VANCOUVER, British Columbia, April 20, 2018 (GLOBE NEWSWIRE) -- EnWave Corporation (TSX-V:ENW)
(FSE:E4U) (“EnWave”, or the "Company") announced today that the Company has signed a Technology Evaluation and
License Option Agreement (“TELOA”) with one of Canada’s largest licensed cannabis producers (the “LP”) to enable the LP to evaluate
EnWave’s patented Radiant Energy Vacuum (“REV™”) technology for rapid decontamination and dehydration of cannabis.
Under the terms of the TELOA, EnWave has granted the LP a six-month term to evaluate and refine processes using
REV™ for cannabis decontamination and dehydration, and an exclusive option to license REV™ for processing cannabis in a country in
Europe. The LP will rent a pilot-scale REV™ machine during the term of the TELOA to facilitate the evaluation of EnWave’s
technology. All other terms of the TELOA are confidential.
The TELOA extends EnWave’s continued success in pursuing additional opportunities to serve the rapidly growing
global medical and recreational cannabis market.
About EnWave
EnWave Corporation, a Vancouver-based advanced technology company, has developed Radiant Energy Vacuum (“REV™”) – an innovative,
proprietary method for the precise dehydration of organic materials. EnWave has further developed patent-pending methods for
uniformly drying and decontaminating cannabis through the use of REV™ technology, shortening the time from harvest to marketable
cannabis products.
REV™ technology’s commercial viability has been demonstrated and is growing rapidly across several market verticals in the food,
and pharmaceutical sectors including legal cannabis. EnWave’s strategy is to sign royalty-bearing commercial licenses with industry
leaders in multiple verticals for the use of REV™ technology. The company has signed over twenty royalty-bearing licenses to date,
opening up nine distinct market sectors for commercialization of new and innovative products. In addition to these licenses, EnWave
has formed a Limited Liability Company, NutraDried Food Company LLC, to develop, manufacture, market and sell all-natural cheese
snack products in the United States under the Moon Cheese® brand.
EnWave has introduced REV™ as the new dehydration standard in the food and biological material sectors: faster
and cheaper than freeze drying, with better end product quality than air drying or spray drying. EnWave currently has three
commercial REV™ platforms:
- nutraREV® which is used in the food industry to dry food products quickly and at low-cost, while
maintaining high levels of nutrition, taste, texture and colour;
- powderREV® which is used for the bulk dehydration of food cultures, probiotics and fine biochemicals such
as enzymes below the freezing point, and
- quantaREV® which is used for continuous, high-volume low-temperature drying.
An additional platform, freezeREV®, is being developed as a new method 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
President & CEO
For further information:
John P.A. Budreski, Executive Chairman at +1 (416) 930-0914
E-mail: jbudreski@enwave.net
Brent Charleton, CFA, Senior Vice President, Sales and Business Development at +1 (778) 378-9616
E-mail: bcharleton@enwave.net
Deborah Honig, Corporate Development, Adelaide Capital Markets at + 1 (604) 755-1348
E-mail: dhonig@enwave.net
Safe Harbour for Forward-Looking Information Statements: This press release may contain forward-looking
information based on management's expectations, estimates and projections. All statements that address expectations or projections
about the future, including statements about the Company's strategy for growth, product development, market position, expected
expenditures, and the expected synergies following the closing are forward-looking statements. All third party claims referred to
in this release are not guaranteed to be accurate. All third party references to market information in this release are not
guaranteed to be accurate as the Company did not conduct the original primary research. These statements are not a guarantee of
future performance and involve a number of risks, uncertainties and assumptions. Although the Company has attempted to identify
important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as
anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue
reliance on forward-looking statements.
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TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.