ENWAVE SIGNS TECHNOLOGY EVALUATION AND LICENSE OPTION AGREEMENT WITH LEADING TURKISH DAIRY COMPANY AND ANNOUNCES EQUITY INCENTIVE GRANT
GlobeNewswire MAR 01, 2021 09:00 AM EST
VANCOUVER, British Columbia, March 01, 2021 (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 Sütas süt ÜrünleriI A.S. (“Sütas”), a leading Turkish dairy company. Sütas will evaluate EnWave’s proprietary Radiant Energy Vacuum (“REV™”) dehydration technology for the dehydration of premium dairy snacks and ingredients.
EnWave will install a 10kW REV™ machine at a site of Sütas’ choosing in Turkey for a period of up to six months for research and development purposes. The TELOA grants Sütas the option to enter into a royalty-bearing commercial license to produce REV™-dried commercial dairy products for both domestic and international sales. REV™ technology is currently being used commercially by more than a dozen dairy companies internationally.
Equity Incentive Grant to Officer
As part of the business transformation plan recently announced at NutraDried, Mr. Dan Henriques, EnWave’s Chief Financial Officer, has been appointed as Chief Operating Officer of NutraDried to oversee the streamlining of operations. In recognition of this appointment, the Company has granted Mr. Henriques an aggregate of 142,000 incentive stock options, subject to the terms of the Company’s Stock Option Plan (the “Plan”), that are exercisable at the last closing price of the Company’s common shares on the TSX Venture Exchange (“TSXV”) on February 26, 2021. The incentive stock options are exercisable for a term of five years expiring on February 26, 2026 and will vest in accordance to the provisions set out in the Plan, or as otherwise required by the TSXV. The Company also granted Mr. Henriques an aggregate of 25,000 Restricted Share Rights (“RSRs”) pursuant to the Company’s Restricted Share Rights Plan. The RSRs granted will vest three years from the date of the award.
