SOURCE: EnWave Corporation

EnWave Corporation

November 25, 2014 09:00 ET

EnWave Signs Commercial License and Receives Machine Purchase Order From Gay Lea Foods Cooperative Ltd

VANCOUVER, BC--(Marketwired - November 25, 2014) - EnWave Corporation (TSX VENTURE: ENW)(FRANKFURT: E4U) ("EnWave", or the "Company") announced today that the Company has signed a Commercial Royalty-Bearing License (the "License") with, and received a Machine Purchase Order (the "Purchase Order") from Gay Lea Foods Cooperative Ltd. ("Gay Lea"), an industry leader in the production and processing of dairy products in Canada. 

The License grants Gay Lea the exclusive right to process cheese snack products for human and pet consumption in Canada using the Company's Radiant Energy Vacuum ("REV™") dehydration technology. In exchange for these rights, Gay Lea has agreed to pay EnWave the standard royalty rate assigned to cheese snack products that are processed using REV™ technology.

Gay Lea has also submitted a Purchase Order to obtain a small commercial-scale nutraREV® unit, allowing them to initiate a commercial launch of their dried cheese products, which is scheduled to take place over the next 18 months. In order to retain the granted license exclusivity, Gay Lea must submit an additional order for at least one 100kW nutraREV® machine within 18 months. All other terms of the License and Purchase Order are confidential. 

About Gay Lea Foods Cooperative Ltd
Gay Lea Foods is a dairy co-operative comprised of over 1,200 Canadian farmers, all located in Ontario, which equates to an approximate 30% of the milk production in Ontario. Gay Lea manufactures a range of wholesome dairy products including milk, dips, butter, yogurt, sour cream, whipped cream, cheese, cottage cheese, and dairy ingredients. In 2008, Gay Lea partnered with the makers of award-winning artisan cheeses, Ivanhoe Cheese, to strengthen its cheese division. More information about Gay Lea is available at www.gaylea.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 eleven 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

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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Contact Information

  • For further information:

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

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