EnWave Signs Technology Evaluation and License Option Agreement with Leading Turkish Dairy Company and Announces Equity Incentive Grant

VANCOUVER, British Columbia, March 01, 2021 (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 Sütaş süt ÜrünleriI A.Ş. (“Sütaş”), a leading Turkish dairy company. Sütaş will evaluate EnWave’s proprietary Radiant Energy Vacuum (“REV”) dehydration technology for the dehydration of premium dairy snacks and ingredients.

EnWave will install a 10kW REV machine at a site of Sütaş’ choosing in Turkey for a period of up to six months for research and development purposes. The TELOA grants Sütaş the option to enter into a royalty-bearing commercial license to produce REV-dried commercial dairy products for both domestic and international sales. REV technology is currently being used commercially by more than a dozen dairy companies internationally.

Equity Incentive Grant to Officer

As part of the business transformation plan recently announced at NutraDried, Mr. Dan Henriques, EnWave’s Chief Financial Officer, has been appointed as Chief Operating Officer of NutraDried to oversee the streamlining of operations. In recognition of this appointment, the Company has granted Mr. Henriques an aggregate of 142,000 incentive stock options, subject to the terms of the Company’s Stock Option Plan (the “Plan”), that are exercisable at the last closing price of the Company’s common shares on the TSX Venture Exchange (“TSXV”) on February 26, 2021. The incentive stock options are exercisable for a term of five years expiring on February 26, 2026 and will vest in accordance to the provisions set out in the Plan, or as otherwise required by the TSXV. The Company also granted Mr. Henriques an aggregate of 25,000 Restricted Share Rights (“RSRs”) pursuant to the Company’s Restricted Share Rights Plan. The RSRs granted will vest three years from the date of the award.

About Sütaş
From 1975 onward, Sütaş has been operating with a focus on milk and dairy products. Today, the company processes more than 900 million litres of milk per year in its four production facilities located in Turkey, Macedonia and Romania and offers 78 different products to its consumers. 8 of every 10 households in Turkey has at least one Sütaş product on their home. Sütaş employs 5000 people with 3.8 billion TL revenue.