Lucid's decision to increase their percentage ownership of NutraDried was based on several key factors. Firstly, EnWave's REV™ technology, which has been in operation at NutraDried's production facility since July 2013, has proven to be a reliable and efficient processing platform. Secondly, the qualities of the Moon Cheese® product have been consistent with the expected product specifications. Thirdly, NutraDried has secured distribution of Moon Cheese® into approximately 192 Fred Meyer and Quality Food Center ("QFC") banner grocery stores, which are a part of the Kroger Company ("Kroger"), the largest grocery store chain in the United States. Additionally, the product approval process to gain access to these distribution outlets went extremely quickly, indicating a strong belief in the product by the grocery store banners.
EnWave is very pleased with Lucid's decision to increase their percentage ownership, as the management of Lucid has a very high level of experience developing new consumer products in the food industry and this decision reflects the level of confidence that Lucid has in the ultimate success of NutraDried.
"NutraDried has made very good progress over the past few months. It has been a pleasure working with Lucid's highly professional team," stated Dr. Tim Durance, Chairman and Co-CEO of EnWave. "We look forward to continuing our focused and confident partnership."
"NutraDried has the potential to generate very attractive revenue levels even from a single industrial-scale nutraREV®," stated Mr. Rufino Dee, CFO at NutraDried. "As sales potentially grow, NutraDried will be vigilant to increase production capacity to maximize its market opportunities."
About NutraDried LLP
NutraDried LLP is a joint partnership owned by EnWave USA Corporation and Lucid Capital Management. EnWave USA Corporation was established as a subsidiary in the State of Delaware by EnWave Corporation to facilitate this partnership with Lucid. Lucid is part of the Wiebco Group of Companies controlled by the parent company Wiebco Investments Ltd., which is a private holding and management company controlled by J. Hugh Wiebe and his family. Mr. Wiebe has been a Director of EnWave Corporation since December 2010. Mr. Wiebe was formerly a shareholder and Chairman of the Board of Brookside. During his time with Brookside, Mr. Wiebe helped build a highly recognized national chocolate brand through an extensive U.S. retail distribution network. For more information on Lucid Capital Management please visit www.lucidcapital.com.
NutraDried LLP intends to develop and distribute numerous healthy snacking options throughout the U.S. over the coming years. By using EnWave's proprietary REV™ technology, they can produce all-natural products with attractive colors, excellent flavor and high nutritional content; characteristics valued by many consumers. NutraDried currently produces and sells Moon Cheese® as a healthy, tasty snack in the U.S. 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. Thus far the Company has signed commercial licenses with Bonduelle, a global leader in the production of vegetables, for the processing of dehydrofrozen vegetables; Hormel Foods Corporation, a major processed meat manufacturer, for the production of healthy dried meat products; Milne Fruit Product, EnWave's first major licensee, for the production of several dehydrated fruit and vegetable products in the whole, fragmented and powdered form; a leading North American enzyme company, to dehydrate a series of food-related enzymes for their Tier 1 clients; and Napa Mountain Spice Company, to dry high-quality California bay leaves. In addition to these licenses, EnWave has formed a Limited Liability Partnership with Lucid Capital Management to develop, manufacture, market and sell all-natural cheese snack products in the United States under the Moon Cheese® brand.
Also, EnWave has entered into a wide range of research and collaboration agreements with an expanding list of multinational companies, including Nestlé, Kellogg's, Grupo Bimbo, Grimmway Farms, Ocean Spray Cranberries, Cherry Central, Sun-Maid Growers, Gay Lea Foods and Merck. 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 six REV™ platforms: commercial-scale nutraREV® and MIVAP® are used in the food industry to dry fruits, vegetables, meat, herbs and seafood quickly and at low-cost, while maintaining high levels of nutrition, taste, texture and colour. The Company is also developing powderREV™ for bulk dehydration of food cultures, probiotics and fine biochemicals such as enzymes; quantaREV™ for continuous, high-volume low-temperature drying of pastes, gels, liquids, or particulates; and bioREV™ and freezeREV™ 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, Chairman & Co-CEO