EnWave Signs Equipment Purchase Agreement with NutraDried Food Company LLC for Second 100kW Radiant Energy Vacuum Machine; 10kW Machine also Sold to Expedite Product Development and Improve Production Capacity
VANCOUVER, B.C., June 26, 2018 (GLOBE NEWSWIRE) -- EnWave Corporation(TSX-V:ENW) (FSE:E4U) (“EnWave”, or the "Company")announced today that its wholly-owned subsidiary, NutraDried Food Company LLC (“NutraDried”), is expanding its production capacity to facilitate the continued sales growth of Moon Cheese® based on projected demand.
NutraDried will acquire a second 100kW REV® machine and also a 10kW REV® machine to improve production capacity and expedite new product development. In particular, NutraDried’s club-format Moon Cheese® sales has undergone tremendous growth across several geographic regions in North America and this has prompted the expansion to add the second 100kW REV®manufacturing line.
The10kW REV® machine will provide increased capacity for product development and will enable NutraDried to create new, innovative flavors and develop additional product lines. Innovation will remain a driving force in NutraDried’s business activities.
The purchase of the second 100kW REV™ line will be by way of a signed Equipment Purchase Agreement (the "EPA") with EnWave.
Moon Cheese® is currently available in four flavors (Mozzarella, Pepper Jack, Cheddar and Gouda) throughout over 25,000 points of distribution across the United States and Canada.
About NutraDried Food Company LLC
NutraDried Food Company LLC, based in Ferndale, Washington State, is a wholly-owned subsidiary of EnWave Corporation that is leveraging REV® technology to produce innovative snack food products. NutraDried was the first partner of the Company to take REV® dried snack cheese to market at commercial scale.
Operating primarily in the dairy vertical, NutraDried manufactures the clean label snack, Moon Cheese®. This 100% crunchy-cheese-snack product is sold across the United States through over 25,000 retail stores. For more information on NutraDried Food Company, please visit www.mooncheese.com.
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 Corporation, 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:
1. 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;
2. powderREV® which is used for the bulk dehydration of food cultures, probiotics and fine biochemicals such as enzymes below the freezing point, and
3. 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 (647) 203-8793
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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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