EnWave Signs Commercial License and Equipment Purchase Agreement with Pick-One S.A. de CV Following Successful Evaluation

VANCOUVER, British Columbia, July 08, 2020 (GLOBE NEWSWIRE) -- EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”) announced today that it has signed a non-exclusive, royalty-bearing commercial license agreement (the “License”) with Pick-One S.A. de CV (“Pick-One”) to produce dried cheese and fruit snacks using Radiant Energy Vacuum (“REV”) technology for the retail grocery market in Mexico. Under the terms of the License, Pick-One purchased the 10kW commercial REV machine to initiate commercial production in Mexico.

This License is the first signed by EnWave with a Mexican partner, opening up a major North American market with a rich agricultural industry. Pick-One has been using a 10kW REV machine at their Chihuahua manufacturing facility under a Technology Evaluation and License Option Agreement (“TELOA”) since late 2019 for product development purposes. As a result of Pick-One’s successful development of shelf-stable snack prototypes, they decided to purchase the machine outright and commence commercial-scale production.

Pursuant to the terms of the License, Pick-One will make undisclosed quarterly royalty payments to the Company calculated as a percentage of the revenue generated from their commercial success.  EnWave will continue to collaborate with Pick-One to optimize processing efficiencies and help bring improved snack products to market. To-date, EnWave has signed 38 royalty-bearing commercial licenses with food, cannabis and pharmaceutical companies globally.

The expansion of EnWave’s global REV technology footprint into Mexico further proves the significant value proposition for food processors seeking to launch new and innovative premium snack food applications. EnWave holds a robust intellectual property portfolio spanning numerous international markets and has licensed REV technology to food companies in seventeen countries worldwide.

About Pick-One
Pick-One is a 100% Mexican owned company born from the idea of ​​bringing healthy and delicious products to market. Through the company’s commitment to adopting innovative processes and unique flavor profiles, Pick-One has chosen to adopt REV technology at commercial scale to expand its product portfolio.

For more information, please visit www.pick-one.mx.

About EnWave
EnWave Corporation, a Canadian advanced technology company, has developed 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.