EnWave Signs Commercial Royalty-Bearing License and Equipment Lease Agreement with a Swiss Medical CBD Company
November 26 2019 - 9:00AM
EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave,” or the
"Company”) today announced signing a royalty-bearing
commercial license agreement (the “License”) and equipment lease
agreement (the “Lease”) with a Medical Cannabidiol (“CBD”) Company
based in Switzerland (the “Royalty Partner”). The License grants
the Royalty Partner a non-exclusive right to process
medicinal-grade hemp for cannabidiol CBD extraction in Switzerland
using the Company’s patented Radiant Energy Vacuum (“REV™”)
technology. Under the terms of the Lease, the Royalty Partner has
committed to lease a 10kW REV™ machine for an initial term of six
months.
This is the seventh REV™ license EnWave has
issued world-wide for licensed cannabis and hemp producers but the
first in the European medicinal hemp market. Given the increased
rigour and processing requirements for the medicinal market, this
License further validates REV™ technology in the hemp and cannabis
space and acts as a foothold for further adoption of REV™
technology throughout continental Europe for the drying of
medicinal-grade hemp.
Switzerland is one of the most advanced
countries in Europe concerning the legalization of CBD consumption
and strongly recognizes the beneficial properties of CBD as a
medicinal product for pain relief. Under the terms of the License,
the Royalty Partner will pay EnWave a quarterly royalty based on
the number of dried grams produced in the REV™ machinery.
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) 378-9616
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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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
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