SOURCE: EnWave Corporation

EnWave Corporation

May 21, 2015 09:00 ET

EnWave Signs Technology Evaluation and License Option Agreement With Ultima Foods

VANCOUVER, BC--(Marketwired - May 21, 2015) - EnWave Corporation (TSX VENTURE: ENW) (FRANKFURT: E4U) ("EnWave", or the "Company") is pleased to announce that the Company has signed a Technology Evaluation and License Option Agreement (the "Agreement") with Ultima Foods Incorporated ("Ultima"), a major Canadian yogurt processor with over 40 years of experience. Ultima is a joint venture of two of Canada's largest dairy cooperatives, Agropur and Agrifoods.

The Agreement grants Ultima the exclusive right to develop dehydrated yogurt applications using EnWave's Radiant Energy Vacuum ("REV™") technology for an undisclosed period of time (the "Term"). During the Term, EnWave will work closely with Ultima to optimize several formulations. At any point during the Term, Ultima may exercise their exclusive option to license REV™ technology for the commercial production of yogurt products in Canada. All other terms of the Agreement are confidential.

Since 1971, Canadian yogurt consumption has increased from 471g to 8.7 kg per person each year. From drinkable yogurts and tubes to probiotics and unique flavours, Ultima's nutritious innovative products have played a vital role in this tremendous growth. At both EnWave and Ultima, innovation is considered a condition for success.

About Ultima Foods
For more than 40 years, Ultima Foods has been a Canadian leader in the manufacturing and marketing of yogurt and fresh dairy products. Headquartered in Longueuil, Quebec, the company has over 700 employees across the country. It has world-class facilities and produces every year at its Granby, Quebec plant more than 100 million kilos of fresh dairy products that are distributed across Canada. Having developed a veritable yogurt culture in the country, Ultima Foods makes products that are adapted to the tastes and expectations of Canadian consumers by investing in high standards of quality and innovation. Ultima foods develops, manufactures and markets the iögo brand. In addition to its iögo brand, the company owns and operates Olympic-brand dairy products (www.olympicdairy.com). Ultima Foods, which is owned by the Agropur and Agrifoods dairy cooperatives, is a major player in the Canadian food industry. For more information about Ultima Foods, visit www.ultimayog.ca or follow Ultima on Facebook.

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