EnWave Signs Equipment Purchase Agreement and Royalty-Bearing License for Drying Cannabis in New Zealand with Helius Therapeutics Ltd.
VANCOUVER, British Columbia, Dec. 11, 2019 (GLOBE NEWSWIRE) — EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”) reports today that EnWave has signed an exclusive, royalty-bearing commercial license (the “License”) with Helius Therapeutics Ltd. (“Helius”). Helius is New Zealand’s largest licensed medical cannabis company with a strong focus on research and development. It is also the first cannabis company in the world to be certified as New Zealand Grown. Helius has a state-of-the-art biotechnology facility in Auckland, New Zealand, with large-scale indoor controlled growing systems, integrated extraction site, an advanced cannabinoid research laboratory and manufacturing operations. The License grants Helius the exclusive right to use EnWave’s proprietary Radiant Energy Vacuum (“REV™”) dehydration technology for the drying of cannabis in New Zealand with the ability to sublicense to additional third-party Cannabis companies.
Pursuant to the License, Helius has purchased a 10kW REV™ machine to use REV™ technology for commercial production of dehydrated medicinal cannabis. In order to retain its exclusivity under the License as well as sub-licensing rights, Helius must purchase an additional REV™ machinery with 60kW or greater rated power by June 2021.Under the terms of the License, Helius will pay EnWave a usage-based royalty based on the weight of cannabis dried using the REV™ machine. The other terms of the License, including the terms of the sub-licensing rights, are not disclosed.This is the seventh commercial royalty-bearing license for cannabis processing granted by EnWave, and its first granted in New Zealand. EnWave has granted royalty-bearing commercial licenses for cannabis dehydration in Canada, Europe, Australia and New Zealand.About Helius Therapeutics Ltd.Helius Therapeutics is New Zealand’s largest medicinal cannabis company, specialising in the research, development, cultivation, and manufacturing of GMP-certified medicinal cannabis products. The company has built its state-of-the-art facility in Auckland, with indoor controlled growing systems, integrated extraction site, an advanced cannabinoid research laboratory and manufacturing operations. As New Zealand’s regulatory environment changes to allow commercial production from early 2020, Helius is poised to set the standard for effective and accessible medicinal cannabis products in the region.For more information on Helius Therapeutics Ltd., please visit: www.helius.co.nzAbout EnWaveEnWave 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 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 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:1. 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;2. powderREV® which is used for the bulk dehydration of food cultures, probiotics and fine biochemicals such as enzymes below the freezing point, and3. 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.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, CPA, CA, Chief Financial Officer at +1 (604) 835-5212
E-mail: [email protected]Deborah Honig, Corporate Development at + 1 (647) 203-8793
E-mail: [email protected]
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. 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 releaseA photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/50246f6e-34e1-43c3-a03d-bd8e16123c1a