EnWave Signs Agreement with Leading South American Food Company
VANCOUVER, British Columbia, April 22, 2020 (GLOBE NEWSWIRE) -- EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”) announced today that it has signed a Technology Evaluation and License Option Agreement (“TELOA”) with a leading South American food company (the “Food Company”) to evaluate the potential commercial use of the Company’s Radiant Energy Vacuum (“REV™”) dehydration technology. During the term of the TELOA, the Food Company will pay a monthly evaluation fee and have the exclusive option to obtain a royalty-bearing commercial license agreement to use REV™ technology for the production of a variety of value-added food products. The Food Company will lease a 10kW REVTM machine for use at its R&D facility during the term to conduct product development in collaboration with EnWave’s food scientists.
The use of REVTM to create shelf-stable, value-added food products has already been proven in several markets globally. If the Food Company successfully develops products using REVTM and launches commercial sales, it will leverage EnWave’s dehydration expertise alongside the Food Company’s already established brand presence in numerous Latin American countries. This opportunity includes the potential commercialization of new snack, ingredient, grocery and food-service products through its multi-country, large-scale distribution networks already used by the Food Company.
EnWave holds a robust intellectual property portfolio spanning numerous international markets and has licensed REV™ technology to more than thirty food companies in over sixteen countries worldwide.
