EnWave ENW

VANCOUVER, British Columbia, March 19, 2021 (GLOBE NEWSWIRE) -- EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the "Company"), announces that Dairy Concepts IRL (“DCI”), a leader in innovative dairy snacks has signed an Equipment Purchase Agreement (the “Agreement”) to acquire a 10kW Radiant Energy Vacuum (“REV™”) machine to be placed at Moorepark Technology Limited’s (“MTL”) facility in Cork, Ireland.

DCI signed a royalty-bearing commercial license agreement (the “License”) with EnWave in September 2020, granting it processing rights for a portfolio of natural, sweet and savoury, shelf-stable, hand-held dairy snacks. To facilitate initial REV™ processing, DCI forged a commercial relationship with MTL. MTL provides commercial pilot plant and research services for food industry customers. DCI and MTL have collaborated to combine leading technology with food innovation strategy to launch new and exciting dairy-based products to the market.

MTL previously purchased a 10kW REV™ machine from EnWave in September 2019 and this machine has been used commercially by DCI since September 2020. The addition of the DCI REV™ machine will double capacity at the MTL facility.

On a go-forward basis, DCI will use both the existing REV™ machine at MTL and their newly purchased unit for commercial production.

DCI has also agreed to purchase two additional 10kW REV™ machines before the end of 2021 to maintain exclusivity for the production of dried cheese and cheese-like snacks. DCI maintains the exclusive right to use REV™ technology in Ireland and the United Kingdom and pursuant to the License, DCI will pay an undisclosed minimum annual royalty to EnWave during the License term.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2f0acbb2-71d2-4d17-be10-2beac1009f6e

The additional REV™ machines will be used for the production of DCI’s own consumer branded products, as well as co-manufacturing capacity for other emerging and established dairy companies based in Ireland and the United Kingdom.

REV™ technology has been proven at scale in the food and cannabis industries. EnWave has 43 licensed partners and more than 50 royalty-bearing REV™ machines in operation globally.

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 

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 patent-pending methods for uniformly drying and decontaminating cannabis through the use of REV™ technology, shortening the time from harvest to high-quality, 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 forty royalty-bearing licenses to date in twenty countries world-wide. 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.

EnWave has introduced REV™ as a disruptive dehydration platform in the food and cannabis sectors: faster and cheaper than freeze drying, with better end product quality than air drying or spray drying. EnWave currently offers two distinct commercial REV™ platforms:

1. nutraREV^® which is a drum-based system that dehydrates organic materials quickly and at low-cost, while maintaining high levels of nutrition, taste, texture and colour; and,
2. quantaREV^® which is a tray-based system used for continuous, high-volume low-temperature drying.
   

More information about EnWave is available at www.enwave.net.

EnWave Corporation
Mr. Brent Charleton, CFA
President and CEO

For further information:

Brent Charleton, CFA, President and CEO at +1 (778) 378-9616
E-mail: bcharleton@enwave.net    

Dan Henriques, CPA, CA, CFO at +1 (604) 835-5212
E-mail: dhenriques@enwave.net  

For Media Inquiries:
Email: media@enwave.net

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