Press release from Marketwire
EnWave Signs Commercial Royalty-Bearing License with Tier 1 Partner to Initiate Broader Market Evaluation
Friday, June 08, 2012
EnWave Signs Commercial Royalty-Bearing License with Tier 1 Partner to Initiate Broader Market Evaluation07:00 EDT Friday, June 08, 2012VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 8, 2012) -EnWave Corporation (TSX VENTURE:ENW)(FRANKFURT:E4U) ("EnWave", or the "Company") announced today following a successful initial R&D phase it has signed a royalty-bearing commercial license with a Tier 1 company ("Licensee") to enable the production, evaluation and sale of specific products dehydrated with its Radiant Energy Vacuum ("REV") technology, for the purpose of conducting a larger scale market evaluation. Under the terms of the agreement, the Licensee has agreed to rental and royalty terms allowing them to immediately install a pilot-scale REV machine at their own facilities. This will enable the evaluation of the equipment and the production of small scale commercial quantities for customer testing and pricing assessments. If the market evaluation phase is successful and the parties can agree on final machine delivery and licensing terms, commercial scale equipment is expected to be ordered in the first half of 2013 to support a full-scale commercial launch later in the year. All other terms of the Agreement are confidential."The success of the collaboration testing has compelled one of our Tier 1 partners to advance into a comprehensive market evaluation," stated Dr. Tim Durance, Chairman & Co-CEO of EnWave. "Signing our first Tier 1 royalty-bearing license is another testament to the potential value REV provides as a revolutionary processing technology."About EnWave EnWave Corporation is a Vancouver-based industrial technology company developing commercial applications for its proprietary Radiant Energy Vacuum (REV) dehydration technology. The Company recently licensed REV technology to Milne Fruit Products Inc., its first major U.S. customer, to support a launch of healthy berry snacks and powders across most major markets in North America. More recently, EnWave licensed REV technology to one of its Tier 1 multinational partners from the list below. In addition, EnWave has entered a wide range of research and collaboration agreements with an expanding list of multinational partners, including Nestlé, Kellogg's, Grupo Bimbo, Grimmway Farms, Ocean Spray Cranberries, Hormel, Bonduelle and Merck. EnWave is introducing REV as a new dehydration standard in the food and biological material sectors: potentially faster and cheaper than freeze drying, with better end product quality than air drying or spray drying.EnWave currently has six REV platforms: commercial-scale nutraREV® and MIVAP® are used in the food industry to dry fruits, vegetables, meat, herbs and seafood quickly and at low-cost, while maintaining high levels of nutrition, taste, texture and colour. The Company is also developing powderREV™ for bulk dehydration of food cultures, probiotics and fine biochemicals such as enzymes; quantaREV™ for continuous, high-volume low-temperature drying of pastes, gels, liquids, or particulates; and bioREV™ and freezeREV™ as new methods to stabilize and dehydrate biopharmaceuticals such as vaccines and antibodies. More information about EnWave is available at www.enwave.net.EnWave CorporationDr. Tim Durance, Chairman & Co-CEOSafe 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 financial results are forward-looking statements. These statements are not a guarantee of future performance and involve a number of risks, uncertainties and assumptions. There is no guarantee that the Company's REV technology can or will improve processes in the target industry; even if the Company's REV technology can be used as described in this document, there is no guarantee that such use will result in orders for the Company's REV technology. All figures comparing REV technologies to freeze drying or other dehydration technologies are provided as examples of data obtained through the Company's own scientific and testing programs; each product must be tested individually to determine the benefits of using REV.FOR FURTHER INFORMATION PLEASE CONTACT: Mr. John McNicolEnWave CorporationPresident & Co-CEO(604) email@example.comORMr. Brent CharletonEnWave CorporationDirector of Marketing & Corporate Affairs(778) firstname.lastname@example.orgNeither 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.