SOURCE: EnWave Corporation

EnWave Corporation

July 13, 2015 09:00 ET

EnWave Signs Technology Evaluation and License Option Agreement With Top California Table Grape Producer

VANCOUVER, BC--(Marketwired - July 13, 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 a vertically-integrated, leading table grape producer (the "GP") in the State of California.

The Agreement grants the GP the exclusive right to develop crispy grape snack applications using EnWave's Radiant Energy Vacuum ("REV™") technology for a seven month period (the "Term"). During the Term, the GP will conduct market research and rent a small commercial-scale nutraREV® machine (the "Machine") to complete product application trials. The GP will pay US$37,500 as an upfront rental fee for the Machine's use during the Term. At any point during the Term, the GP may exercise their exclusive option to license REV™ technology for the commercial production of crispy grape snack products in the State of California (the "Option"). If the GP exercises the Option, they will be required to submit a purchase order for at least one 100kW REV™ machine. All other terms of the Agreement are confidential.

Additionally, EnWave announces that it has granted a total of 10,000 stock options to a Director of the Company pursuant to its Share Option Plan (the "Plan"). Each option will entitle the Director to purchase one common share of the Company at an exercise price of $1.00 per share for a period of five years from this date. The options will vest in accordance to provisions set out in the Plan, or as otherwise required by the TSX Venture Exchange. The grant is subject to regulatory approval.

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 fourteen 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: 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