February 18, 2014 – EnWave Corporation
EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”) announced today that the Company has initiated the transfer of a commercial-scale powderREV® machine (the “Machinery”) to the major North American enzyme producer (the “Enzyme Producer”) who signed a royalty-bearing commercial license to use Radiant Energy Vacuum (“REV™”) technology in April 2013. Prior to the initiation of the transfer, EnWave completed successful in-house dehydration trials for several enzyme solutions.
EnWave will now begin installation of the machine at the Enzyme Producer’s site in preparation for initial testing to begin toward the beginning of April. Complications relating to the Enzyme Producer’s site preparation delayed the timing of the delivery and the customer verification work which needs to be completed with their established Tier 1 customers prior to commercialization. If the customer verification is successful the Enzyme Producer and EnWave have now targeted the second half of 2014 for commercial start-up of the Machinery. The Enzyme Producer is expected to produce several dehydrated enzymes used in a number of food related applications and has secured an option for another enzyme category should the technology successfully meet commercial targets.
powderREV® is designed with the goal of accelerating the drying times of biomaterials below freezing, while reducing production costs and maintaining high efficacy of the end product. Within the existing License Agreement, EnWave has the right to showcase the commercial powderREV® plant to other potential licensees in the future. The Enzyme industry is a large diverse growing global market that produces applications for food products, detergents, teeth-whitening products, biofuels and other health improvement areas. The Company hopes to further penetrate this market after demonstrating initial commercial success.
“The interest in our commercial-scale powderREV® technology is at an all-time high,” stated Dr. Tim Durance, Chairman & Co-CEO. “We are focused on doing everything in our power to expedite the start-up process, which when completed will allow EnWave to showcase the Machinery to other potential customers.”
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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