vice President, Corporate Affairs at (778) 378-9616
Mr. John McNicol, President & Co-CEO, EnWave Corporation at (604) 601-8524
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 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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