EnWave Corp (NWVCF)

[gjervis]

EnWave Announces 2016 Third Quarter Consolidated Interim Financial Results

https://finance.yahoo.com/news/enwave-announces-2016-third-quarter-130000571.html

VANCOUVER, BC--(Marketwired - August 26, 2016) - EnWave Corporation (TSX VENTURE: ENW) (E4U.F) ("EnWave", or the "Company") today reported the Company's consolidated interim financial results for the third quarter ended June 30, 2016. The Company reported consolidated revenue of $5,224,000, and a consolidated net income from continuing operations of $113,000 for the third quarter of fiscal year 2016.

This quarter's positive net income was the second consecutive quarter of positive earnings for the Company. Revenues materially increased due to the continued growth in sales of royalty-bearing Radiant Energy Vacuum ("REV™") machines, and the continued expansion and accelerated distribution of Moon Cheese® through EnWave's subsidiary, NutraDried LLP.

EnWave has generated positive cash flow from operating activities, prior to changes to non-cash working capital, of $1,720,000 for the nine months ended June 30, 2016.

Significant additional achievements in the third quarter include:

1) Receiving a purchase order for a second 120kW REV™ machine from Milne Fruit Products;
2) Signing a royalty-bearing Commercial License Agreement with Kesito LLC and receiving a purchase order for REV™ machinery;
3) Receiving purchase orders for REV™ machinery from Natural Nutrition and Eregli Agrosan, both of which were repeat machine purchases by existing licensees;
4) Advancing the design and fabrication of REV™ machines for two pharmaceutical partners; and,
5) Receiving $1,500,000 of previously restricted cash collateral related to a former subsidiary contract.

EnWave's Radiant Energy Vacuum ("REV™") technology is well positioned to capture market share in both the food and pharmaceutical drying industries. The intrinsic value of using REV™ technology as an alternative to conventional options has been proven in several market verticals on a global basis. EnWave anticipates continued commercial success and growth in the worldwide deployment of REV™ technology.

EnWave's annual and interim consolidated financial statements and MD&As are available on SEDAR at www.sedar.com and on the Company's website www.enwave.net/financials.

EnWave also confirms today that earlier this month the Company successfully installed and started-up commercial-scale machines for three of its royalty partners. Gay Lea Foods Co-operative received their 100kW nutraREV® machine to expand the production of their 'Nothing But Cheese' snack product line in Canada; Agricola La Lydia Industrial, based in Costa Rica, and Lake Blue SpA, based in Chile, both began using their smaller commercial-scale REV™ machines to produce a variety of fruit, vegetable and dairy products.