VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 27, 2012) - EnWave Corporation (TSX VENTURE:ENW)(FRANKFURT:E4U) ("EnWave", or the "Company") announced today it has signed a Collaboration Agreement (the "Agreement") with Cherry Central Cooperative Inc. ("Cherry Central"), an industry leader in the production and processing of red tart cherries, amongst other fruits and vegetables, in the United States of America.
Cherry Central has successfully completed an initial evaluation and plans to expand its testing of EnWave's Radiant Energy Vacuum ("REV") technology. The goal of the Collaboration is to facilitate a broader product development and market assessment for a premium dehydrated cherry snack product with superior flavor, color and nutritional value than currently available in the market. In addition to the snack market, Cherry Central also plans to evaluate new opportunities for cherry and apple powders to be positioned as an alternative to conventional fruit purees. Under the terms of the Agreement Cherry Central has the option to license the Company's REV technology for the production of red tart cherries and apple powders for commercial distribution. All other terms of the Agreement are confidential.
"The interest in our REV technology from current and potential partners has intensified since commercial production of healthy berry snacks and powders recently started at the first industrial scale licensed plant in the United States," stated Dr. Tim Durance, Chairman & Co-CEO of EnWave. "Attracting the attention of and partnering with a market leader like Cherry Central will provide EnWave with another tangible opportunity to help bring new tasty, healthy innovative products to market."
"Cherry Central has been a leader in the production, processing and distribution of fruit and vegetable products for over four decades," stated Mr. Steve Eiseler, President of Cherry Central. "Our continued goal is to supply the market with products of superior taste, texture and appearance - three attributes that REV technology could potentially enhance."
About Cherry Central Cooperative Inc.
Established in 1973, Cherry Central Cooperative Inc. is the industry leader in red tart cherries, apples and blueberries and is also a major supplier of cranberries, strawberries, pomegranate arils and asparagus grown on farms across the United States, Canada and worldwide. Working with their member cooperatives, they grow, harvest and process fruit and vegetables to form a vertically integrated operation. The total average production of tart cherries in the U.S. is between 250,000,000 and 300,000,000 lbs per year and Cherry Central is one of the largest single suppliers of the product in the United States.
EnWave Corporation is a Vancouver-based industrial technology company developing commercial applications for its proprietary Radiant Energy Vacuum (REV) dehydration technology. The Company recently licensed REV technology to Milne Fruit Products Inc, its first major U.S. customer, to support a launch of healthy berry snacks and powders across most major markets in North America. More recently, EnWave licensed REV technology to one of its Tier 1 multinational partners from the list below. In addition, EnWave has entered a wide range of research and collaboration agreements with an expanding list of multinational partners, including Nestlé, Kellogg's, Grupo Bimbo, Grimmway Farms, Ocean Spray Cranberries, Hormel, Bonduelle and Merck. EnWave is introducing REV as a new dehydration standard in the food and biological material sectors: potentially faster and cheaper than freeze drying, with better end product quality than air drying or spray drying.
EnWave currently has six REV platforms: commercial-scale nutraREV® and MIVAP® are 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 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. More information about EnWave is available at www.enwave.net.
Dr. Tim Durance, Chairman & 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. All figures comparing REV technologies to freeze drying or other dehydration technologies are provided as examples of data obtained through the Company's own scientific and testing programs; each product must be tested individually to determine the benefits of using REV.
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