VANCOUVER, British Columbia, April 30, 2018 (GLOBE NEWSWIRE) -- EnWave Corporation (TSX-V:ENW) (FSE:E4U) (“EnWave”, or the "Company") reports today that it has signed an Equipment Purchase Agreement (the “Purchase Agreement”) with Tilray to deliver a 60kW commercial-scale Radiant Energy Vacuum (“REV™”) machine to be installed in Portugal, and that Tilray has exercised its option to expand the territory of its exclusive, sub-licenseable, royalty-bearing commercial license (the “License”) for the processing of medical cannabis to include the country of Portugal.
The Purchase Agreement and expanded License extends the Company’s proprietary REV™ dehydration technology for drying and decontaminating cannabis beyond Canada for the first time. EnWave is pursuing additional global opportunities to serve the rapidly growing medical and recreational cannabis market.
Under the terms of the expanded License, Tilray will pay royalties based on the amount of cannabis processed using the REV™ equipment. The sub-license rights granted to Tilray under the expanded License allow for the sub-licensing of the technology to additional producers in Portugal, with sub-license royalties to be shared between EnWave and Tilray on an undisclosed basis. All other terms of the License are confidential.
About Tilray®
Tilray is a global pioneer in the research, cultivation, processing and distribution of medical cannabis and cannabinoids. Tilray was the first federally licensed cannabis company to be EU GMP certified to produce medical cannabis. The company currently serves tens of thousands of patients, physicians, pharmacies, governments, hospitals, and researchers in ten countries spanning five continents through its affiliated entities in Australia and New Zealand (Tilray Australia New Zealand Pty Ltd), Canada (Tilray Canada Ltd), and Germany (Tilray Deutschland GmbH).
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 industry leaders in multiple verticals for the use of REV™ technology. The company has signed over twenty royalty-bearing licenses to date, opening up nine distinct market sectors for commercialization of new and innovative products. In addition to these licenses, EnWave has formed a Limited Liability Company, NutraDried Food Company LLC, to develop, manufacture, market and sell all-natural cheese snack products in the United States under the Moon Cheese® brand.
EnWave has introduced REV™ as the new dehydration standard in the food and biological material sectors: faster and cheaper than freeze drying, with better end product quality than air drying or spray drying. EnWave currently has three commercial REV™ platforms:
- nutraREV® which is used in the food industry to dry food products quickly and at low-cost, while maintaining high levels of nutrition, taste, texture and colour;
- powderREV® which is used for the bulk dehydration of food cultures, probiotics and fine biochemicals such as enzymes below the freezing point, and
- quantaREV® which is used for continuous, high-volume low-temperature drying.
An additional platform, freezeREV®, is being developed as a new method to stabilize and dehydrate biopharmaceuticals such as vaccines and antibodies. More information about EnWave is available at www.enwave.net.
EnWave Corporation
Dr. Tim Durance
President & CEO
For further information:
John Budreski, Executive Chairman at +1 (416) 930-0914
E-mail: jbudreski@enwave.net
Brent Charleton, CFA, Senior Vice President, Sales and Business Development at +1 (778) 378-9616
E-mail: bcharleton@enwave.net
Deborah Honig, Corporate Development, Adelaide Capital Markets at +1 (647) 203-8793
E-mail: dhonig@enwave.net
Forward-Looking Information: 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 and market position are forward-looking statements. These statements are not a guarantee of future performance and involve a number of risks, uncertainties and assumptions, including those relating to the expectation of commercially successful integration of the EnWave technology to the dehydration of cannabis, the outcome of EnWave’s patent application, the ability of the Company to expand into the cannabis industry and successfully market its technology and patents, that the Company will be able to meet all applicable legal regulatory requirements in order to commercially exploit its patent, if and when its application is approved, or otherwise market its technology to cannabis industry participants, and other risks applicable to the Company as disclosed in its public filings. 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. EnWave does not undertake to update its forward-looking information unless required by applicable securities law. 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.