SOURCE: EnWave Corporation

EnWave Corporation

November 24, 2015 09:00 ET

EnWave Signs Commercial Royalty-Bearing License With Agricola Industrial La Lydia SA of Costa Rica for Fruit and Cheese Production, Receives Purchase Order

VANCOUVER, BC--(Marketwired - November 24, 2015) - EnWave Corporation (TSX VENTURE: ENW) (FRANKFURT: E4U) ("EnWave", or the "Company") is pleased to announce that the Company has signed its sixteenth royalty-bearing commercial license agreement (the "License") with Agricola Industrial La Lydia SA ("La Lydia"). La Lydia, a family-owned company with more than 70 years of experience in agricultural activities and livestock, is a leading global producer of golden pineapples and a leading Costa Rican milk producer. They currently cultivate 700 hectares of agricultural land.

La Lydia will produce a variety of fruit, vegetable and cheese products using EnWave's Radiant Energy Vacuum ("REV™") technology and has agreed to pay EnWave a range of product specific quarterly royalties ranging between three and five percent of the wholesale value of each product. The License provides La Lydia with geographic processing exclusivity in Costa Rica, Nicaragua, Honduras, Panama, El Salvador, the Dominican Republic, Belize and Guatemala. This exclusivity will remain intact pursuant to La Lydia submitting its minimum royalty payments to EnWave.

In addition to signing the License, La Lydia has submitted a purchase order (the "Purchase Order") to EnWave for a small commercial REV™ machine. This machine will enable product development and small-scale commercial production. Delivery of this machine is expected in early 2016. In order to retain the geographic and product exclusivity granted in the License, La Lydia is also required to submit a purchase order within one year of the start-up of the small commercial REV™ unit for one 100kW or higher REV™ machine. A second purchase order is required for a 100kW or higher REV™ machine within eighteen months of the start-up. All other terms of the License and Purchase Order are confidential.

About Agricola Industrial La Lydia SA
Agricola Industrial La Lydia is a family-owned company that was founded over 70 years ago in Costa Rica. La Lydia has been a global leader in the production and exportation of golden pineapple since 2005.

La Lydia continues to provide their clients with the highest quality product assurance through that distribution of their two golden pineapple brands: YAZ and SWITI. For more information about La Lydia, please visit www.costaricapineapple.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. 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, enzymes, probiotics, food cultures, etc.).

In addition, EnWave is currently developing a 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 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