VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 1, 2011) - EnWave Corporation (TSX VENTURE:ENW)(FRANKFURT:E4U) ("EnWave" or the "Company") today announced that it has completed the acquisition (the "Acquisition") of all patents and know-how that it previously licensed from The University of British Columbia ("UBC") for Radiant Energy Vacuum ("REV") dehydration technology (the "Technology").
The Acquisition considerably expands EnWave's intellectual property portfolio in the field of vacuum microwave dehydration technology. In addition, EnWave no longer has any royalty or other financial obligations to UBC for the Technology.
As consideration for the Technology, EnWave has paid UBC and certain inventors who created the Technology, an aggregate of CDN$3,087,500 in cash and 1,206,500 common shares of EnWave. The amount of cash that is paid to UBC is subject to adjustment based upon share price fluctuations occurring prior to the period ending 30 days after the end of the standard four-month hold period for the shares, such adjustment not to exceed CDN$750,000.
"The closing of this agreement eliminates any future payment obligations to UBC including 20% of any potential royalty revenue," said John McNicol, President and Co-CEO of EnWave. "EnWave is strategically positioned to deliver maximum shareholder value as we build towards future commercialization and royalty agreements."
The securities issued by EnWave in connection with this Acquisition are subject to a 4-month "hold period" as prescribed by the TSX Venture Exchange and applicable Canadian securities laws.
EnWave currently has five REV platforms designed to provide high-speed, high-quality dehydration of food and biomaterials: commercial-scale nutraREV™ is used in the food industry to dry fruits, vegetables, meat, herbs and seafood quickly and at low-cost, while maintaining high levels of nutrition, taste, texture and colour. The Company is also developing powderREV™ for the bulk dehydration of food cultures, probiotics and fine biochemicals such as enzymes; quantaREV™ for continuous, high-volume low-temperature drying of pastes, gels, liquids, or particulates; and bioREV™ and freezeREV™ as new methods to stabilize and dehydrate biopharmaceuticals such as vaccines and antibodies, giving these products a longer shelf-life and potentially enabling worldwide shipment and storage with less costly refrigeration. More information about EnWave is available at www.enwave.net.
Mr. John McNicol, President & Co-CEO
Safe Harbour for Forward-Looking Information Statements: This press release may contain forward-looking information based on management's expectations, estimates and projections. All statements that address expectations or projections about the future, including statements about the Company's strategy for growth, product development, market position, expected expenditures and financial results are forward-looking statements. These statements are not a guarantee of future performance and involve a number of risks, uncertainties and assumptions. There is no guarantee that the Company's REV technology can or will improve processes in the target industry; even if the Company's REV technology can be used as described in this document, there is no guarantee that such use will result in orders for the Company's REV technology.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.