EnWave Signs Royalty-Bearing Commercial License and Receives Deposit for 70kW of REV Machinery from NuWave Foods for the Production of Shelf-Stable Baked Goods
VANCOUVER, British Columbia, Nov. 23, 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 (the “License”) and an Equipment Purchase Agreement (the “Purchase Agreement”) with NuWave Foods, Inc. (“NuWave”), a Canadian company focused on launching new and innovative shelf-stable bakery products. Since May 2020, NuWave has been evaluating EnWave’s patented Radiant Energy Vacuum (“REV”) dehydration technology and successfully developed several shelf-stable baked products it intends to commercialize under the License.
NuWave has paid EnWave an initial non-refundable deposit to purchase both a 10kW and 60kW REV machine from EnWave. NuWave must remit a second milestone payment within ninety days (the “Milestone Payment”). If the Milestone Payment is remitted to EnWave before the agreed upon deadline, NuWave will retain the exclusive right to use REV technology in Canada and the United States to process shelf-stable donuts and fritters. Additionally, NuWave is required to purchase a second large-scale REV machine within eighteen months of the commissioning of the first large-scale machine to retain the exclusivity granted under the License.
EnWave’s scalable and reliable vacuum-microwave technology can be used to significantly extend the shelf-life of baked goods, while maintaining textures and flavors that are comparable to freshly baked products. This presents a major opportunity to reduce loss from expired goods by elongating shelf-life and improving profitability for consumer baked goods companies. With over forty commercial licensees in a number of different food verticals, the signing of the License marks the entrance of EnWave into another major food vertical. EnWave believes that REV technology will provide significant value to the baked goods industry as the process slows the retrogradation or recrystallization of starch molecules, which contributes to the staling process.
About NuWave Foods
NuWave Foods is a 51% owned subsidiary of Blackhawk Growth Corp. (CSE:BLR). NuWave is a fully licensed commercial kitchen and baked goods manufacturer located in Edmonton, Alberta that is focused on the development and commercialization of shelf-stable baked products, without the use of any preservatives. NuWave was formed as a joint partnership between a group of like-minded professionals seeking to leverage their considerable contacts in North America’s food industry to rapidly become a leader in the rapidly changing space. NuWave seeks to leverage innovative food technologies to introduce new food products into the North American market.