EnWave Signs First Royalty-Bearing License For Drying Industrial Hemp in the United States with Electric Farms LLC
July 25 2019 - 9:00AM
EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the
“Company”) reports today that it has signed a
royalty-bearing commercial license agreement (the "License") with
Electric Farms LLC (“Electric Farms”). Electric Farms cultivates
high-quality hemp flowers in both indoor and outdoor grow
facilities at its licensed facility in Tennessee, USA. The License
grants Electric Farms non-exclusive rights to use EnWave’s
proprietary Radiant Energy Vacuum (“REV™”) dehydration technology
for the drying of industrial hemp in Tennessee.
The License marks the first extension of
EnWave's REV™ technology for drying of industrial hemp in the
United States. This License establishes a foothold for further
expansion of EnWave’s technology for the drying of hemp in the
production of smokable hemp products and hemp oil extracts. The
United States legalized the cultivation of industrial hemp with the
2018 Farm Bill, presenting a major market opportunity for the
application of EnWave’s technology. The Company’s strategy is to
secure commercial royalty-bearing licenses with licensed industrial
hemp companies to propagate EnWave’s rapid drying technology in the
recently legalized sector.
Under the terms of the License, Electric Farms
will pay EnWave a usage-based royalty based on the weight of hemp
plant material dried using the REV™ machine. Electric Farms has
submitted a purchase order to EnWave for a 10kW small-scale machine
to enable the rapid drying of industrial hemp at its Tennessee
facilities.
About Electric Farms LLC
Electric Farms was established in 2018 and
operates a 6,000 sqft indoor hydroponic growing operation and a 12
acre outdoor growing operation, and expects to produce over 10,000
lbs of dried organic hemp flower for smoking and extraction each
year. The company grows hemp using natural aquaponics and organic
techniques to bring healthier products free from pesticides and
herbicides to its customers.
For more information on Electric Farms, please visit
www.facebook.com/electricfarmsllc
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:
- 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
Mr. Brent Charleton, CFAPresident and CEO
For further information:
Brent Charleton, CFA, President and CEO at +1 (778) 378-9616
E-mail: bcharleton@enwave.net
Dan Henriques, CPA, CA, Chief Financial Officer at +1 (604)
835-5212 E-mail: dhenriques@enwave.net
Deborah Honig, Corporate Development at + 1 (647)
203-8793E-mail: dhonig@enwave.net
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projections. All statements that address expectations or
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