No Pop on Gay Lea Licensing? EnWave Signs Commercial License and Receives Machine Purchase Order from Gay Lea Foods Cooperative Ltd
EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the "Company") announced today that the Company has signed a Commercial Royalty-Bearing License (the “License”) with, and received a Machine Purchase Order (the “Purchase Order”) from Gay Lea Foods Cooperative Ltd. (“Gay Lea”), an industry leader in the production and processing of dairy products in Canada.
The License grants Gay Lea the exclusive right to process cheese snack products for human and pet consumption in Canada using the Company’s Radiant Energy Vacuum (“REV™”) dehydration technology. In exchange for these rights, Gay Lea has agreed to pay EnWave the standard royalty rate assigned to cheese snack products that are processed using REV™ technology.
Gay Lea has also submitted a Purchase Order to obtain a small commercial-scale nutraREV® unit, allowing them to initiate a commercial launch of their dried cheese products, which is scheduled to take place over the next 18 months. In order to retain the granted license exclusivity, Gay Lea must submit an additional order for at least one 100kW nutraREV® machine within 18 months. All other terms of the License and Purchase Order are confidential.