EnWave Signs a Commercial Royalty-Bearing Sublicense for Your Wasabi Farms to Dry Industrial Hemp in Canada
VANCOUVER, B.C., Jan. 30, 2019 (GLOBE NEWSWIRE) — EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”) reports today that EnWave has signed a royalty-bearing commercial sublicense (the “Agreement”) with Your Wasabi Farms Ltd. (“YWF”), an existing royalty partner of EnWave. The Agreement grants YWF the right to use the Company’s proprietary Radiant Energy Vacuum (“REV™”) dehydration technology to dry cannabis plant material, enabling YWF to dry industrial hemp in Canada.
The Agreement represents a new alternative for the deployment of EnWave’s REV™ technology as Your Wasabi Farms will act as a toll processor, providing smaller licensed independent industrial hemp growers and large industrial hemp growers with capacity limitations with the ability to access EnWave’s, proprietary drying technology. YWF will utilize its installed REV™ equipment to initiate commercial toll-processing under the Agreement.
The Agreement enables YWF to expand its use of the EnWave equipment to dry industrial hemp, and marks EnWave’s second sub-license agreement for the commercial use of its proprietary REV™ technology within this rapidly growing global market. EnWave’s strategy is to commercialize its proprietary REVTM technology globally under its licensing and royalty business model.
About EnWave’s Licensing Partner:
EnWave and Tilray, Inc. (“Tilray”) (NASDAQ:TLRY) entered into an exclusive partnership in October 2017 in which EnWave named Tilray as its licensed partner under the terms of an exclusive, sub-licensable, royalty bearing commercial license (the “License”). The License grants Tilray an exclusive right to use and sub-license the Company’s proprietary REV™ dehydration technology in Canada for specific applications. Under the terms of the License, EnWave and Tilray share royalties from Your Wasabi Farm’s use of EnWave’s REV™ technology on an undisclosed basis.
About Your Wasabi Farms Ltd.
Your Wasabi Farms Ltd, based in Abbotsford BC, is a family owned business which grows, dries and processes wasabi for the natural health products and dietary supplement industry. YWF will now be able to expand its use of REV™ equipment to dry industrial hemp.
YWF currently markets and sells its high-value, nutrient-rich wasabi based natural health products under the Your Wasabi® brand. For more information, please visit www.yourwasabi.com.
EnWave Corporation, a Vancouver-based advanced technology company, has developed 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 plant materials including industrial hemp through the use of REV™ technology, shortening the time from harvest to marketable products.
REV™ technology’s commercial viability has been demonstrated and is growing rapidly across several market verticals in the food, and pharmaceutical sectors and has clear benefits in the drying of industrial hemp. EnWave’s strategy is to sign royalty-bearing commercial licenses with industry leaders in multiple verticals for the use of REV™ technology. The company has signed over twenty royalty-bearing licenses to date, opening up nine distinct market sectors for commercialization of new and innovative products. In addition to these licenses, EnWave has formed a Limited Liability Corporation, NutraDried Food Company, LLC, to develop, manufacture, market and sell all-natural cheese snack products in the United States under the Moon Cheese® brand.
EnWave has introduced REV™ as the new dehydration standard in the food and biological material sectors: faster and cheaper than freeze drying, with better end product quality than air drying or spray drying. EnWave currently has three commercial REV™ platforms:
- nutraREV® which is used in the food industry to dry food products quickly and at low-cost, while maintaining high levels of nutrition, taste, texture and colour;
- powderREV® which is used for the bulk dehydration of food cultures, probiotics and fine biochemicals such as enzymes below the freezing point, and
- quantaREV® which is used for continuous, high-volume low-temperature drying.
An additional platform, freezeREV®, is being developed as a new method to stabilize and dehydrate biopharmaceuticals such as vaccines and antibodies. More information about EnWave is available at www.enwave.net.
Mr. Brent Charleton, CFA
President and CEO
For further information:
Brent Charleton, CFA , President and CEO at +1 (778) 378-9616
John P.A. Budreski, Executive Chairman at +1 (416) 930-0914
Deborah Honig, Corporate Development at + 1 (647) 203-8793
Safe Harbour for Forward-Looking Information Statements: This press release may contain forward-looking information based on management’s expectations, estimates and projections. All statements that address expectations or projections about the future, including statements about the Company’s strategy for growth, product development, market position, expected expenditures, and the expected synergies following the closing are forward-looking statements. All third party claims referred to in this release are not guaranteed to be accurate. All third party references to market information in this release are not guaranteed to be accurate as the Company did not conduct the original primary research. These statements are not a guarantee of future performance and involve a number of risks, uncertainties and assumptions. No statement in this press release should be construed as a waiver of any party’s rights, and all such rights are reserved. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.