EnWave Signs Commercial Royalty-Bearing License with KL Ballantyne Pty Ltd and Receives Purchase Order for REV™ Machinery
January 08 2020 - 09:00AM
EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave,” or the
"Company”) today announced signing a royalty-bearing
commercial license (the “License”) with KL Ballantyne Pty Ltd
(“Ballantyne”), a leading Australian dairy company. The
License grants Ballantyne the exclusive right to produce dairy
products in Australia using the Company’s patented Radiant Energy
Vacuum (“REV™”) technology, excluding direct-to-consumer cheese
snack products.
This License is the third royalty-bearing
license signed with an Australian company, the fifteenth such
license signed for dairy product processing worldwide and further
proves the value proposition of REV™ technology as a tool to create
innovative, premium food applications in the dairy industry.
In addition to the License, Ballantyne signed an
equipment purchase agreement to acquire a 10kW REV™ machine to
initiate commercial production. Ballantyne has agreed to pay an
undisclosed royalty tied to the commercial success of REV™-dried
products that they commercialize.
Pursuant to the License, Ballantyne has
additional, undisclosed REV™ machine purchase order requirements
that must be met in order to maintain their exclusivity in the
future.
About KL Ballantyne Pty Ltd
Ballantyne is a family-owned company with a
tradition of unstinting customer service and rigorous quality
control. This is backed by a willingness to invest in innovative
manufacturing and packaging technology. Ballantyne brings a special
quality to its relationship with its customers - a quality which
inspires confidence and transcends the boundaries of language,
nationality, and culture.
For more information about Ballantyne, please
visit www.ballantyne.com.au.
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
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
party claims referred to in this release are not guaranteed to be
accurate. All third party references to market information in this
release are not guaranteed to be accurate as the Company did not
conduct the original primary research. These statements are not a
guarantee of future performance and involve a number of risks,
uncertainties and assumptions. Although the Company has attempted
to identify important factors that could cause actual results to
differ materially, there may be other factors that cause results
not to be as anticipated, estimated or intended. There can be no
assurance that such statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements.
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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.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/6c059d40-7fcf-4f94-8d16-44227d24043a
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