|By Marketwired .||
|January 16, 2014 09:30 AM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/16/14 -- EnWave Corporation (TSX VENTURE: ENW) (FRANKFURT: E4U) ("EnWave", or the "Company") announced today that it has signed an extension with Gay Lea Foods Cooperative Ltd. ("Gay Lea") to allow them to continue working with the Company's Radiant Energy Vacuum ("REV") technology for an additional 6 month period. During this period, Gay Lea will retain an exclusive option to license REV technology for the production of a number of dried dairy products in Canada; however, their distinct focus will be on the development of a number of dehydrated cheese products. Gay Lea has agreed to pay EnWave CAD$30,000 to obtain this extension, allowing them to continue their product development and marketing evaluations.
"EnWave has recently received significant interest from a number of dominant cheese producing companies throughout the world," stated Dr. Tim Durance, Chairman and Co-CEO of EnWave. "Our decision to grant Gay Lea this extension was based on their quality as a company and their clear focus on developing a number of dried cheese products for the Canadian marketplace."
"We are very encouraged by the results we have derived from the use of REV technology thus far," stated Mr. Larry Hook, Gay Lea Vice President of Sales and Marketing. "In order to make an educated commercial decision, additional work needs to be completed."
About Gay Lea Cooperative Ltd.
Gay Lea Foods is a dairy co-operative comprised of over 1,200 Canadian farmers, all located in Ontario, which equates to an approximate 30% of the milk production in Ontario. Gay Lea manufactures a range of wholesome dairy products including milk, dips, butter, yogurt, sour cream, whipped cream, cheese, cottage cheese, and dairy ingredients. In 2008, Gay Lea partnered with the makers of award-winning artisan cheeses, Ivanhoe Cheese, to strengthen its cheese division. More information about Gay Lea is available at www.gaylea.com.
EnWave Corporation is a Vancouver-based industrial technology company developing commercial applications for its proprietary Radiant Energy Vacuum (REV) dehydration technology. EnWave aims to sign royalty-bearing commercial licenses with leading food and pharmaceutical companies for the use of its revolutionary technology. Thus far the Company has signed commercial licenses with Bonduelle, a global leader in the production of vegetables, for the processing of dehydrofrozen vegetables; Hormel Foods Corporation, a major processed meat manufacturer, for the production of healthy dried meat products; Milne Fruit Product, EnWave's first major licensee, for the production of several dehydrated fruit and vegetable products in the whole, fragmented and powdered form; a leading North American enzyme company, to dehydrate a series of food-related enzymes for their Tier 1 clients; and Napa Mountain Spice Company, to dry high-quality California bay leaves. In addition to these licenses, EnWave has formed a Limited Liability Partnership with Lucid Capital Management to develop, manufacture, market and sell all-natural cheese snack products in the United States under the Moon Cheese® brand.
Also, EnWave has entered into a wide range of research and collaboration agreements with an expanding list of multinational companies, including Nestle, Kellogg's, Grupo Bimbo, Grimmway Farms, Ocean Spray Cranberries, Cherry Central, Sun-Maid Growers, Gay Lea Foods, R.J. Reynolds 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 the expected synergies following the closing are forward-looking statements. All third party references to market information in this release are not guaranteed to be accurate as the Company did not conduct the original primary research. These statements are not a guarantee of future performance and involve a number of risks, uncertainties and assumptions. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
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