SOURCE: EnWave Corporation

EnWave Corporation

December 18, 2015 09:00 ET

EnWave Reports 2015 Annual Financial Results

VANCOUVER, BC--(Marketwired - December 18, 2015) - EnWave Corporation (TSX VENTURE: ENW) (FRANKFURT: E4U) ("EnWave", or the "Company") today reported its annual results for the year ended September 30, 2015. EnWave's annual consolidated financial statements and MD&A are available on SEDAR at www.sedar.com and on our website at www.EnWave.net.

2015 marked a year of significant progress for EnWave in the advancement and commercialization of its proprietary REV™ dehydration technology. Significant achievements of the Company since October 1, 2014 include:

  1. commissioning the startup of two large-scale commercial REV™ machines for food products;
  2. signing five new royalty-bearing commercial licenses;
  3. receiving purchase orders for six small-scale commercial REV™ machines for food products;
  4. signing or extending six Technology Evaluation and License Options Agreements;
  5. receiving purchase orders for two pharmaceutical REV™ dehydrators,
  6. strengthening its patent protection portfolio;
  7. improving its corporate structure; and,
  8. completing an equity private placement with gross proceeds of $5M.

During the fiscal year, EnWave installed and commissioned for commercial production a 100kW nutraREV® machine (and supplied other related REV™ equipment) for Hormel Foods Corporation. EnWave also installed and commissioned for commercial production a 120kW quantaREV® machine for Bonduelle Group. NutraDried LLP ("NutraDried") significantly expanded production using the 100kW nutraREV® machine commissioned in 2014, and increased sales of Moon Cheese®, including sales to the major US coffee chain. Additionally, EnWave expanded its license to Milne Fruit Products ("Milne") to allow for additional MicroDried® products to satisfy significant orders from several major food companies.

EnWave also signed royalty bearing commercial licenses and received purchase orders for small-scale commercial REV™ machines from Gay Lea Foods Co-operative Limited (Canada), Umland LLC (USA), Lake Blue Spa (Chile) and Dominant Slice Lda (Portugal and Spain). After the fiscal year-end, EnWave signed an additional royalty bearing commercial license and received a further purchase order from Agricola Industrial La Lydia SA (Costa Rica).

During the year, EnWave signed or extended Technology Evaluation and License Options Agreements ("TELOAs") with Perdue Farms Incorporated (USA), Ultima Foods Incorporated (Canada), a top California grape producer (USA), Maple Leaf Foods Inc. (Canada) and post fiscal year-end, with Natures Touch Frozen Foods Inc. (Canada) and Link's Inc. - Jack Link's Beef Jerky (USA). TEOLAs generate revenue through research contracts or REV™ equipment lease arrangements and are a first step towards commercial license and production.

This year's purchase orders from pharmaceutical partners included a commercial production dryer for a pharmaceutical ingredient, and a large-scale, research and development dehydrator for human vaccines. These projects generated major milestone payments from each partner. 

Patent protection for EnWave's proprietary technology was enhanced through the year by the addition of additional patents for its powderREV®, freezeREV® and quantaREV® platforms. Nine additional geographic patents were granted related to the nutraREV®, bioREV®, powderREV® and quantaREV® platforms.

With respect to corporate matters, EnWave appointed Mary Ritchie as Director and Chair of the Audit Committee, accepted the resignation of two non-independent Directors, received shareholder approval for a new Restricted Share Plan, was named to the TSX Venture 50® for the fifth time and appointed Dan Henriques as the new Chief Financial Officer. The financial and operating interests in the NutraDried partnership were restructured and NutraDried signed a Master Supply and Distribution Agreement with Spire Brands, LLC. EnWave discontinued financing to its 86.5% owned subsidiary, Hans Binder Maschinenbau GmbH ("Binder"), which resulted in Binder's insolvency, but enhanced EnWave's ability to focus on its higher margin royalty licensing business. The removal of Binder's financial information from EnWave's financial results should provide investors with better visibility into EnWave's operations and growth.

Subsequent to fiscal year-end, EnWave successfully completed a $5 million "Bought Deal" private placement of common shares.

For 2016, EnWave intends to continue to vigorously pursue its strategy of further commercializing its REV technology platform and adding new partners to the Company's royalty licensing portfolio.

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. To date, the Company has signed sixteen royalty-bearing commercial licenses with various companies, thereby opening up eight distinct market sectors for commercialization. In addition to these sixteen licenses, EnWave has formed a Limited Liability Partnership, NutraDried LLP, to develop, manufacture, market and sell all-natural cheese snack products within the United States of America under the Moon Cheese® brand.

EnWave is introducing REV™ technology as a new dehydration standard in the food and biological material sectors, with benefits including, but not limited to, a faster and cheaper method compared to freeze drying, with better end product quality than air drying or spray drying. EnWave currently has three commercial REV™ platforms:

1. nutraREV® (food industry applications): designed for quick, low-cost dehydration of fruits, vegetables, herbs, dairy products, meats and seafood, with benefits including improved nutritional content, appearance, flavor and texture relative to conventional methods.

2. quantaREV® (food industry applications): designed for high-volume, low-temperature dehydration of solids, liquids, granular or encapsulated products.

3. powderREV® (pharmaceutical applications): designed as a high-speed, lower-energy, continuous alternative to freeze drying for bulk dehydration of temperature-sensitive biomaterials (bacteria, cell-free extracts, enzymes, probiotics, food cultures, etc.).

In addition, EnWave is currently developing a new commercial REV™ platform:

1. freezeREV® (pharmaceutical applications): a multi-vial prototype technology designed to act as an accelerated freeze dryer to produce room-temperature stable biopharmaceuticals and reagents.

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
    EnWave Corporation
    +1 (416) 930-0914
    E-mail: jbudreski@enwave.net

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