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.