RE:Again good news and a step closer to break out...and EnWave Signs Technology Evaluation and
License Option Agreement with
Top California Table Grape Producer
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.
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.