EnWave Announces Plans to License REV Technology into the U.S. Cannabis Market

VANCOUVER, British Columbia, March 18, 2020 (GLOBE NEWSWIRE) -- EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the "Company"), a global leader in vacuum microwave dehydration technology, announced today that its Board of Directors has approved a plan to license the Company’s proprietary Radiant Energy Vacuum (“REV”) into the U.S. cannabis market through a wholly-owned American subsidiary.

As a supplier of equipment that embodies years of research and development, patented innovation, know-how and, particularly, a recent process patent specifically for the drying and decontamination of cannabis, the U.S. market presents a significant opportunity to EnWave. Over the past several months, the Company, in association with its U.S. counsel, Canadian counsel and the TSX Venture Exchange (the "TSXV"), has conducted extensive legal and regulatory due diligence. This included assessments of cross-border issues and compliance with U.S. federal laws, which concluded that EnWave may proceed with its expansion strategy into the U.S. market in compliance with applicable U.S. federal laws.

EnWave has also received assurances from the TSXV that its planned business expansion into the U.S. cannabis market will not affect continued listing of the Company’s securities on the TSXV, subject to certain conditions that the Company believes it can satisfy.

EnWave’s proprietary dehydration technology provides a distinct value proposition to cannabis and hemp producers, including faster drying, higher precision and reduces cost. The Company only plans to license its technology to companies that operate within legalized frameworks at State, Municipal and other non-federal regulatory levels.

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 innovative, disruptive companies in multiple verticals for the use of REV technology. The company has signed over thirty royalty-bearing licenses to date. In addition to these licenses, EnWave established a Limited Liability Corporation, NutraDried Food Company, LLC, to manufacture, market and sell all-natural dairy snack products in the United States, including the Moon Cheese brand.