EnWave Signs Royalty-Bearing Commercial License Agreement and Equipment Purchase Agreement with Nippon Trends Food Services, Inc.
VANCOUVER, British Columbia, Dec. 01, 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”) and Equipment Purchase Agreement (the “Purchase Agreement”) with Nippon Trends Food Services, Inc. (“Nippon”), a California-based
company with operations in Canada and the U.S. that manufactures premium ramen noodles under its Yamachan Ramen brand. During an in-depth evaluation of EnWave’s patented Radiant Energy Vacuum
(“REV”) dehydration technology, Nippon and the Company successfully developed a process to dehydrate fresh ramen noodles that rehydrate back to a fresh quality. Nippon intend to commercialize this
application under the License.
EnWave’s REV dehydration technology has been chosen for many product applications where rehydration is a key determining factor. Ramen noodles are a globally consumed product and the estimated global market for the product was USD$44 billion in 2019 and is projected to reach USD $72 billion by 2027. EnWave will continue to seek additional opportunities in the broad marketplace where premium re-hydrated products benefit from a REV drying treatment.
Nippon has also signed the Purchase Agreement for a 10kW REV machine to be installed in Canada to initiate commercial production. The License granted by the Company to Nippon is exclusive for the processing of ramen noodles in Canada, and Nippon is required to purchase a large-scale REV machine with a minimum of 100kW of rated power within twelve months from the commissioning of the first 10kW REV machine in order to retain the exclusivity granted under the License.
EnWave’s scalable and reliable vacuum-microwave technology can be used to significantly reduce the drying time for freshly produced ramen noodles while allowing for texture and flavour preservation in the rehydrated product. This presents a major innovation opportunity for Nippon to reduce processing costs and increase plant throughputs of their retail ramen products. It also allows Nippon to produce a more premium portfolio of products in an economical fashion. This License is the first granting the right to manufacture noodles using REV technology and the Company believes there is significant global potential for the commercialization of this process in the Asia Pacific region.
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