VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 16, 2012) - EnWave Corporation (TSX VENTURE:ENW)(FRANKFURT:E4U) ("EnWave" or "the Company") announced today that a 3rd Tier 1 collaborator ("the Collaborator") has successfully completed their initial Research & Development phase and will be conducting a comprehensive market evaluation over the coming months. The Collaborator plans to dry several thousand pounds of finished product over a number of process trials in the first half of 2013 using EnWave's patented Radiant Energy Vacuum ("REV") technology. EnWave has extended this Collaborator's exclusive option to license until June 30th, 2013 and will receive royalty revenue from the production of the Tier 1 test products.
"The momentum with our Tier 1 collaborators continues to build. After a very positive internal evaluation, a third collaborator will be testing nutraDRIED™ products amongst their target market," stated Dr. Tim Durance, Chairman and Co-CEO, EnWave Corporation. "Our REV dehydration technology is providing some of the largest food companies in the world with the opportunity to commercialize a diverse group of unique, innovative products."
Based on the multiple Tier 1 market evaluations currently underway and a number of other near term commercial opportunities, EnWave has instructed Hans Binder Maschinenbau GmbH, its recently acquired German machine builder, to complete design work on a 150 kW nutraREV™ platform to support an estimated three to five commercial plant orders expected to be confirmed by the first half of 2013.
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, Cherry Central, Sun-Maid Growers and Merck. Three of these Tier 1 collaborators are currently conducting market evaluations for REV-dried products. 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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