SOURCE: EnWave Corporation

EnWave Corporation

July 08, 2016 09:00 ET

EnWave Signs Technology Evaluation and License Option Agreement With Australasian Meat Processor

VANCOUVER, BC--(Marketwired - July 08, 2016) - EnWave Corporation (TSX VENTURE: ENW) (FRANKFURT: E4U) ("EnWave", or the "Company") announces today that it has signed a Technology Evaluation and License Option Agreement (the "TELOA") with the leading manufacturer of fresh and processed meat products in Australia and New Zealand (the "Research Partner").

Pursuant to the TELOA, the Research Partner has the right to use EnWave's Radiant Energy Vacuum ("REV™") dehydration technology for research and development purposes exclusively in Australia and New Zealand for a period not to exceed twelve months. EnWave will deliver rental pilot-scale REV™ equipment to the Research Partner's research and development facilities in 2016. Prior to the delivery of the machinery in Australia, representatives from the Research Partner will visit EnWave's pilot plant facilities in Vancouver, Canada for an initial training session and knowledge transfer.

EnWave is currently engaged with six leading meat processors spanning Europe, North America, South America and now Australasia. The Company's REV™ technology has proven to be a viable, continuous, low-temperature, commercial-scale dehydration process for several meat-based applications. Moreover, the homogeneous and flexible nature of REV™ technology allows for the development of new and innovative products.

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 seventeen royalty-bearing commercial licenses with various companies, thereby opening up eight distinct market sectors for commercialization. In addition to these seventeen 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.

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