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Thursday, 01/27/2022 9:34:12 AM

Thursday, January 27, 2022 9:34:12 AM

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EnWave Signs Equipment Purchase Agreement with Fresh Business for a 10kW Machine to Accelerate Commercial Product Opportunities in Spain
GlobeNewswireJan 27, 2022 9:00 AM EST
VANCOUVER, British Columbia, Jan. 27, 2022 (GLOBE NEWSWIRE) -- EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the "Company") announced today that it has received a purchase order for a 10kW Radiant Energy Vacuum (“REV™”) machine (the “REV™ Equipment”) from Consulting Fresh Business S.L. (“Fresh Business”) to accelerate the development of commercial food, nutraceutical, and cosmetic products in Spain using EnWave’s technology. EnWave previously signed a Research and Development License Agreement (the “R&D License”) with Fresh Business on January 13, 2021, at which time a non-refundable deposit was paid to EnWave for the REV™ Equipment. Fresh Business has assigned the R&D License to a newly formed subsidiary, NEOREV INNOVATION S.L. (“NEOREV”), and completed the purchase of the REV™ Equipment to accelerate research and development on new products in collaboration with industry partners in Spain.

Fresh Business d.b.a. NEOREV intends to forge close partnerships with Spain-based technology hubs and innovation centers to leverage EnWave’s patented REV™ technology for the development of new commercial opportunities. The installation of the REV™ Equipment in Spain will enable industry innovators to expedite the commercialization of leading-edge, premium applications using the EnWave technology. Fresh Business intends to partner with selected technology centers that will provide research and development services to demonstrate the value proposition of REV™ technology. Fresh Business expects to complete the installation of the REV™ Equipment at a technology innovation center in Spain in the coming months, which will increase the visibility of REV™ technology among potential new EnWave partners and will serve as another European hub for proof-of-concept trials on new product applications.

Fresh Business d.b.a. NXTDRIED ( ) currently holds a royalty-bearing commercial license agreement to produce a broad portfolio of food products in Peru. EnWave commissioned a 100kW REV™ machine and 10kW REV™ machine at NXTDRIED’s Peruvian facilities in late 2020. NXTDRIED operates a highly sustainable business model that sources locally grown fresh fruits and superfoods to be dried using the REV™ low temperature dehydration process to transform them into nutritious, organic, super-crunchy snacks and ingredients with simply amazing results.