EnWave Signs Technology Evaluation and License Option Agreement with American Industrial Hemp Producer
VANCOUVER, British Columbia, Oct. 14, 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 an American industrial hemp producer (the “Hemp Producer”) to evaluate the potential commercial use of the Company’s
proprietary Radiant Energy Vacuum (“REV”) dehydration technology. During the term of the TELOA, the Hemp Producer will pay a monthly evaluation fee and have the exclusive option to license REV
technology for use in the State of Illinois to dehydrate hemp products for cannabidiol (“CBD”) extraction.
If REV demonstrates its proven ability to produce dried hemp with zero degradation of CBD content, the Hemp Producer will be able to leverage EnWave’s patented dehydration platform to improve processing efficiencies and lower their cost of CBD production. If the evaluation is deemed successful by the Hemp Producer, EnWave will aim to sign a royalty-bearing commercial license agreement and an Equipment Purchase Agreement with the Hemp Producer committing to the purchase of REV machinery.
EnWave holds a robust intellectual property portfolio spanning numerous international markets and has licensed REV technology to more than forty companies operating in eighteen countries worldwide.
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.