EnWave Signs Equipment Purchase Agreement with Royalty Partner for 120kW REV Machinery
Delta, BC, May 22nd, 2024
EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”) today announced that it has signed an Equipment Purchase Agreement (the “Agreement”) with an existing Royalty Partner that has licensed the Company’s patented Radiant Energy Vacuum (“REV®”) dehydration technology. Pursuant to the Agreement, EnWave has received a non-refundable deposit from the Royalty Partner towards the acquisition of a 120kW REV® dehydration machine that is intended for start-up in 2024.
The Royalty Partner is actively commercializing its own branded snack products, as well as working with several major consumer packaged goods companies to develop and co-manufacture a number of new snack and ingredient products. If these co-manufacturing opportunities are confirmed, the Royalty Partner expects to fully utilize the manufacturing capacity of this 120kW REV® machine within the first year of operation.
EnWave is well advanced on a number of similar opportunities to prospectively confirm additional large-scale REV® machine sales this fiscal year.
About EnWave
EnWave is a global leader in the innovation and application of vacuum microwave dehydration. From its headquarters in Delta, 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 fifty royalty-generating partners spanning twenty-six 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.
EnWave’s strategy is to sign royalty-bearing commercial licenses with food producers who want to dry better, faster and more economical than freeze drying, rack drying and air drying, and enjoy the following benefits of producing exciting new products, reaching optimal moisture levels up to seven times faster, and improve product taste, texture, color and nutritional value.
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
Dylan Murray, CFO at +1 (778) 870-0729
E-mail: dmurray@enwave.net
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.
