EnWave Announces Renewal of Normal Course Issuer Bid
November 21 2022 - 9:00AM
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 10,798,644 common shares, representing 10%
of the public float of EnWave as of November 21, 2022. In the
opinion of the Company’s Board of Directors, its common shares
trade at prices that do not reflect the underlying value of the
Company including its growing royalty portfolio, its financial
position and other material commercial opportunities. Accordingly,
EnWave believes that purchasing and returning its common shares to
treasury, when deemed appropriate by the Company, represents an
opportunity to enhance value for its ongoing shareholders.
As of November 21, 2022, the Company had
110,440,055 common shares outstanding. Under TSXV policies, EnWave
is entitled to purchase up to 2,208,801 shares in any 30-day period
up to the maximum of 10,798,864 shares.
The purchases may commence on November 24, 2022
and will end on November 23, 2023, 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.
EnWave did not purchase or cancel any common
shares under the previous normal course issuer bid that commenced
on October 29, 2021 and expired on October 28, 2022.
About EnWave
EnWave is a global leader in the innovation and
application of vacuum microwave dehydration. From its headquarters
in Vancouver, BC, EnWave has developed a robust intellectual
property portfolio, perfected its Radiant Energy Vacuum (REV™)
technology, and transformed an innovative idea into a proven,
consistent, and scalable drying solution for the food,
pharmaceutical and cannabis industries that vastly outperforms
traditional drying methods in efficiency, capacity, product
quality, and cost. With more than forty-five
royalty-generating partners spanning twenty countries and five
continents, EnWave’s licensed partners are creating profitable,
never-before-seen snacks and ingredients, improving the quality and
consistency of their existing offerings, running leaner, and
getting to market faster with the company’s patented technology,
licensed machinery, and expert guidance.
In addition, EnWave established a Limited
Liability Corporation, NutraDried Food Company, LLC, to
manufacture, market and sell REV-dried snack products within North
America, including the popular Moon Cheese® brand, and serve as a
co-manufacturer for third parties.
EnWave’s strategy is to sign royalty-bearing
commercial licenses with food and cannabis producers who want to
dry better, faster and more economical than freeze drying, rack
drying and air drying, and enjoy the following benefits:
- Food and ingredients companies can
produce exciting new products, reach optimal moisture levels up to
seven times faster, and improve product taste, texture, color and
nutritional value.
- Cannabis producers can dry four to
six times faster, retain 20% more terpenes and 25% more
cannabinoids, and achieve at least a 3-log reduction in
crop-destroying microbes.
Learn more at EnWave.net.
EnWave Corporation Mr.
Brent Charleton, CFA President 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
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.
Neither the TSX Venture Exchange nor its
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.
EnWave (TSXV:ENW)
Historical Stock Chart
From Jun 2024 to Jul 2024
EnWave (TSXV:ENW)
Historical Stock Chart
From Jul 2023 to Jul 2024