BC州バンクーバー

EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”) today reported the Company’s consolidated interim financial results for the second quarter ended March 31, 2018.

Second Quarter Highlights:

EnWave increased its worldwide presence in the rapidly growing legalized cannabis sector during the second quarter. The Company expanded its royalty-bearing commercial license agreement with Tilray® to include processing rights for cannabis in Portugal, and received a purchase order for a second 60kW Radiant Energy Vacuum (“REV™”) machine from Tilray® to be installed in Portugal. EnWave also signed a Technology Evaluation and License Option Agreement (“TELOA”) with another top Canadian cannabis producer and granted the producer an exclusive option to license REV™ for processing cannabis in a country in Europe. These two agreements mark the initial expansion of EnWave’s proprietary dehydration technology into legalized cannabis markets outside of Canada, and the Company is pursuing an aggressive strategy to commercialize REV™ into the worldwide cannabis sector.

During the second quarter, EnWave signed a new royalty-bearing commercial license agreement with Nomad Nutrition, and continued to expand its royalty partnership and machine sales pipeline through joint produce development projects under TELOAs with prospective partner companies in multiple verticals. Currently, the Company has 11 prospective royalty partners actively engaged in TELOA projects and a company in an advanced R&D agreement. EnWave’s strategy regarding these projects is to demonstrate the product innovation and attractive processing economics available through the use of REV™ technology. EnWave has been growing its prospective royalty partner pipeline as it commercializes REV™ across the food, legalized cannabis and pharmaceutical sectors as part of its strategy to build a large, diversified royalty-bearing portfolio.

Further Details Include:

• Expanded its royalty-bearing license agreement with Tilray®, a major Canadian medical cannabis Licensed Producer, to include exclusive rights to REV™ technology country of Portugal for processing cannabis. Tilray® also purchased a large-scale 60kW REV™ machine to be installed in Portugal.
• Commissioned a 60kW REV™ dehydration unit at Van Dyk’s Specialty Products (“Van Dyk”) in Nova Scotia for the processing if high-value wild blueberry products.
• Signed a royalty-bearing license with Nomad Nutrition, a Canadian company focused on distributing premium, shelf-stable, nutrient-packed gourmet products that are made from locally sourced organic ingredients. Nomad Nutrition purchased a small-scale 10kW REV™ machine to initiate commercial production.
• Achieved a series of positive product development results in partnership with the US Army Natick Soldier R&D Center as part of an ongoing project to create superior, phytonutrient-rich field rations for soldiers in the field.
• Signed a TELOA with a major Canadian licensed producer of cannabis (the “Licensed Producer) and granted the Licensed Producer the exclusive option to license REV™ for processing legalized cannabis in a European country. The Licensed Producer is renting a pilot-scale machine during the term of the TELOA to facilitate evaluation of the technology.
• Signed a TELOA with Seven Seas Fish Company Limited, a leading Canadian seafood manufacturer and international distributor.
• Signed a TELOA with Calbee Incorporated (“Calbee”), the largest snack food manufacturer in Japan. Calbee will evaluate the use of EnWave’s technology at its facilities in Japan using lab-scale REV™ machinery.
• Secured additional Moon Cheese® distribution rotations in Costco’s Midwest, Northwest and Southeast divisions for club format Moon Cheese® and achieved the highest ever single quarter sales for Moon Cheese®.
• Renewed its Patent and Know-How Licensing agreement (the “INAP License”) with INAP GmbH (“INAP”) for an additional 5 years ending October 15, 2022. By renewing the INAP License, the Company strengthened its intellectual property position and retained its competitive advantage in the commercialization of its vacuum microwave dehydration technology.

Acquisition of Remaining 49% of NutraDried:

On February 21, 2018, EnWave completed the acquisition of the 49% non-controlling interest in NutraDried LLP, bringing the Company’s ownership to 100% of the equity interest in NutraDried LLP (“NutraDried”). NutraDried is a wholly owned subsidiary in the business of manufacturing and distributing Moon Cheese®, an all-natural crunchy snack food made using the EnWave’s REV™ technology. The acquisition of the non-controlling interest in NutraDried will allow the Company to pursue additional commercial opportunities using the installed 100kW nutraREV® processing line, as well as enhance the ability for EnWave to use NutraDried’s processing capabilities as a showcase to prospective royalty partner companies. NutraDried is a profitable business segment of the Company, reporting $716,000 in net income for fiscal year 2017, and $1,086,000 for the first half of 2018. On the basis of annualized fiscal 2018 net income, the Company paid a purchase multiple of 2.1x net income to acquire the 49% non-controlling interest.

Key Financial Highlights for the Second Quarter (expressed in $ ‘000s):

• Achieving gross profit of $1,295 for Q2 2018 compared to $1,028 for Q2 2017, an increase of $267. Gross margin as a percentage of revenue was 31% for Q2 2018 compared to 25% for Q2 2017.
• Generated consolidated revenues for Q2 2018 of $4,172 compared to $4,183 for Q2 of 2017, a decrease of $11. Royalty revenues for Q2 2018 increased to $118, compared with $77 for Q2 of 2017.
• Continuing to be cash flow positive with cash flow from operations prior to changes in non-cash working capital(*) of $319 for the first two quarters of 2018, compared to negative $46 for the first two quarters of 2017, showing positive cash flows from operations before taking into account changes in working capital.
• Building sales pipeline by way of increased S&M expense to $683 compared to $396 for 2017, an increase of $287. EnWave Canada maintained consistent S&M expenses and plans to increase investment into S&M activities to drive revenue growth.
• Maintaining R&D expenses with R&D expense for Q2 2018 of $297, compared to $300 for Q2 of 2017, a decrease of $3. The Company continues to invest strategically to strengthen its patent portfolio and to develop new product innovations with commercial potential.
• Increasing revenues for NutraDried with Q2 2018 revenues of $2,404 compared to Q2 2017 revenues of $1,342, an increase of $1,062 or 79%. NutraDried continues to increase points of distribution for its all-natural, crunchy Moon Cheese® snack.
• Growing net income at NutraDried of $670 for Q2 2018 compared to $92 for Q2 2017, an increase of over 6 times. NutraDried continued to contribute to the growth of the Company.  NutraDried’s success solidifies the business case for using REV™ for creating profitable consumer products and new brands for our royalty partners.

EnWave’s interim consolidated financial statements and MD&A are available on SEDAR at www.sedar.comand on the Company’s website www.enwave.net/financials.

(*) Non-IFRS Financial Measures Cash flow from operations prior to changes in non-cash working capital is not a measure of financial performance under IFRS. This measure is not necessarily comparable to similarly titled measures used by other companies and should not be construed as an alternative to net income or cash flow from operating activities as determined in accordance with IFRS. Please refer to the discussion included in the Company’s MD&A for the six months ended March 31, 2018.

エンウェーブについて

バンクーバーを拠点とする先端技術企業、エンウェーブ・コーポレーションは、有機材料を精密に脱水する革新的な独自手法であるラジアント・エナジー・バキューム（REV™）を開発した。REV™技術の商業的可能性は実証済みで、食品、合法大麻、製薬の各分野で急速に成長しています。エンウェーブの戦略は、REV™技術の使用に関して、複数の垂直市場における業界大手とロイヤリティを伴う商業ライセンスを締結することです。同社は現在までに20以上のロイヤリティ付きライセンスを締結しており、革新的な新製品の商業化に向けて8つの市場分野を開拓している。これらのライセンスに加え、エンウェーブはNutraDried LLPという有限責任事業組合を設立し、米国でMoon Cheese®ブランドのナチュラルチーズスナック製品の開発、製造、マーケティング、販売を行っています。

エンウェーブは、凍結乾燥よりも迅速かつ低コストで、風乾や噴霧乾燥よりも優れた最終製品品質を実現するREV™を、食品および生物材料の分野における新たな脱水標準として導入しました。
1.nutraREV®は、食品産業において、栄養、味、食感、色を高いレベルで維持しながら、食品を迅速かつ低コストで乾燥させるために使用されています。
2.powderREV®は、食品培養物、プロバイオティクス、酵素などのファインバイオケミカルを凝固点以下でバルク脱水するために使用されています。
3. quantaREV®は、連続的な大量低温乾燥に使用される。
追加のプラットフォームであるfreezeREV®は、ワクチンや抗体などのバイオ医薬品を安定化・脱水する新しい方法として開発中である。エンウェーブ社に関する詳細は、www.enwave.net。

エンウェーブ社
ティム・デュランス博士
社長兼CEO

お問い合わせ：
ジョン・バドレスキー（エグゼクティブ・チェアマン） 電話：+1 (416) 930-0914
E-mail:jbudreski@enwave.net

ブレント・チャールトン、営業・事業開発担当シニア・バイス・プレジデント、電話：+1 (778) 378-9616
E-mail:bcharleton@enwave.net

Deborah Honig, Corporate Development, Adelaide Capital Markets 電話：+1 (647) 203-8793
E-mail:dhonig@enwave.net

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