EnWave Provides Update on Bonduelle’s Commercial Progress for InFlavor Frozen Vegetable Brand
September 30 2019 - 9:00AM
EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave,” or the
"Company”) today provides an update on the
commercialization efforts of Bonduelle Group (“Bonduelle”), a
long-time royalty partner of the Company.
Bonduelle introduced its InFlavor brand of
premium frozen vegetables to many food service clients in early
2019, generating material commercial interest including receiving
The Grande Enterprise award for its revolutionary InFlavor process
from ADRIQ. Based on Bonduelle’s positive commercial
momentum, EnWave had previously agreed to extend Bonduelle’s
exclusivity period to use its Radiant Energy Vacuum (“REV™”)
technology for the production of dehydrofrozen vegetables in North
America until September 30, 2019. This extension included a
requirement to purchase a commercial-scale 400kW REV™ machine prior
to the aforementioned date.
In July, and following its initial introduction
to the food service industry, Bonduelle launched the InFlavor
dehydrofrozen line of vegetables in North America through its
well-known Arctic Garden retail brand. Arctic Garden products
are now available to consumers at retailers across Canada in fajita
mix, pizza mix and diced onion varieties. This direct-to-consumer
initiative aims to justify the potential purchase of additional
REV™ dehydration machines from EnWave in the near future, but will
not do so before September 30, 2019.
Bonduelle remains committed to the
commercialization of its unique and premium InFlavor product
portfolio. With the launch of InFlavor into the food service and
retail verticals recently underway; Bonduelle has delayed its
prospective commitment to an additional REV™ purchase order. This
delay triggers the conversion of its royalty-bearing license to be
non-exclusive and thus allows EnWave to now pursue additional
partners in the same product area. Bonduelle will continue build
market demand for the InFlavor line and pay an undisclosed royalty
on all REV™ products produced under its commercial license
agreement with EnWave.
Both parties plan to continue their strong
collaboration and work towards increased commercial success that
will support further investment in REV™ drying capacity.
About Bonduelle
Bonduelle, a family business, was established in
1853. Its mission is to be the world reference in "well-living"
through plant-based food. Prioritizing innovation and long-term
vision, the group is diversifying its operations and geographical
presence. Its vegetables, grown over more than 130,000 hectares all
over the world, are sold in 100 countries under various brand names
and through various distribution channels and technologies. An
expert in agro-industry with 56 industrial sites or owned
agricultural production sites, Bonduelle produces quality products
by selecting the best crop areas close to its customers.
For more information about Bonduelle, please
visit www.bonduelle.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 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:
- 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,
- 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) 378-9616
E-mail: bcharleton@enwave.net
Dan Henriques, CFO 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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