SOURCE: EnWave Corporation

EnWave Corporation

August 19, 2015 09:00 ET

EnWave Signs Technology Evaluation and License Option Agreement With NutraDried LLP for Protein Matrix Products

VANCOUVER, BC--(Marketwired - August 19, 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 NutraDried LLP ("NutraDried"), a 51% owned subsidiary of the Company, which is looking to build its product portfolio of healthy dried snack products. The Agreement grants NutraDried the right to develop various protein matrix products using Radiant Energy Vacuum ("REV™") technology, with an option to license the exclusive use of REV™ technology in the United States of America. This is the second incremental REV™-dried product line that NutraDried intends to eventually commercialize. Pursuant to the Agreement, NutraDried paid EnWave an upfront fee to initiate this technology evaluation. All other terms of the Agreement are confidential.

On August 14, 2015, NutraDried signed a Master Distribution Agreement (the "MDA") with Spire Enterprises Inc. ("Spire") to broaden and accelerate the development, marketing, distribution and sales of NutraDried's product portfolio that could comprise several healthy REV™-dried products. Spire's management team includes former senior Pepsi bottling executives with domestic and international expertise in marketing, distribution and sales activities. If NutraDried successfully develops commercial protein matrix products and a royalty-bearing license is signed with EnWave, Spire will lead the distribution efforts in the United States of America.

Protein matrix products are rich in proteins, peptides and other key nutrients. Protein matrix products tend to be classified as either nutritional supplement or meal replacement products; for example protein bars or protein powders. The projected market size for energy/nutrition bars in 2016 is estimated to be over USD$8.5 billion.

About NutraDried LLP
NutraDried LLP is a joint partnership owned by EnWave USA Corporation and ND Creations. EnWave USA Corporation was established as a subsidiary in the State of Delaware by EnWave Corporation to facilitate this partnership. NutraDried LLP intends to develop and distribute numerous healthy snacking options throughout North America over the coming years. By using EnWave's proprietary REV™ technology, NutraDried can produce all-natural products with attractive colors, excellent flavor and high nutritional content; characteristics valued by many consumers. The LLP currently produces and sells Moon Cheese® as a healthy, tasty snack in the North American market. For more information on Moon Cheese® please visit www.mooncheesesnacks.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 fifteen royalty-bearing commercial licenses with various companies, thereby opening up eight distinct market sectors for commercialization. In addition to these fifteen 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 two new commercial REV™ platforms:

  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.
  2. bioREV® (pharmaceutical applications): a single-vial prototype technology designed to produce room-temperature stable vaccines and antibodies requiring less refrigeration.

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