EnWave Signs Research and Development License Agreement with Moorepark Technology Limited and Receives Purchase Order for REV...
September 23 2019 - 9:00AM
EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the
“Company”) announced today that it has signed a
Research and Development License Agreement (the “Agreement”) with
Moorepark Technology Limited (“MTL”). MTL has also committed to
purchasing a 10kW Radiant Energy Vacuum (“REV™”) dehydration
machine to be used at its pilot plant in Cork, Ireland.
Under the Agreement, MTL will use the REV™
machinery for research and development purposes to market EnWave’s
REV™ technology to key stakeholders in the Irish food manufacturing
industry seeking to develop innovative, premium food products. The
pilot plant facility will effectively serve as a proving ground for
prospective future royalty partners of EnWave to evaluate the
merits of REV™ technology. The installation of a pilot-scale
REV™ machine at MTL’s pilot plant will increase the visibility
of EnWave’s technology to potential new royalty partners, and will
serve as a location for product trials, early stage commercial
validation and technology demonstrations.
EnWave personnel will collaborate closely with
MTL’s team to showcase REV™ technology to potential new royalty
partners on a project-to-project basis.
About Moorepark Technology
Limited
MTL operates an ultra modern pilot plant
covering 3,000 sq. metres floor area. Their facility contains the
most up-to-date and versatile pilot scale processing equipment for
food research and development. MTL’s core business is the rental of
that pilot plant to food companies and public research institutions
for the purposes of carrying out product and process development,
training, or small scale start-up manufacture. Total investment in
MTLto-date is over €12m made up of industry contributions, company
own funds and State/EU grants.
While the pilot plant was established around
dairy processing technologies, it now has a wide range of
capabilities in general food and food ingredient development. MTL
is arranged in a modular structure of self- contained processing
areas. This guarantees single client access and total
confidentiality.
For more information, please
visit www.moorepark.ie
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 innovative, disruptive companies in multiple verticals for the
use of REV™ technology. The company has signed over thirty
royalty-bearing licenses to date. In addition to these licenses,
EnWave established a Limited Liability Corporation, NutraDried Food
Company, LLC, to manufacture, market and sell all-natural dairy
snack products in the United States, including the Moon Cheese®
brand.
EnWave has introduced REV™ as a disruptive
dehydration platform in the food and cannabis sectors: faster and
cheaper than freeze drying, with better end product quality than
air drying or spray drying. EnWave currently offers two distinct
commercial REV™ platforms:
1. nutraREV® which is a drum-based system
that dehydrates organic materials quickly and at low-cost, while
maintaining high levels of nutrition, taste, texture and colour;
and,
2. quantaREV® which is a tray-based system
used for continuous, high-volume low-temperature drying.
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)
378-9616E-mail: bcharleton@enwave.net
Dan Henriques, CFO at +1 (604) 835-5212E-mail:
dhenriques@enwave.net
Deborah Honig, Corporate Development at + 1 (647)
203-8793E-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
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A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/e7e5e794-f123-466e-8c78-5e513bc53bbe
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