Friday, March 19, 2021 7:28:46 PM
GlobeNewswire MAR 19, 2021 09:00 AM EDT
VANCOUVER, British Columbia, March 19, 2021 (GLOBE NEWSWIRE) -- EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the "Company"), announces that Dairy Concepts IRL (“DCI”), a leader in innovative dairy snacks has signed an Equipment Purchase Agreement (the “Agreement”) to acquire a 10kW Radiant Energy Vacuum (“REV™”) machine to be placed at Moorepark Technology Limited’s (“MTL”) facility in Cork, Ireland.
DCI signed a royalty-bearing commercial license agreement (the “License”) with EnWave in September 2020, granting it processing rights for a portfolio of natural, sweet and savoury, shelf-stable, hand-held dairy snacks. To facilitate initial REV™ processing, DCI forged a commercial relationship with MTL. MTL provides commercial pilot plant and research services for food industry customers. DCI and MTL have collaborated to combine leading technology with food innovation strategy to launch new and exciting dairy-based products to the market.
MTL previously purchased a 10kW REV™ machine from EnWave in September 2019 and this machine has been used commercially by DCI since September 2020. The addition of the DCI REV™ machine will double capacity at the MTL facility.
On a go-forward basis, DCI will use both the existing REV™ machine at MTL and their newly purchased unit for commercial production.
DCI has also agreed to purchase two additional 10kW REV™ machines before the end of 2021 to maintain exclusivity for the production of dried cheese and cheese-like snacks. DCI maintains the exclusive right to use REV™ technology in Ireland and the United Kingdom and pursuant to the License, DCI will pay an undisclosed minimum annual royalty to EnWave during the License term.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2f0acbb2-71d2-4d17-be10-2beac1009f6e
The additional REV™ machines will be used for the production of DCI’s own consumer branded products, as well as co-manufacturing capacity for other emerging and established dairy companies based in Ireland and the United Kingdom.
REV™ technology has been proven at scale in the food and cannabis industries. EnWave has 43 licensed partners and more than 50 royalty-bearing REV™ machines in operation globally.
North Bay Resources Commences Operations at Bishop Gold Mill, Inyo County, California; Engages Sabean Group Management Consulting • NBRI • Sep 25, 2024 9:15 AM
CEO David B. Dorwart Anticipates a Bright Future at Good Gaming Inc. Through His Most Recent Shareholder Update • GMER • Sep 25, 2024 8:30 AM
Cannabix Technologies and Omega Laboratories Inc. Advance Marijuana Breathalyzer Technology - Dr. Bruce Goldberger to Present at Society of Forensic Toxicologists Conference • BLOZF • Sep 24, 2024 8:50 AM
Integrated Ventures, Inc Announces Strategic Partnership For GLP-1 (Semaglutide) Procurement Through MedWell USA, LLC. • INTV • Sep 24, 2024 8:45 AM
Avant Technologies Accelerates Creation of AI-Powered Platform to Revolutionize Patient Care • AVAI • Sep 24, 2024 8:00 AM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM