SOURCE: EnWave Corporation

EnWave Corporation

February 03, 2015 09:00 ET

EnWave Announces Partnership Change for NutraDried LLP; Secures Dried Cheese Snack Product Launch in Starbucks; and Provides Partnership Update

VANCOUVER, BC--(Marketwired - February 03, 2015) - EnWave Corporation (TSX VENTURE: ENW) (FRANKFURT: E4U) ("EnWave", or the "Company") is pleased to announce a partnership change and provide a progress update for NutraDried LLP ("NutraDried"). NutraDried is a subsidiary of the Company that is currently manufacturing, marketing and selling an innovative, all-natural, crunchy cheese snack product that is dried using EnWave's patented Radiant Energy Vacuum ("REV™") dehydration technology. Moon Cheese® is currently being distributed in the North American market.

Partnership Structure Change
In an effort to optimize efforts towards building a market for numerous REV™-dried healthy snack products, EnWave has agreed with its minority partner, Lucid Capital Management ("Lucid"), to allow the transfer of Lucid's 49% equity interest in NutraDried to NutraDried Creations ("Creations"). As part of this transaction, the existing commercial license and supply agreement between EnWave and Creations has been terminated. Creations will also vend-in a combination of useful machinery, saleable product and cash to maintain its 49% interest in NutraDried. Lucid and Creations have the same majority shareholder, Mr. Hugh Wiebe, a former Director of EnWave.

This change will consolidate revenue from all direct marketing of Moon Cheese®, Muncheese® and all products made using NutraDried's 100kW nutraREV™ machinery.

Both EnWave and Creations are excited to combine their efforts to grow NutraDried into a leader in the North American snack food market sector.

Starbucks Coffee Locations to Sell Moon Cheese®
NutraDried has confirmed the launch of Cheddar and Gouda Moon Cheese® into 3,500 corporate Starbucks Coffee locations in the United States of America as part of a sixteen week long product showcase program that begins in June 2015. Starbucks Coffee connects with millions of customers each day and has over 20,000 locations situated throughout 65 countries. During the first nine weeks, specific in-store marketing efforts will be implemented to highlight the Moon Cheese® product in the stores. The following seven weeks will be used to collect pertinent data to determine whether continued sales levels justify longer term and potentially increased distribution in the Starbucks network.

Private-Label Order Update
NutraDried has received a total of four private-label orders. Those orders were placed specifically for distribution through Costco. After a successful initial trial launch of the product, NutraDried and Costco are now refining the packaging and package design for the product. The dried cheese snack is expected to return to shelves with an improved look in Spring 2015.

Sales Revenue Increase
NutraDried generated more sales revenue during the first fiscal quarter 2015 (approximately USD$400k) than the sales revenue produced for the full fiscal year 2014 (USD$220k). This sales revenue increase can be attributed to two factors; repeat orders from existing customers and an increase in point-of-sale ("POS") locations, including the orders placed at Costco. NutraDried's management and the expanding food broker network have substantially increased the number of POS locations that are confirmed to sell Moon Cheese® in 2015. In addition to previously announced grocery store chains, Moon Cheese® will be available for purchase in Rosauers in Eastern Washington, Best Markets in the New York area, select Whole Foods locations, Sobeys in Eastern Canada, Overwaitea Food Group and Thrifty stores in British Columbia. Moon Cheese® is available for purchase in approximately 1,700 individual POS locations currently.

About NutraDried LLP
NutraDried LLP is a joint partnership owned by EnWave USA Corporation and ND Creations. EnWave USA Corporation was established as a subsidiary in the State of Delaware by EnWave Corporation to facilitate this partnership. NutraDried LLP intends to develop and distribute numerous healthy snacking options throughout North America over the coming years. By using EnWave's proprietary REV™ technology, NutraDried can produce all-natural products with attractive colors, excellent flavor and high nutritional content; characteristics valued by many consumers. The LLP currently produces and sells Moon Cheese® as a healthy, tasty snack in the North American market. 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 twelve royalty-bearing licenses, opening up eight distinct market sectors for commercialization with companies. 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. 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 three commercial REV™ platforms: nutraREV® is used in the food industry to dry food products quickly and at low-cost, while maintaining high levels of nutrition, taste, texture and colour; powderREV® is used for the bulk dehydration of food cultures, probiotics and fine biochemicals such as enzymes below the freezing point and quantaREV® is used for continuous, high-volume low-temperature drying. Two additional platforms, bioREV® and freezeREV®, are being developed 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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • For further information:

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

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