EnWave Signs Commercial License and Equipment Purchase Agreement with Orto Al Sole to use REV™ Technology in Italy
VANCOUVER, British Columbia, Aug. 05, 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”) with Orto Al Sole Di Gandini Claudio (“Orto Al Sole”) to produce fruit and vegetable snacks using EnWave’s Radiant Energy Vacuum (“REV™”) technology for the European market. Concurrently with signing the License, Orto Al Sole purchased a 10kW REV™ machine to initiate commercial production in Italy.
The License grants Orto Al Sole the exclusive rights to produce certain types of fruit and vegetable snack products in the country of Italy, and the products may be sold both domestically and internationally. Orto Al Sole is required to meet certain minimum performance requirements under the License to retain exclusivity, including minimum annual royalties and future equipment purchase obligations. Orto Al Sole will remit quarterly royalties to EnWave based on the revenue generated from the REV™-dried products sold. This License is the first signed by EnWave with an Italian company and the 39th signed worldwide. This License marks the continued expansion of EnWave’s proprietary dehydration technology globally, with the value proposition for premium fruit and vegetable products already proven in numerous countries. EnWave’s strategy is to secure many long-term license agreements with companies seeking both competitive and cost advantages, and to grow its portfolio of royalty-bearing licenses on a global basis.About Orto Al Sole
Ortaggi Valtrebbia was founded in Italy in 1990 by Claudio Gandini and his brother. With decades of experience growing high-quality fruits and vegetables, the company has been constantly evolving over time and has established itself as an important producer in Italy’s Emilia Romagna region. Ortaggi Valtrebbia has a crop producing capacity of 2,500 acres, with a focus on the production of green beans, zucchini and “pepper friggitello” for large-scale distribution in the Italian and European fruit and vegetable markets.In 2019, the Gandini family started a new project and founded Orto Al Sole to start the production of dried fruits and vegetables and have chosen to use “REV™” technology to produce premium snack products that are “Made in Italy”.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 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 thirty royalty-bearing licenses to date. 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 CorporationMr. Brent Charleton, CFA
President and CEOFor further information:Brent Charleton, CFA , President and CEO at +1 (778) 378-9616
E-mail: [email protected]Dan Henriques, CFO at +1 (604) 835-5212
E-mail: [email protected]
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