EnWave Signs Commercial Royalty-Bearing License with Dairy Concepts IRL

VANCOUVER, British Columbia , Sept. 15, 2020 (GLOBE NEWSWIRE) -- EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the "Company"), announced today that it has signed a royalty-bearing commercial license agreement (the “License”) with Irish operating company, Dairy Concepts IRL (“DCI”), a leader in innovative dairy snacks.

DCI intends to use EnWave’s Radiant Energy Vacuum (“REV”) technology to develop a portfolio of innovative sweet and savoury, shelf-stable, all-natural, hand-held dairy snacks. DCI intends to launch their own consumer branded products, as well as co-manufacture for other leading dairy companies based in Ireland and the United Kingdom.

To facilitate initial REV processing, DCI has forged a commercial relationship with Moorepark Technology Limited (“MTL”). MTL is joint venture company established by Teagasc with shareholders from the Irish Dairy Industry to provide commercial pilot plant and research services for food industry customers and a key constituent of Teagasc Food Research Centre Moorepark in the process of knowledge and technology transfer. MTL operates an ultra modern pilot plant with the most up-to-date and versatile pilot scale processing equipment for food research and development.

MTL purchased a 10kW Radiant Energy Vacuum (“REV”) machine from EnWave in September 2019.

Pursuant to the License, DCI has secured the exclusive right to use REV technology in Ireland and the United Kingdom to produce dried snack products comprised of either cheese or cheese-like products. To retain exclusivity, DCI must purchase large-scale REV equipment in 2021 and will pay an undisclosed quarterly royalty to EnWave during the License term.

EnWave has licensed its REV technology to forty companies on a global basis, providing scalable and reliable vacuum-microwave machinery to leading innovators in the food, cannabis and pharmaceutical industries.

About Dairy Concepts IRL

Dairy Concepts IRL has become a leading innovator in the global dairy snacks market, by combining its entrepreneurial vision with Ireland’s scientific talent, quality dairy ingredients, global reputation and sustainable competitive advantage in dairy.

DCI is focused on the development of innovative, cheese and cheese-like, hand-held dairy snacks for the global market and is based at the Teagasc Moorepark Food Research Centre, Cork, Ireland – the world-renowned dairy research and development centre.

For more information on DCI visit www.dairyconcepts.ie.

About EnWave