EnWave Corp (NWVCF)

[Dromers]

EnWave Signs Technology Evaluation and License Option Agreement with Leading European Snack Company
VANCOUVER, British Columbia, Aug. 26, 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 (the “TELOA”) with a leading European snack company (the “EnWave Partner”) to evaluate the potential commercial use of the Company’s proprietary Radiant Energy Vacuum (“REV™”) dehydration technology. During the term of the TELOA, the EnWave Partner will pay a monthly evaluation fee and have the exclusive option to license REV™ technology to produce a variety of premium dehydrated snack products.

If commercially viable products are successfully developed, the EnWave Partner will leverage EnWave’s patented REV™ technology to introduce innovative new products into the European marketplace. The EnWave partner has well established snack distribution and robust market presence in several European countries. EnWave plans to support the joint development and market testing and will aim to sign a royalty-bearing commercial license agreement with the EnWave Partner alongside the purchase of REV™ machinery.

EnWave has developed a comprehensive intellectual property portfolio with patents granted in numerous international markets and has licensed REV™ technology to more than thirty-five companies in over sixteen countries worldwide.