20th commercial royalty-bearing license May 08, 2017 09:00 ET
EnWave Signs Commercial Royalty-Bearing License with Ashgrove Cheese Pty Ltd, Receives First Purchase Order from Australia
VANCOUVER, BC--(Marketwired - May 08, 2017) - EnWave Corporation (TSX VENTURE: ENW) (FRANKFURT: E4U) ("EnWave", or the "Company") announced today that it has signed a commercial royalty-bearing license (the "License") with Ashgrove Cheese Pty Ltd. ("Ashgrove"), a diversified Australian dairy processor based in Northern Tasmania. Ashgrove also submitted a purchase order for EnWave to deliver a small-scale commercial Radiant Energy Vacuum ("REV™") machine to initiate production.
The License grants Ashgrove the exclusive right to use REV™ technology to process dried cheese products in the State of Tasmania. In exchange for this exclusivity, Ashgrove has agreed to pay EnWave a 5% royalty on the wholesale price of all REV™-dried products sold. If Ashgrove submits a purchase order for a 100kW or larger REV™ machine within a year, the exclusive processing territory prescribed in the License will expand to the country of Australia. All other terms of the agreement are confidential.
Ashgrove's current product distribution includes the major supermarkets in Australia: Coles, Woolworths, ALDI and IGA. Ashgrove also supplies selected Australian airlines with business class cheese offerings.
This is EnWave's twentieth commercial royalty-bearing license; the ninth for the processing of dairy products and the first in the continent of Australasia. EnWave's technology licensing business model continues to gain momentum with each additional commercial partner agreeing to pay long term royalties for the use of the Company's innovative and economical REV™ machinery.