SOURCE: EnWave Corporation

EnWave Corporation

October 30, 2014 09:00 ET

EnWave Announces Details of Private-Label Order and Increased Distribution of NutraDried LLP's Moon Cheese® Product

VANCOUVER, BC--(Marketwired - October 30, 2014) - EnWave Corporation (TSX VENTURE: ENW) (FRANKFURT: E4U) ("EnWave", or the "Company") announced today that, according to NutraDried Creations ("Creations"), the previously announced private-label cheese snack orders submitted to the Company's subsidiary, NutraDried LLP ("NutraDried"), will be initially sold in 28 Costco Wholesale Corporation ("Costco") stores located in the Pacific Northwest. Costco is the second largest retailer in the United States and the third largest in the world. It is also the leading membership warehouse club chain in the United States.

In April 2014, Creations signed a royalty-bearing commercial license to use EnWave's patented Radiant Energy Vacuum ("REV™") technology for the production of dehydrated cheese snacks and other new healthy snack products. Creations also signed a manufacturing agreement with EnWave in April 2014, ensuring that the first 3 million pounds of dried cheese snack products for annual distribution will be produced by NutraDried at its facility in Ferndale, Washington State. Creations will market the dried cheese snack products under the 'Muncheese' brand in the selected Costco locations.

EnWave also announced today that NutraDried has secured additional distribution via its distributor partners in several new Canadian and U.S. grocery chains for its Moon Cheese® branded dehydrated cheese snack products. Moon Cheese® can now be purchased in Canada at select Urban Fare, Save-on-Foods and Overwaitea Foods stores in both British Columbia and Alberta. In the U.S., select REI stores, Sunset Foods stores in Illinois, Roche Brothers in Massachusetts, Raley's Supermarkets and Tony's Fine Food distributors in California have begun selling Moon Cheese® as well. NutraDried will continue to work towards expanding distribution opportunities over the coming quarters.

About NutraDried LLP
NutraDried LLP is a joint partnership owned by EnWave USA Corporation and Lucid Capital Management. EnWave USA Corporation was established as a wholly-owned subsidiary in the State of Delaware by EnWave Corporation to facilitate this partnership with Lucid. Lucid is part of the Wiebco Group of Companies controlled by the parent company Wiebco Investments Ltd., which is a private holding and management company controlled by J. Hugh Wiebe and his family. Mr. Wiebe has been a Director of EnWave Corporation since December 2010. For more information on Lucid Capital Management please visit www.lucidcapital.com.

NutraDried LLP intends to develop and distribute numerous healthy snacking options throughout the U.S. over the coming years. By using EnWave's proprietary REV™ technology, they can produce all-natural products with attractive colors, excellent flavor and high nutritional content; characteristics valued by many consumers. NutraDried currently produces and sells Moon Cheese® as a healthy, tasty snack in the U.S. and Canadian markets. For more information on Moon Cheese® please visit www.mooncheesesnacks.com.

About EnWave
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 ten royalty-bearing licenses, opening up eight distinct market sectors for commercialization with companies that include Bonduelle, a global leader in the production of vegetables; Hormel Foods Corporation, a major processed meat manufacturer in the United States of America; and Sutro Biopharma, a company developing a protein synthesis process for the pharmaceutical industry. In addition to these licenses, EnWave has formed a Limited Liability Partnership, NutraDried LLP, to develop, manufacture, market and sell all-natural cheese snack products in the United States under the Moon Cheese® brand. The Company has also signed a license and manufacturing agreement with NutraDried Creations to market the dried cheese and other REV™ snack products through private label distribution channels in the United States and Latin America.

EnWave has signed a wide range of research agreements with an expanding list of companies that include Nestlé, Kellogg's, Ocean Spray Cranberries, Sun-Maid Growers, R.J. Reynolds and Merck among others. 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 food products quickly and at low-cost, while maintaining high levels of nutrition, taste, texture and colour. The Company has also commercialized powderREV® for bulk dehydration of food cultures, probiotics and fine biochemicals such as enzymes below the freezing point; quantaREV™ for continuous, high-volume low-temperature drying; 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.

EnWave Corporation

Dr. Tim Durance, President, CEO and Director

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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Contact Information

  • For further information:
    Mr. John Budreski
    Executive Chairman
    EnWave Corporation
    +1 (416) 930-0914
    E-mail: jbudreski@enwave.net

    Mr. Brent Charleton
    Vice President
    Corporate Affairs
    +1 (778) 378-9616
    E-mail: bcharleton@enwave.net