Dromers
3 years ago
EnWave Sells Second 10kW REV(TM) Machine to Nomad Nutrition to Double Production Capacity for Ready-to-Eat Meals
GlobeNewswireMar 3, 2022 9:00 AM EST
VANCOUVER, British Columbia, March 03, 2022 (GLOBE NEWSWIRE) -- EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the "Company") announced today that it has received a second purchase order for a 10kW Radiant Energy Vacuum (“REV™”) machine from Nomad Nutrition Ltd. (“Nomad”) to double Nomad’s commercial production capacity for Ready-to-Eat adventure meals. Nomad previously signed a royalty-bearing commercial license agreement with EnWave in 2018, and this second purchase order is a result of Nomad’s growth in sales and product distribution. Nomad’s lineup of healthy Ready-to-Eat meals are distributed in select retailers in Canada and the US, including Atmosphere, IGA, MEC, REI and Sport Chek.
Nomad uses EnWave’s proprietary drying technology to produce a variety of Ready-to-Eat meals for the avid adventurer. Nomad promotes a healthy, organic lifestyle with its meals targeting backpackers, hikers, climbers, hunters, and anyone on the go or venturing on overnight excursions. The meals are optimized with the right ratios of healthy fats, lean protein, and complex carbs. EnWave’s patented REV technology allows for the rapid removal of water from the highly nutritious recipes, leaving more nutrients, flavour and a better texture in the product when it is rehydrated before consumption. Ready-to-Eat meals continue to gain in popularity due to changing on-the-go lifestyles.
Dromers
3 years ago
For Q1 2022, the Company had consolidated revenues of $6,297, compared to $7,533 in the same period in fiscal 2021, a decrease of 16% or $1,236. The Company had a consolidated net loss of $253 in the Q1 2022, compared to a consolidated net loss of $1,371 for Q1 2021, an improvement of $1,118.
The Company reported an Adjusted EBITDA(*) profit of $301 for Q1 2022 compared to an Adjusted EBITDA(*) loss of $911 for Q1 2021, an improvement of $1,212. The EnWave segment reported positive Adjusted EBITDA(*) in Q1 2022 while NutraDried had a negative Adjusted EBITDA(*).
During Q1 2022, EnWave reported revenues of $4,067 compared to $2,676 for Q1 2021, an increase of $1,391 or 52%. EnWave’s revenues were higher due to an increase in machine sales paired with higher royalties compared to the prior year. EnWave reported segment income of $600 for Q1 2022 compared to a segment loss of $25 for Q1 2021, an increase of $625. During Q1 2022, the Company had seven customized machines under fabrication, four of which were large-scale machines and three of which were GMP small-scale machines.
EnWave had third-party royalty revenue of $505 for Q1 2022, compared to $320 for Q1 2021, an increase of $185 or 58%. Q1 2022 base royalties increased due to the installation of more royalty- bearing machines and commercial growth in the products being produced. Additionally, the Q1 royalty amounts include annual payments made by certain royalty partners to retain exclusivity under the license agreement.
NutraDried reported revenues of $2,230 for the three months ended December 31, 2021, compared to $4,857 for the three months ended December 31, 2020, a decrease of $2,627 or 54%. NutraDried sales decreased due to lower sales to Costco in Q1 2022 compared to Q1 2021, which had shipments under a national “buy on get one free” promotion at Costco. NutraDried reported segment loss of $853 for Q1 2022, compared to a loss of $1,346 for Q1 2021, an improvement of $493.
Dromers
3 years ago
EnWave Receives Purchase Order for 120kW REV Machine from Orto Al Sole to Scale Production of Better-for-You Snacks in Italy
16/02/2022
to scale-up the commercial production of fruit and vegetable snack products in Italy using EnWave’s proprietary technology. In July 2020, EnWave signed a royalty-bearing commercial license agreement with Orto Al Sole and sold a 10kW REV™ machine for product development and initial commercial production. Orto Al Sole developed a line of healthy, better-for-you fruit and vegetable snacks that received positive market feedback, leading to scale-up of its manufacturing capacity in preparation for distribution across Italy and potentially Europe.
Orto Al Sole has the exclusive right to produce a variety of fruit and vegetable snack products using REV™ technology in Italy and pays a royalty to EnWave. These REV™-dried products can be sold both domestically and internationally without restriction. Orto Al Sole has the capabilities to achieve large-scale distribution quickly as the owners, the Gandini family, have been successfully operating Ortaggia Val Trebbia (“Val Trebbia”), a premium fresh produce company, for 32 years and have deep relationships in the marketplace. Val Trebbia uses modern cultivation techniques and attention to detail to achieve exceptional results in cultivation of its produce.
According to IRI, the health-conscious consumer is driving growth of products that are organic, vegetarian, and gluten free. European consumers are opting for healthier or lighter products, such as individually portioned fruit, nuts, popcorn, baked and vegetable crisps/chips as their snack of choice. Double-digit growth of vegetable chips, for example, is being fueled by new product development, including root vegetable, pea, rice, and lentil variants from niche and mainstream brands.
Dromers
3 years ago
EnWave Signs Equipment Purchase Agreement with Fresh Business for a 10kW Machine to Accelerate Commercial Product Opportunities in Spain
GlobeNewswireJan 27, 2022 9:00 AM EST
VANCOUVER, British Columbia, Jan. 27, 2022 (GLOBE NEWSWIRE) -- EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the "Company") announced today that it has received a purchase order for a 10kW Radiant Energy Vacuum (“REV™”) machine (the “REV™ Equipment”) from Consulting Fresh Business S.L. (“Fresh Business”) to accelerate the development of commercial food, nutraceutical, and cosmetic products in Spain using EnWave’s technology. EnWave previously signed a Research and Development License Agreement (the “R&D License”) with Fresh Business on January 13, 2021, at which time a non-refundable deposit was paid to EnWave for the REV™ Equipment. Fresh Business has assigned the R&D License to a newly formed subsidiary, NEOREV INNOVATION S.L. (“NEOREV”), and completed the purchase of the REV™ Equipment to accelerate research and development on new products in collaboration with industry partners in Spain.
Fresh Business d.b.a. NEOREV intends to forge close partnerships with Spain-based technology hubs and innovation centers to leverage EnWave’s patented REV™ technology for the development of new commercial opportunities. The installation of the REV™ Equipment in Spain will enable industry innovators to expedite the commercialization of leading-edge, premium applications using the EnWave technology. Fresh Business intends to partner with selected technology centers that will provide research and development services to demonstrate the value proposition of REV™ technology. Fresh Business expects to complete the installation of the REV™ Equipment at a technology innovation center in Spain in the coming months, which will increase the visibility of REV™ technology among potential new EnWave partners and will serve as another European hub for proof-of-concept trials on new product applications.
Fresh Business d.b.a. NXTDRIED ( nxtdried.com ) currently holds a royalty-bearing commercial license agreement to produce a broad portfolio of food products in Peru. EnWave commissioned a 100kW REV™ machine and 10kW REV™ machine at NXTDRIED’s Peruvian facilities in late 2020. NXTDRIED operates a highly sustainable business model that sources locally grown fresh fruits and superfoods to be dried using the REV™ low temperature dehydration process to transform them into nutritious, organic, super-crunchy snacks and ingredients with simply amazing results.
Dromers
3 years ago
EnWave Signs Second Equipment Purchase Agreement with Illinois-Based Cannabis Royalty Partner for Another 120kW REV(TM) Dehydration Machine
GlobeNewswireDec 30, 2021 9:00 AM EST
VANCOUVER, British Columbia, Dec. 30, 2021 (GLOBE NEWSWIRE) -- EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the "Company") announces today that it has signed a second equipment purchase agreement to sell a second 120kW Radiant Energy Vacuum (“REV™”) dehydration machine to a leading Illinois-based cannabis company (the “MSO”) that has operations in multiple U.S. States. The MSO signed a royalty-bearing commercial license agreement (the “License”) with EnWave and purchased its first 120kW REV™ machine in March 2021.
Since adopting REV™ technology for the drying of premium cannabis, the MSO has been using EnWave’s proprietary Terpene Max™ drying protocol, which offers a fast, gentle drying method that removes moisture homogenously from cannabis. EnWave’s Terpene Max™ program allows for precise temperature control of the cannabis material at low temperatures below the point of decarboxylation. When compared to other drying methods, REV™ protocols can be customized to improve terpene retention while preserving equivalent or higher cannabinoids. Cannabis flowers dried using the Terpene Max™ program yield on average 10% more retained terpenes than room or rack dried flower. Bioburden is also materially reduced when using REV™ drying protocols. REV™ technology allows cannabis produces to reduce drying times from multiple days to less than two hours, while maintaining the quality of the flower.
The MSO has been producing REV™-dried premium cannabis flower on its first 120kW REV™ system since September 2021. With the purchase of this second 120kW REV™ system, the MSO will double its royalty-bearing drying capacity of premium, smokable cannabis product. Under the terms of the License, the MSO will pay EnWave a royalty based on the finished weight of dried cannabis processed using the installed REV™ systems. A single 120kW REV™ machine can process approximately 200lbs of wet cannabis biomass per hour, yielding approximately 45lbs of the dried finished product. That translates to over 200,000 lbs of dried cannabis produced per year. EnWave’s REV™ equipment can be manufactured for GACP compliance and GMP upon request.
Dromers
3 years ago
EnWave Signs Second Equipment Purchase Agreement with Illinois-Based Cannabis Royalty Partner for Another 120kW REV(TM) Dehydration Machine
GlobeNewswireDec 30, 2021 9:00 AM EST
VANCOUVER, British Columbia, Dec. 30, 2021 (GLOBE NEWSWIRE) -- EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the "Company") announces today that it has signed a second equipment purchase agreement to sell a second 120kW Radiant Energy Vacuum (“REV™”) dehydration machine to a leading Illinois-based cannabis company (the “MSO”) that has operations in multiple U.S. States. The MSO signed a royalty-bearing commercial license agreement (the “License”) with EnWave and purchased its first 120kW REV™ machine in March 2021.
Since adopting REV™ technology for the drying of premium cannabis, the MSO has been using EnWave’s proprietary Terpene Max™ drying protocol, which offers a fast, gentle drying method that removes moisture homogenously from cannabis. EnWave’s Terpene Max™ program allows for precise temperature control of the cannabis material at low temperatures below the point of decarboxylation. When compared to other drying methods, REV™ protocols can be customized to improve terpene retention while preserving equivalent or higher cannabinoids. Cannabis flowers dried using the Terpene Max™ program yield on average 10% more retained terpenes than room or rack dried flower. Bioburden is also materially reduced when using REV™ drying protocols. REV™ technology allows cannabis produces to reduce drying times from multiple days to less than two hours, while maintaining the quality of the flower.
The MSO has been producing REV™-dried premium cannabis flower on its first 120kW REV™ system since September 2021. With the purchase of this second 120kW REV™ system, the MSO will double its royalty-bearing drying capacity of premium, smokable cannabis product. Under the terms of the License, the MSO will pay EnWave a royalty based on the finished weight of dried cannabis processed using the installed REV™ systems. A single 120kW REV™ machine can process approximately 200lbs of wet cannabis biomass per hour, yielding approximately 45lbs of the dried finished product. That translates to over 200,000 lbs of dried cannabis produced per year. EnWave’s REV™ equipment can be manufactured for GACP compliance and GMP upon request.
Dromers
3 years ago
EnWave Announces Grant of Restricted Share Rights and Stock Options to Directors and Officers
GlobeNewswireDec 17, 2021 9:00 AM EST
VANCOUVER, British Columbia, Dec. 17, 2021 (GLOBE NEWSWIRE) -- EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”) announced today that pursuant to the Company’s Restricted Share Rights Plan, an aggregate total of 245,000 Restricted Share Rights (“RSRs”) were awarded to the independent directors and certain officers of the Company. The RSRs granted will vest three years from the date of award on December 16, 2024. Equity incentive awards form part of the Company’s annual independent director compensation program.
Additionally, the Company has granted an aggregate total of 800,000 incentive stock options pursuant to the Company’s Stock Option Plan (the “Plan”) to officers of the Company. The incentive stock options are exercisable at a price of $0.90 per share, the last closing price per share on the Company’s common shares on the TSX Venture Exchange (“TSXV”) on the date of the grant. The incentive stock options are exercisable for a term of five years expiring on December 16, 2026 and will vest in accordance to provisions set out in the Plan, or as otherwise required by the TSXV.
These equity incentive awards are subject to regulatory approval.
Dromers
3 years ago
EnWave Reports Fourth Quarter and Annual 2021 Consolidated Financial Results
GlobeNewswireDec 16, 2021 8:00 AM EST
VANCOUVER, British Columbia, Dec. 16, 2021 (GLOBE NEWSWIRE) --
EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the "Company") today reported the Company’s consolidated financial results for the fourth quarter and fiscal year-ended September 30, 2021.
EnWave’s vacuum-microwave machine and royalty business performed materially better in fiscal 2021 than in fiscal 2020, with record margins and profitability.
NutraDried, the Company’s wholly-owned subsidiary, struggled during the first two fiscal quarters leading to a material restructuring that positively improved results in Q3 and Q4. The turnaround at NutraDried is well underway with new leadership and there are material opportunities to further improve the performance of this business unit in fiscal 2022.
Consolidated Financial Performance:
($ ‘000s) Three months ended
September 30, Year ended
September 30,
2021 2020 Change
% 2021 2020 Change
%
Revenues 6,906 10,784 (36% ) 26,476 32,883 (19% )
Direct costs 4,529 8,629 (48% ) 19,309 24,112 (20% )
Gross margin 2,377 2,155 10% 7,167 8,771 (18% )
Operating expenses
General and administration 1,718 939 83% 5,093 5,469 (7% )
Sales and marketing 996 1,282 (22% ) 4,652 6,740 (31% )
Research and development 453 577 (21% ) 1,876 1,989 (6% )
Net (loss) income (1,138 ) 1 - (4,125 ) (4,441 ) (7% )
Adjusted EBITDA (*) (223 ) 20 (1,215% ) (2,165 ) (3,219 ) (33% )
Loss per share – basic and diluted (0.01 ) 0.00 - (0.04 ) (0.04 ) 0%
* Adjusted EBITDA is a non-IFRS financial measure. Refer to the disclosure below and in the Company’s MD&A regarding non-IFRS financial measures.
EnWave’s annual consolidated financial statements and MD&A are available on SEDAR at www.sedar.com and on the Company’s website www.enwave.net .
Key Financial Highlights for Q4 (expressed in ‘000s):
The Company reported consolidated revenue for Q4 2021 of $6,906 compared to $7,351 in Q3 2021 and $10,784 in Q4 2020.
EnWave’s Q4 2021 business unit revenue was $3,879 compared to $1,601 in Q4 2020, an increase of $2,278. EnWave ramped revenues from Radiant Energy Vacuum (“REV ™ ”) machine sales with current and new licensees for the food and cannabis industries.
NutraDried’s Q4 2021 revenue was $3,027 compared to $9,183 for Q4 2020, a decrease of $6,156 largely due to the elimination of a large national buy-one, get-one Costco promotion shipped in Q4 2020. NutraDried continues to rebuild distribution for its Moon Cheese ® product portfolio and subsequently has confirmed new Costco shipments scheduled in Q1 and Q2 2022 on both Canada and the U.S.
Gross margin for Q4 2021 was 34% compared to 20% for Q4 2020, a major increase due to the confirmation of higher margin REV™ machine sales during the period. Gross margin in Q3 2021 was 36%, and the 34% achieved in this quarter was broadly consistent with a strong margin profile. Throughout 2021, EnWave successfully redeployed three large-scale REV™ machines that were not being utilized from two Canadian cannabis partners, generating robust margins in its machine sales business.
Adjusted EBITDA (*) , a non-IFRS financial measure, for Q4 2021 was a loss of $223 compared to Adjusted EBITDA (*) of $20 for Q4 2020 and Adjusted EBITDA (*) of $937 for Q3 2021. The Adjusted EBITDA (*) for Q4 2021 was near to break-even, and the Company remains focused on further market penetration at EnWave and NutraDried in pursuit of consistent, growing profitability. The Company made significant progress towards this target since the restructuring and cost control program implemented at NutraDried in Q2 2021.
EnWave purchased and cancelled 1,572,900 common shares in Q4 under the Normal Course Issuer Bid at an average share price of $1.01 using cash of $1,597.
Obtained TSX Venture Exchange approval for a normal course issuer bid starting on October 29, 2021 and ending on October 28, 2022 whereby EnWave is entitled to purchase up to 2,204,101 shares in any 30-day period up to a maximum of 10,778,194 shares during the year.
Significant Corporate Accomplishments in Q4 2021:
Signed a royalty-bearing commercial license agreement and sold a 10kW GMP REV™ machine to Cannaponics PTY Limited, an Australian cannabis company.
Advanced the development of using REV™ in the pharmaceutical sector through a material transfer agreement with AstraZeneca AB (NASDAQ:AZN) to dry monoclonal antibodies and completed the installation of a pilot-scale pharmaceutical REV™ machine with GEA Lyophil GmbH (“GEA”). EnWave has a joint development agreement with GEA in place to advance the design and application of microwave-assisted lyophilization for pharmaceutical applications, and the pilot-scale machine will be used to conduct demonstrations for interested pharmaceutical companies. GEA has several leading global pharmaceutical companies confirmed to trial REV™ in 2022.
Completed the commissioning of a third 10kW REV™ machine for the U.S. Army at its third-party manufacturing partner’s facility, Bridgford Foods Corporation (NASDAQ: BRID). The machine will be used by Bridgford Foods to produce Close Combat Assault Rations for field testing under the U.S. Army’s development program.
Signed a royalty-bearing commercial license agreement and sold a 10kW GMP REV™ to Medical Kiwi Limited, a New Zealand cannabis company.
Signed a royalty-bearing commercial license agreement with a leading Colombian dairy company and sold a 10kW machine for installation in Colombia to conduct initial commercial market trials. If initial efforts are successful, the Colombian dairy company will require additional REV™ machinery to scale for meaningful commercial production.
Formed a global strategic partnership with Dole Worldwide Food & Beverages Group for the use of REV™ technology to produce Innovative Nutrition Solutions. Dole purchased a 10kW REV™ machine to conduct intensive market trials. The strategic partnership with Dole will leverage EnWave’s REV™ technology to bring better-for-you snacking options to its global customer base under its industry-leading brand. Concurrent in its snack product development, EnWave and Dole are collaborating on the development of superior functional ingredients that use upcycled fruit materials.
Signed a royalty-bearing commercial license agreement and sold a 10kW GMP REV™ to a second Australian cannabis company.
Developed extensive cannabis drying protocols using the Company’s proprietary Terpene Max™ rapid drying protocol and collected empirical data supporting both the quality and processing advantages for EnWave’s technology in the cannabis industry. Results from controlled studies show that cannabis flower dried using TerpeneMax™ on average contains 10-20% more terpenes than room or rack dried flower, and in many instances contained higher THC content than the control samples.
Signed a royalty-bearing commercial license agreement with one of the largest American multi-state operators (the “MSO”). The MSO conducted extensive diligence over the advantages of using REV™ for the rapid and controlled drying of cannabis for both combustible and extract products and purchased a 120kW REV™ system to commence commercial operations using the technology.
Added three new sales channel representatives to advance the sales, marketing and licensing of REV™ machinery into the European and Latin American markets.
Significant Corporate Accomplishments Subsequent to Q4 2021:
Commissioned a 120kW REV™ machine for the large-scale processing of premium smokable cannabis for the Illinois-based cannabis partner. This now provides the second in-market use-case for the value-added processing of cannabis using the Company’s proprietary TerpeneMax™ drying protocol. EnWave anticipates generating the royalties from the partner’s use of the technology in Q1 2022.
Commissioned a 100kW REV™ machine for Patatas Fritas Torres (“Torres”) in Spain to scale-up the commercial launch of all-natural cheese snacks for the European market. Torres has launched its “Just This” cheese snack brand using the EnWave technology ( justthis-snacks.com/en/ ).
Secured a national promotion for 10oz Gouda Moon Cheese ® with Costco Canada that is expected to ship in late Q1 and into early Q2 2022. Confirmed an additional rotation for Moon Cheese ® with a U.S. region of Costco for Q2 2022. NutraDried will continue to pursue Costco as a strategic customer for the club channel while aggressively pursuing growth in the U.S. grocery channel and in bulk sales.
Sold a second 10kW REV™ machine to Dairy Concepts IRL of Ireland to scale-up manufacturing of its lineup of Cheese O’s shelf-stable cheese snacks ( cheeseos.ie) .
Signed a Technology Evaluation Agreement with Protein Isolate Plant International Inc. (“PIP International”) to evaluate the potential commercial use of REV™ technology in PIP International’s large scale yellow pea wet fractionation processing facility.
Entered India, a major new market for REV™ production, by signing a Technology Evaluation and License Option Agreement with M/S Lalsai Dehy Foods (“LD Food”) and placing a 10kW REV™ machine under rental with LD Food for extensive product development on agricultural products for the Indian market.
Advanced a new product launch opportunity at NutraDried in preparation for a Spring 2022 launch intended to strengthen NutraDried’s competitive advantage as a category innovator in the rapidly growing healthy snack space. NutraDried plans to explore, and when appropriate, launch innovative and exciting new products to leverage the use of REV™ in the better-for-you snack vertical.
EnWave’s executive management will be holding a conference call to discuss its 2021 Fourth Quarter and 2021 Annual Financial Results and the Company’s state of affairs. Prepared remarks will be given followed by a question-and-answer session for shareholders.
Conference Call:
EnWave’s executive management will be holding a conference call to discuss its 2021 Fourth Quarter and 2021 Annual Financial Results and the Company’s state of affairs. Prepared remarks will be given followed by a question-and-answer session for shareholders.
Date: December 16, 2021
Time: 7:00am PST / 10:00am EST
Participant Access: 1-877-407-2988 (toll free number)
Webcast: https://78449.themediaframe.com/dataconf/productusers/enw/mediaframe/47460/indexl.html
Dromers
3 years ago
EnWave to Report Fourth Quarter and Annual 2021 Financial Results on December 15, 2021 and Host Investor Conference Call
GlobeNewswireDec 8, 2021 9:00 AM EST
VANCOUVER, British Columbia, Dec. 08, 2021 (GLOBE NEWSWIRE) -- EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the "Company"), a global leader in vacuum-microwave dehydration technology, announced today it will report its financial results for the fourth quarter and for the fiscal year 2021 ended September 30, 2021 on Wednesday, December 15, 2021 after market close. The financial statements and MD&A will be available on SEDAR at www.sedar.com and on the Company’s website in the late evening Vancouver time.
The Company has scheduled a conference call to discuss the results for Q4 2021 and business outlook on Thursday, December 16, 2021 at 7:00 a.m. Pacific Time (10:00 a.m. Eastern Time). Brent Charleton, Chief Executive Officer and Dan Henriques, Chief Financial Officer will present EnWave’s results and host a question and answer period.
Conference Call Details:
Date: December 16, 2021
Time: 7:00am PST / 10:00am EST
Participant Access: 1-877-407-2988 (toll free number)
Webcast: https://78449.themediaframe.com/dataconf/productusers/enw/mediaframe/4746
Dromers
3 years ago
EnWave Announces Normal Course Issuer Bid
GlobeNewswireOct 14, 2021 9:00 AM EDT
VANCOUVER, British Columbia, Oct. 14, 2021 (GLOBE NEWSWIRE) -- EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave,” or the "Company”) today announced that the TSX Venture Exchange (“TSXV”) has provided conditional acceptance of the Company’s normal course issuer bid, subject to the Company meeting all of the requirements of the TSXV.
Under the terms of the normal course issuer bid, EnWave may acquire up to 10,778,194 common shares, representing 10% of the public float of EnWave as of October 14, 2021. In the opinion of the Company’s Board of Directors, its common shares have been trading at prices that do not reflect the underlying value of the Company including its royalty portfolio, its strong financial position and the growth opportunities. Accordingly, EnWave believes that purchasing and returning its common shares to treasury represents an opportunity to enhance value for its ongoing shareholders. EnWave’s cash position allows for the implementation of the bid without adversely affecting the Company’s other opportunities.
As of October 14, 2021, the Company had 110,205,055 common shares outstanding. Under TSXV policies, EnWave is entitled to purchase up to 2,204,101 shares in any 30 day period up to the maximum of 10,778,194 shares.
The purchases may commence on October 29, 2021 and will end on October 28, 2022, or on such earlier date as EnWave may complete its purchases pursuant to the notice of intention to make a normal course issuer bid filed with the TSXV. The actual number of common shares which will be purchased and the timing of any such purchases will be determined by the Company. All shares purchased by the Company will be on the open market through the facilities of TSXV by Cormark Securities Inc. acting on behalf of EnWave in accordance with the policies of the TSXV and will be surrendered by the Company to its transfer agent for cancellation. The prices that EnWave will pay for any of the common shares purchased will be the market price of the shares at the time of acquisition.
Under the previous normal course issuer bid that commenced on October 22, 2020 and will expire on October 21, 2021, EnWave has purchased and cancelled an aggregate total of 1,779,700 common shares at a weighted average price of $1.04 per common share.
Dromers
3 years ago
EnWave Announces Market Entry into India with LD Food, Signs Technology and Evaluation License Option Agreement
13-Oct-2021
EnWave Corporation announced today that it has signed a Technology Evaluation and License Option Agreement with M/S Lalsai Dehy Foods to evaluate the potential commercial use of the Company’s Radiant Energy Vacuum (“REV™”) dehydration technology on a variety of vegetable, herbs, spices and dairy based products in India.
During the term of the Agreement, LD Food will rent a 10kW REV™ machine for intensive product development at its processing facility in Mahuva, Gujarat – an agricultural hub for onion production in India. If commercially viable ingredient and snack products are developed under the Agreement, LD Food will look to purchase REV™ machinery to commence commercial production at its BRC Global Standard, Gujarat facility.
The company currently has large-scale air-drying infrastructure installed for its existing product portfolio that includes a variety of onion, garlic, carrots and spice ingredient products. Utilizing REV™ technology, LD Food is looking to develop unique commercial scale prototypes and expand its product offering for domestic and international markets.
The expansion of EnWave’s global REV™ technology footprint into India further proves the significant value proposition for food producers seeking to launch new and innovative premium ingredient and snack food applications. EnWave has developed a comprehensive intellectual property portfolio with patents granted in numerous international markets and has licensed REV™ technology to more than forty-five companies in twenty-one countries worldwide.
About LD Food
LD Food is a BRC & FSSC 22000 certified Gujarat based food preservation organization, processing and preserving food especially vegetables through air dried technology. The organization currently majorly operates in the B2B space in domestic and export markets with an impressive clientele spread across categories like seasoning, food service, ready to eat, ready to cook, ready to heat, frozen, blended spices, retail brands and more. Indian or Non-Indian cuisine, LD Food produces safe and quality food ingredients that are used in almost all meal types – be it breakfast, brunch, main meal or snack.
LD Food is now aiming to speed its sustainability goals, determined to adapt and adopt sustainable practices across all of its business functions right from farm to end consumer level.
For more information about LD Food, please visit https://www.ldfood.in
LD Food is a Gujarat-based food manufacturer that specializes in dehydrated vegetable and spice products for domestic and export markets. Primary clientele includes large food companies that specialize in ready-to-eat applications, cooking ingredients and high-quality, name brand sauce manufacturers. LD Food is APEDA, RCMC, BRC Global Standard, FSSC, DIC-MSME, FSSAI, Halal and Kosher certified.
Lees meer op: https://beursig.com/forum/viewtopic.php?f=6&t=1905&start=1120 voor meer informatie
Dromers
3 years ago
EnWave Signs Royalty-Bearing License with Second Large U.S. Cannabis Multi-State Operator and Receives Purchase Order for 120kW REV(TM) Machine for Commissioning in 2021
GlobeNewswireSep 23, 2021 8:30 AM EDT
VANCOUVER, British Columbia, Sept. 23, 2021 (GLOBE NEWSWIRE) -- EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”) announced today that it has signed a royalty-bearing commercial license agreement (the “License”) with a second large U.S. cannabis multi-state operator (“MSO”). The MSO is one of the largest North American cannabis producers. This License grants the MSO the rights to use REV™ technology for the rapid and gentle processing of material amounts of premium cannabis.
The MSO is also purchasing a large-scale 120kW Radiant Energy Vacuum (“REV™”) machine for use at its existing cultivation facility. The 120kW REV™ machine is anticipated to be commissioned before the end of the 2021 calendar year.
Prior to committing to using REV™ technology, the MSO conducted extensive tests to confirm the advantages of using REV™ versus incumbent drying methods. The tests used REV™ as a method for drying for multiple strains, and included several controlled benchmark studies to confirm the improved retention of terpenes and cannabinoids. The terpene and cannabinoid levels of the REV™-dried samples were clearly superior to the conventional room/rack dried flower. Further, the smoke experience of REV™-dried cannabis when compared to existing product was undiscernible.
The MSO’s testing employed EnWave’s Terpene Max™ drying protocol, which offers a fast, gentle drying method that removes moisture homogenously from cannabis at controlled, low temperatures, which are below the point where decarboxylation occurs. When compared to other drying methods, REV™ protocols can be customized to improve terpene retention while preserving equivalent or higher cannabinoids. Typically, cannabis flowers dried using the Terpene Max™ program yield greater than 10% more retained terpenes than room/rack dried flower. Bioburden is also materially reduced when using select REV™ protocols. Drying times are reduced from multiple days to less than two hours using REV™ technology.
A single 120kW REV™ machine will process in excess of 200lbs of wet cannabis biomass per hour, yielding approximately 45lbs of dried finished product. That translates into over 200,000lbs of dried cannabis produced per year. REV™ machinery is manufactured for GACP compliance and GMP upon request.
Redeployment of REV™ Machine and Termination of License
Concurrent with the signing of the License, the Company terminated a commercial license agreement previously announced on April 26, 2019 (the “License”). EnWave had fabricated and delivered two 120kW REV™ machines and one 10kW machine that were fully paid for but never installed. The REV™ machines have been held in storage since the licensee decided to close certain of its cultivation facilities in Canada. EnWave has repurchased these three machines.
To facilitate the commissioning (before year end) of the 120 kW REV™ machine sold to the MSO, EnWave will re-sell one of the two repurchased 120kW REV™ machines. EnWave is optimistic that the second 120kW REV™ machine will be sold in the coming months to a new or existing licensed partner.
Dromers
3 years ago
EnWave and Dole Worldwide Food & Beverages Group Plan Global Strategic Partnership to Develop Innovative Nutrition Solutions
GlobeNewswireAug 26, 2021 9:00 AM EDT
VANCOUVER, British Columbia, Aug. 26, 2021 (GLOBE NEWSWIRE) -- EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”) and Dole Worldwide Food & Beverages Group, a division of Dole Asia Holdings Pte. Ltd. (“Dole”), have announced plans for a global Strategic Partnership to develop Innovative Nutrition Solutions using fruits and vegetables.
Dole believes access to good nutrition should be like sunshine, available, affordable and accessible to all. Partnering with EnWave allows for collaboration to develop fruit and vegetable snack and ingredient innovations, together.
EnWave and Dole have been collaborating since late 2020. EnWave’s Radiant Energy Vacuum (“REV™”) technology provides a gentle, rapid drying solution that allows for the production of innovative, nutritious and convenient food applications while partnering with Dole in achieving its company purpose .
Dole has placed an order for purchase of EnWave’s patented equipment to accelerate internal product development and allow for focused market trials in select regions.
The strategic partnership with Dole will leverage the company’s industry-leading brand alongside EnWave’s patented dehydration technology to bring better-for-you snacking options to its global customer base, as part of Dole’s Sunshine for All commitment. Both companies are intent on growing this partnership further in the near future.
Dromers
3 years ago
EnWave Shareholder Update
Vancouver, B.C., August 3, 2021
Given the series of recent developments at EnWave over the last several months, we thought it would be best to send a letter to shareholders to provide an update on a number of areas within our business. Topics covered include the general state of affairs, NutraDried’s ongoing turnaround, and the lawsuit filed against EnWave’s former CEO, as well as details for our Q3 earnings release.
General State of Affairs
Through Fiscal 2021 we’ve continued to improve and accelerate the commercialization of our patented Radiant Energy Vacuum (REV™) technology broadly across several major markets. We also took decisive action to correct NutraDried’s course in February, sparking a turnaround that will be evident in coming quarters. Notwithstanding the business challenges presented by the pandemic, we’ve managed to generate record gross margins, adjusted EBITDA and profit in our machine sales and royalty generation business unit.
NutraDried Turnaround
We initiated the restructuring of NutraDried’s operations in February, which had us rip out many discretionary and several unnecessary expenses within this business unit. We hired an accomplished new CEO, Brad Lahrman, who has seamlessly fit into our core management team. It’s early, but we are very happy with Brad’s leadership, pragmatic planning and proactive ‘get it done’ attitude. Velocities have improved over prior year, the business has generated material new bulk sales orders and both revenue and margin are trending in the right direction. There is still lots of work to do, but we are bullish on a strong turnaround from the very poor performance reported in Q1 and Q2 fiscal 2021.
We anticipate that NutraDried’s future growth will be driven by continued velocity improvement and expanded distribution, substantial increases to our bulk product sales, (which has a nice, clean, healthy margin profile) and from our new product innovation pipeline, which we think will win us further new distribution. We recently launched our Protein Blitz Mix product line and plan to complement our existing Moon Cheese format with an additional format later this year. Winning back rotational distribution in Costco is still very much a target for our NutraDried sales team and we feel these new product formats could provide the spark to light the fire again in the club channel for us.
Lawsuit Against Former CEO and Others
We’ve always stated that EnWave will vigorously protect the foundation of our business - our proprietary technology and intellectual property, which includes our patents, trademarks, know-how and machinery. Last Friday night we announced the filing of a Notice of Civil Claim in the B.C. Supreme Court that alleges EnWave’s former CEO, Mr. Tim Durance and other defendants associated with Mr. Durance have used and disclosed EnWave’s confidential information in breach of their obligations and covenants with EnWave. The Notice of Civil Claim seeks damages, an accounting of profits and injunctive relief.
A few hours prior to issuing Friday’s news release, we served Mr. Durance with the Notice, which triggered our public disclosure. We intend to aggressively pursue this case with all legal means at our disposal to safeguard our intellectual property and we are confident about the outcome.
It is beyond the scope of this letter to summarize the claims EnWave is pursuing in its Notice of Civil Claim. The Notice of Civil Claim is a public document. If you would like to review the filed Notice of Civil Claim, please direct an email to info@enwave.net requesting a copy and we will send it to you.
Q3 Fiscal Reporting
We expect to publish our Q3 interim consolidated financial statements and MD&A in the afternoon of August 26th, 2021. We will also hold an investor conference call the following morning on the 27th. Details of this call will be distributed a few weeks in advance. We are excited to review our Company’s progress and highlight some of the exciting projects that are evolving quickly, including work with the U.S. Army, intensifying interest from big pharma, several legitimate cannabis deals, prospective manufacturing scale-ups with existing royalty partners and the start-up of REVworx™, our toll manufacturing operation.
Thank you for your ongoing support as an EnWave shareholder and I hope you can join us at our investor call on August 27th.
Very best regards,
Brent Charleton, CFA
CEO and President
EnWave Corporation
Lees meer op: https://beursig.com/forum/viewtopic.php?f=6&start=1090&t=1905&sid=d8ad1f9e649fef211aeda5d1206a4bd0 voor meer informatie
Dromers
4 years ago
ENWAVE SELLS 10 KW REV(TM) MACHINE TO DAIRY CONCEPTS IRL FOR SHELF-STABLE DAIRY SNACK PRODUCTION
GlobeNewswire MAR 19, 2021 09:00 AM EDT
VANCOUVER, British Columbia, March 19, 2021 (GLOBE NEWSWIRE) -- EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the "Company"), announces that Dairy Concepts IRL (“DCI”), a leader in innovative dairy snacks has signed an Equipment Purchase Agreement (the “Agreement”) to acquire a 10kW Radiant Energy Vacuum (“REV™”) machine to be placed at Moorepark Technology Limited’s (“MTL”) facility in Cork, Ireland.
DCI signed a royalty-bearing commercial license agreement (the “License”) with EnWave in September 2020, granting it processing rights for a portfolio of natural, sweet and savoury, shelf-stable, hand-held dairy snacks. To facilitate initial REV™ processing, DCI forged a commercial relationship with MTL. MTL provides commercial pilot plant and research services for food industry customers. DCI and MTL have collaborated to combine leading technology with food innovation strategy to launch new and exciting dairy-based products to the market.
MTL previously purchased a 10kW REV™ machine from EnWave in September 2019 and this machine has been used commercially by DCI since September 2020. The addition of the DCI REV™ machine will double capacity at the MTL facility.
On a go-forward basis, DCI will use both the existing REV™ machine at MTL and their newly purchased unit for commercial production.
DCI has also agreed to purchase two additional 10kW REV™ machines before the end of 2021 to maintain exclusivity for the production of dried cheese and cheese-like snacks. DCI maintains the exclusive right to use REV™ technology in Ireland and the United Kingdom and pursuant to the License, DCI will pay an undisclosed minimum annual royalty to EnWave during the License term.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2f0acbb2-71d2-4d17-be10-2beac1009f6e
The additional REV™ machines will be used for the production of DCI’s own consumer branded products, as well as co-manufacturing capacity for other emerging and established dairy companies based in Ireland and the United Kingdom.
REV™ technology has been proven at scale in the food and cannabis industries. EnWave has 43 licensed partners and more than 50 royalty-bearing REV™ machines in operation globally.
Dromers
4 years ago
ENWAVE SIGNS ROYALTY-BEARING LICENSE WITH LEADING ILLINOIS-BASED CANNABIS COMPANY AND RECEIVES ORDER FOR 120KW REV(TM) MACHINE
GlobeNewswire MAR 09, 2021 09:00 AM EST
VANCOUVER, British Columbia, March 09, 2021 (GLOBE NEWSWIRE) -- EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”) announced today that it has signed a royalty-bearing commercial license (the “License”) with a leading Illinois-based cannabis company (the “Licensee”) to use the Company’s proprietary Radiant Energy Vacuum (“REV™”) dehydration technology to process cannabis products. The License grants the Licensee the right to use EnWave’s patented REV™ technology for the production of cannabis products in Illinois. The Licensee has also entered into an equipment purchase agreement to purchase a continuous 120kW REV™ machine for large-scale commercial production and a 10kW REV™ unit for process refinement and smaller commercial runs.
EnWave’s REV™ technology offers a fast, gentle drying method that precisely removes moisture homogenously from cannabis plant material at controllable, low temperatures below the point of decarboxylation. When compared to incumbent drying methods, REV™ has increased process control, meaning processing protocols can be customized to maximize terpene retention (proven to retain greater than 10% total terpenes when compared to rack-dried cannabis), preserve equivalent or higher cannabinoids when compared to room or rack drying methods and reduce bioburden. Drying times are less than two hours and REV™ machinery is manufactured for GACP compliance and GMP upon request.
A single 120kW REV™ machine can process up to 105kg of wet cannabis biomass per hour, yielding approximately 23kg of dried output. That equates to 92,000kg of dried finished product produced per annum running 16-hour days, 5 days per week, 50 weeks per year.
REV™ technology has been proven at scale in the food and cannabis industries. EnWave has 42 licensed partners and more than 50 royalty-bearing REV™ machines in operation globally.
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