EnWave Signs Technology Evaluation and License Option Agreement with SunRhize Foods to Develop Plant-Based Tempeh Snacks and Reserves REVworx™ Toll Manufacturing Capacity
VANCOUVER, British Columbia, Jan. 11, 2021 (GLOBE NEWSWIRE) — EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”) announced today that SunRhize Foods, Inc. (“SunRhize Foods”) has signed a Technology Evaluation and License Option Agreement (the “Agreement”) to further develop and refine novel, shelf-stable tempeh snacks following a series of successful product development trials completed at EnWave’s Pilot Plant facility.
During the term of the Agreement, SunRhize Foods will collaborate with EnWave’s team to finalize multiple commercially viable tempeh snack formats and intends to leverage REVworx™, EnWave’s toll manufacturing division slated for commissioning in 2021. Pursuant to the Agreement, SunRhize has the right to reserve up to 15% of EnWave’s REVworx™ capacity before March 31, 2021 to commercialize the tempeh snacks. Tempeh is a versatile plant-based protein that originates from Southeast Asian diets. Tempeh is soy-based making it similar to tofu and is popular among many vegetarian, vegan and plant-based consumers. Tempeh is very high in protein and can accept a wide variety of flavourings, making it well-suited as an alternative protein source in the rapidly growing vegan and plant-based product market.The Agreement also grants SunRhize the exclusive right to license EnWave’s patented Radiant Energy Vacuum (“REV™”) technology for the production of dried tempeh products in the Netherlands, Belgium and Indonesia. SunRhize will pay EnWave an undisclosed fee to reserve the exclusive license option rights and as a fee for product development support.EnWave’s REVworx™ toll manufacturing division is for companies seeking third-party production to launch innovative REV™ dried products into the marketplace. This is the first large-scale REV™ processing facility in North America exclusively offering toll drying services. REVworx™ will offer flexible production capabilities, filling the growing demand for innovative consumer products made using EnWave’s proprietary technology.REVworx™ will reduce the risk for companies looking to develop and launch innovative REV™ dried products into the marketplace by reducing upfront capital investment, increasing speed to market and allowing companies to launch products pragmatically to prove out the value proposition of using REV™ technology.About SunRhize Foods
SunRhize Foods, Inc. aims to advance the alternative protein movement and transform the tempeh category by offering satisfying, innovative tempeh-based foods that redefine what it means to eat well. SunRhize Foods currently offers a unique assortment of Certified Organic or Non-GMO Project verified tempeh products, including fried strips, crumbles and cubes and as well as raw unpasteurized tempeh for foodservice operators and manufacturers.
More information about SunRhize Foods is available at www.SunRhizeFoods.com.REV™ technology’s commercial viability has been demonstrated and is multiplying 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 worldwide. 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: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,
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.For further information:Brent Charleton, CFA, President and CEO at +1 (778) 378-9616
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Email: [email protected]Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4a52ee12-6e1b-4688-86b7-606110f68919