EnWave Signs Equipment Purchase Agreement with Calbee Inc. to Expand Commercial Manufacturing Capacity
VANCOUVER, JUNE 19TH 2020, 6:00 AM
EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”) today provides a corporate update on its recent corporate activities, operations, and market evolution.
Cannabis Installation Update
EnWave has successfully installed a 60kW Radiant Energy Vacuum (“REV”) processing line for its licensed partner, The Green Organic Dutchman Holdings Ltd. (“TGOD”) in Ancaster, Ontario. The Company is working through the final stages of training TGOD personnel on the commercial use of EnWave’s machinery for the dehydration of cannabis and expects to begin accruing royalties henceforth. The installation and training were delayed due to the impacts of COVID-19, but with improving conditions, EnWave was able to send qualified personnel within Canada to complete this installation and training.
The Company is also in the final stages of fabricating two 120kW REV™ machines for Aurora Cannabis Inc. (“Aurora”). In early 2020, Aurora contracted EnWave to make several upgrades to its two REV™ machines in order to satisfy revised requirements, which subsequently elongated the manufacturing timeline but resulted in additional payments to the Company.
EnWave has also offered to complete remote 10kW REV™ machine installations to Cann Group in Australia and Helius Therapeutics in New Zealand, both current royalty partners. The Company hopes to confirm these installations in the near term.
REV™ Technology Business Development Update
The Company has continued to advance its sales and business development plan despite many of the headwinds presented by the global economic downturn propagated by the COVID-19 pandemic. Despite the challenges caused by COVID-19, the Company secured three new technology evaluation agreements with machine rentals through the last three months. There are several existing EnWave royalty partners that have 10kW machines installed under license that are evaluating the scale-up to larger REVTM machines, and the Company anticipates securing new purchase contracts for repeat and large-scale REV™ machines as the global economy begins to recover and international travel restrictions are lightened.
NutraDried Update
NutraDried has expanded its product offering of better-for-you, all-natural cheese snacks with the launch of a new white cheddar with black pepper flavour. The new flavour is currently being sold online and the Company plans to expand to retail distribution in the coming months.
NutraDried has also taken steps to leverage its manufacturing capabilities to produce shelf-stable cheese snacks for private label and ingredient opportunities. The Company has already secured several distribution opportunities for bulk shelf-stable cheese products and is pursuing a wide number of additional contract manufacturing opportunities for this new product offering. The contract manufacturing revenues will complement NutraDried’s branded snack offerings to drive volume and create operating leverage with the objective of enhancing gross margin in that business unit.
Grant of Equity Incentive Instruments
The Company has granted an aggregate of 500,000 incentive stock options pursuant to the Company’s Stock Option Plan (the “Plan”) to certain directors and officers of the Company (the “Incentive Options”). The Incentive Options are exercisable at a price of $1.25 per share and are exercisable for a term of five years expiring on June 17, 2025. The Incentive Options have been structured with performance-based vesting conditions in accordance with the Plan, and will vest upon the later of a) eighteen months from the date of grant, or b) when the Company’s share price on the TSX Venture Exchange (“TSXV”) achieves a volume-weighted average price (“VWAP”) for twenty consecutive trading days of $1.50 or greater. The Incentive Options are subject to approval by the TSXV.
The Company has granted an aggregate of 260,000 restricted share rights pursuant to the Company’s Restricted Share Rights Plan to certain directors and officers of the Company (the “RSRs”). The RSRs will vest three years from the date of award for each independent director, and will vest three years from the date of award and subject to the Company’s share price on the TSXV achieving a VWAP for twenty consecutive trading days of $1.50 or greater for the senior management of the Company. If the VWAP vesting performance condition is not met within the three-year life of the instrument, then no common shares of the Company will be issued in respect of the RSRs. The RSRs are subject to approval by the TSXV.
The Company’s Board of Directors consulted with a third-party executive compensation specialist to conduct a benchmarking study as part of the evaluation and approval process for the equity incentive instruments. The resulting performance-based vesting conditions implemented were designed to create proper alignment between management incentives and creating shareholder value.
DOWNLOAD PRESS RELEASE
Acerca de EnWave
EnWave Corporation, una empresa de tecnología avanzada con sede en Vancouver, ha desarrollado un vacío de energía radiante ("REV™"), un método innovador y patentado para la deshidratación precisa de materiales orgánicos. EnWave ha desarrollado además métodos patentados para secar y descontaminar uniformemente el cannabis mediante el uso de la tecnología REV™, acortando el tiempo desde la cosecha hasta los productos de cannabis comercializables.
La viabilidad comercial de la tecnología REV™ ha quedado demostrada y está creciendo rápidamente en varios mercados verticales de los sectores alimentario y farmacéutico, incluido el cannabis legal. La estrategia de EnWave consiste en firmar licencias comerciales con regalías con empresas innovadoras y disruptivas en múltiples verticales para el uso de la tecnología REV™. Hasta la fecha, la empresa ha firmado más de treinta licencias. Además de estas licencias, EnWave creó una sociedad de responsabilidad limitada, NutraDried Food Company, LLC, para fabricar, comercializar y vender productos lácteos de aperitivo totalmente naturales en Estados Unidos, incluida la marca Moon Cheese®.
EnWave ha introducido REV™ como el nuevo estándar de deshidratación en los sectores alimentario y de materiales biológicos: más rápido y barato que la liofilización, con mejor calidad del producto final que el secado al aire o el secado por pulverización. En la actualidad, EnWave cuenta con tres plataformas comerciales REV™:
1. nutraREV®, que se utiliza en la industria alimentaria para secar productos alimenticios rápidamente y a bajo coste, manteniendo altos niveles de nutrición, sabor, textura y color; y
2. quantaREV®, que se utiliza para el secado continuo de gran volumen a baja temperatura.
Más información sobre EnWave en www.enwave.net.
EnWave Corporation
Sr. Brent Charleton, CFA
Presidente y Consejero Delegado
Para más información:
Brent Charleton, CFA
Presidente y Director General +1 (778) 378-9616
Correo electrónico: bcharleton@enwave.net
Dan Henriques, CA, CPA,
Director Financiero al +1 (604) 835-5212
Correo electrónico: dhenriques@enwave.net
Safe Harbour para declaraciones de información prospectiva: Este comunicado de prensa puede contener información prospectiva basada en las expectativas, estimaciones y proyecciones de la dirección. Todas las declaraciones que se refieran a expectativas o proyecciones sobre el futuro, incluidas las declaraciones sobre la estrategia de crecimiento de la empresa, el desarrollo de productos, la posición en el mercado, los gastos previstos y las sinergias esperadas tras el cierre son declaraciones prospectivas. No se garantiza la exactitud de todas las afirmaciones de terceros a las que se hace referencia en este comunicado. No se garantiza la exactitud de todas las referencias de terceros a información de mercado contenidas en este comunicado, ya que la empresa no ha llevado a cabo la investigación primaria original. Estas afirmaciones no constituyen una garantía de resultados futuros e implican una serie de riesgos, incertidumbres y suposiciones. Aunque la empresa ha intentado identificar los factores importantes que podrían hacer que los resultados reales difirieran materialmente, puede haber otros factores que hagan que los resultados no sean los previstos, estimados o deseados. No puede garantizarse que tales afirmaciones resulten exactas, ya que los resultados reales y los acontecimientos futuros podrían diferir sustancialmente de los previstos en dichas afirmaciones. Por consiguiente, los lectores no deben depositar una confianza indebida en las afirmaciones de carácter prospectivo.
Ni la TSX Venture Exchange ni su Proveedor de Servicios de Regulación (según se define este término en las políticas de la TSX Venture Exchange) aceptan responsabilidad alguna por la adecuación o exactitud de este comunicado.
A continuación
