SOURCE: EnWave Corporation

EnWave Corporation

November 07, 2017 09:00 ET

EnWave Announces Technology Evaluation and License Option Agreement with Hampton Farms to Develop Nut-Based Snack Products

VANCOUVER, BC--(Marketwired - November 07, 2017) - EnWave Corporation (TSX VENTURE: ENW) (FRANKFURT: E4U) ("EnWave", or the "Company") announced today that it has signed a Technology Evaluation and License Option Agreement (the "TELOA") with Severn Peanut Company, Inc. d.b.a. Hampton Farms ("Hampton Farms"), a major American peanut and tree nut processor and manufacturer.

Hampton Farms was compelled to enter into the TELOA after evaluating several innovative nut-based snack products created by EnWave's food science team. EnWave and Hampton Farms will now work together at the Company's pilot-plant facility to develop several new nut-based snack products over a six month term. All other terms of the TELOA are confidential.

About Hampton Farms
Hampton Farms is the #1 brand of in-shell peanuts in the United States. Headquartered in Severn, North Carolina, the company has a true seed to shelf story, selling peanut seed to American farmers and working with them throughout the growing season to ensure the best quality peanuts. Products include in-shell Virginia and Valencia peanuts, shelled peanuts and tree nuts, and nut butters. The company also sells self-service nut butter mills for freshly ground peanut butter, almond butter, and cashew butter. Hampton Farms currently roasts and packages in facilities in North Carolina, Virginia, Massachusetts, New Mexico and Texas, producing peanut and tree nut based products for retailers, stadiums and other food manufacturers. Look for Hampton Farms products in the Fresh Produce Department of your local supermarket. For more information please visit www.hamptonfarms.com.

About EnWave
EnWave Corporation, a Vancouver-based advanced technology company, has developed Radiant Energy Vacuum ("REV™") -- an innovative, proprietary method for the precise dehydration of organic materials. REV™ technology's commercial viability has been demonstrated and is growing rapidly across several market verticals in the food and pharmaceutical sectors. EnWave's strategy is to sign royalty-bearing commercial licenses with industry leaders in multiple verticals for the use of REV™ technology. The company has signed twenty-four royalty-bearing licenses to date, opening up nine distinct market sectors for commercialization of new and innovative products. 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 has introduced REV™ as the new dehydration standard in the food and biological material sectors: faster and cheaper than freeze drying, with better end product quality than air drying or spray drying. EnWave currently has three commercial REV™ platforms:

  1. nutraREV® which 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;
  1. powderREV® which is used for the bulk dehydration of food cultures, probiotics and fine biochemicals such as enzymes below the freezing point, and
  1. quantaREV® which is used for continuous, high-volume low-temperature drying.

An additional platform, freezeREV®, is being developed as a new method 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

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:

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

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

    Deborah Honig
    Corporate Development, Adelaide Capital Markets
    + 1 (604) 755-1348
    E-mail: dhonig@enwave.net