FEB 28TH 2019, 05:30AM

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

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

第1四半期の主な財務ハイライト（単位：千米ドル）：

• Reported the highest quarterly revenue ever for the Company in Q1 2019 of $7,806 compared to $4,519 for Q1 of 2018, an increase of $3,287. Royalty revenues for Q1 2019 increased to $251, compared with $203 for Q1 of 2018. Revenue growth was driven by increased sales and distribution of the Company’s Moon Cheese^®
• Achieved gross profit of $3,037 for Q1 2019 compared to $1,426 for Q1 2018, an increase of $1,611 or 113%. Gross margin as a percentage of revenue was 39% for Q1 2019 compared to 31% for Q1 2018.
• Continued to strengthen the cash flow profile with Adjusted EBITDA^(*) of $1,163 for Q1 2019 compared to $315 for Q1 2018, an increase of $848. The growth in positive EBITDA represents the Company’s continued ability to generate cash from its operations.
• Reduced the consolidated net loss for the period after taxes to $15 for Q1 2019 compared to a net loss of $397 for Q1 2018, an improvement of $382 year-over-year.
• Invested in selling and marketing with S&M expenses of $976 for Q1 2019 compared to $590 for Q1 2018, an increase of $386. S&M expenses increased as part of the strategy to invest in marketing for Moon Cheese^® as well as selling activities that promote REV^TM technology across the food and cannabis sectors.
• Increased G&A and R&D expenses to $998 and $341 for Q1 2019, respectively, compared to $592 and $272 in Q1 2018. The Company added an experienced, full-time CEO for NutraDried to drive growth in the subsidiary business, and invested strategically in intellectual property to support our royalty licensing business model.

Significant Accomplishments:

• Entered into a royalty-bearing commercial sub-license agreement with The Green Organic Dutchman (“TGOD”) and Tilray, Inc. (“Tilray”) granting TGOD non-exclusive rights to use EnWave’s technology for processing legalized cannabis in Canada. Received a purchase order from TGOD for a 60kW REV^TM machine and robotic tray handling system.
• Received a purchase order from Milne Microdried Inc. (“Milne”) for a 120kW REV^TM processing line. The purchase order represents Milne’s third 120kW REV^TM machine and significantly increases Milne’s total royalty-bearing processing capacity.
• Signed a royalty-bearing commercial license agreement with Royal FrieslandCampina N.V. (“Friesland Campina”), one of Europe’s largest dairy companies. Friesland Campina will deploy REV^TM technology to develop new products that fit the evolving consumer needs and taste preferences. Friesland Campina purchased a 10kW REV^TM unit to initiate production.
• Received a purchase order from Bare Foods Co. (“Bare Foods”), a leading American snack food company recently acquired by PepsiCo, for its third 10kW REV^TM machine to expand commercial production of healthy fruit snack products.
• Announced the commercial launch of Bonduelle Group’s (“Bonduelle”) InFlavor^® dehydrofrozen vegetable product into the retail and food service channels. The Company extended Bonduelle’s exclusive rights to EnWave’s technology for dehydrofrozen vegetable products until September 30, 2019 in exchange for a milestone payment. Bonduelle must purchase a 400kW REV^TM machine before September 30, 2019 in order to extend the term of its exclusive rights.
• Signed a royalty bearing commercial sub-license agreement with Your Wasabi Farms (“YWF”) and Tilray granting YWF the non-exclusive rights to use EnWave’s technology to process cannabis plant material and industrial hemp.
• Ended a commercial license agreement with Agropur Dairy Co-operative (“Agropur”). Agropur failed to purchase the large-scale REV^TM machine that was required in order to extend its agreement with the Company.
• Installed the first scaled-up Good Manufacturing Practices (“cGMP”) freezeREV^® machine for Merck and passed site acceptance testing. The machine will be used by Merck for potential development of freezeREV^® technology as a continuous dehydration alternative to lyophilization.
• Expanded sales and distribution of Moon Cheese^® with additional product rotations in a number of Costco divisions.
• Doubled the Company’s production capacity of Moon Cheese^® through the installation of a second 100kW nutraREV^® machine and a 10kW REV^TM The expansion was facilitates continued sales growth of Moon Cheese® and positions for future projected demand in the consumer marketplace.

Appointment of Mr. Stephen Sanford to the Board of Directors:

The Company is pleased to announce that Mr. Stephen Sanford has been appointed to the Board of Directors as a new independent director. The addition of a highly experienced legal executive will further strengthen the diverse skillset of the Company’s Board of Directors.

Mr. Sanford is a seasoned legal professional with over 30 years of experience as an executive for a Fortune 500 company. He is the Senior Vice President and Managing General Counsel at Fluor Corporation (“Fluor”), a global engineering and construction company. Mr. Sanford has significant experience structuring major commercial transactions in a variety of legal systems around the world. In his role at Fluor, Mr. Sanford manages a team of legal professionals with a global footprint that addresses intellectual property matters, taxation, insurance and risk management matters. During his tenure at Fluor, Mr. Sanford has provided legal expertise and leadership during the structuring of billions of dollars in transactions.

Mr. Sanford obtained both his Bachelor’s Degree and Law Degree from Dalhousie University and holds an MBA from the University of Calgary.

^(*) Non-IFRS Financial Measures:

Adjusted EBITDA is not a measure of financial performance under IFRS. We define Adjusted EBITDA as earnings before deducting amortization and depreciation, stock based compensation, foreign exchange gain or loss, finance expense or income, income tax expense and non-recurring impairment charges. 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 interim MD&A for December 31, 2018 and annual MD&A for the year ended September 30, 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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