EnWave Signs Agreement with Leading Eastern European Fruit and Vegetable Company

VANCOUVER, British Columbia, May 19, 2020 (GLOBE NEWSWIRE) -- EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”) announced today that it has signed a Technology Evaluation and License Option Agreement (the “TELOA”) with a leading Eastern European fruit and vegetable company (the “EnWave Partner”) to evaluate the potential commercial use of the Company’s proprietary Radiant Energy Vacuum (“REV”) dehydration technology. During the term of the TELOA, the EnWave Partner will pay a monthly evaluation fee and have the non-exclusive option to license REV technology for use in unspecified European countries to produce a variety of premium dehydrated fruit and vegetable products.

If commercially viable products are successfully developed, there will be a promising opportunity to leverage EnWave’s patented REV technology and the EnWave Partner’s market presence in several European countries. The EnWave Partner has entered the TELOA as a first step in commercializing new snack, ingredient, grocery and food-service products through its distribution channels, which are primarily located in Eastern and Central Europe. If the joint development and testing is successful under the TELOA, EnWave will aim to sign a royalty-bearing commercial license agreement with the EnWave Partner and for the EnWave Partner to commit to the purchase of large-scale REV machinery.

EnWave holds a robust intellectual property portfolio spanning numerous international markets and has licensed REV technology to more than thirty-five food companies in over sixteen countries worldwide.

About EnWave
EnWave Corporation, a Vancouver-based advanced technology company, has developed a Radiant Energy Vacuum (“REV”) – an innovative, proprietary method for the precise dehydration of organic materials. EnWave has further developed patented 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.