Vancouver, BC (GLOBE NEWSWIRE) - EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave” ("EnWave"), announced that Dairy Concepts IRL (“DCI”), an emerging leader in innovative dairy snacks, has signed an Equipment Purchase Agreement (the “Agreement”) to acquire its second 10kW Radiant Energy Vacuum (“REV™”) dehydration machine for commercial use at Moorepark Technology Limited’s (“MTL”) facility in Cork, Ireland.
DCI signed a royalty-bearing commercial license agreement (the “License”) with EnWave in September 2020, granting it processing rights for a portfolio of natural, sweet and savoury, shelf-stable, hand-held dairy snacks. To facilitate initial REV™ processing, DCI forged a commercial relationship with MTL. MTL provides commercial pilot plant and research services for food industry customers. DCI and MTL have collaborated to combine leading technology with food innovation strategy to launch new and exciting dairy-based products to the market in Europe.
MTL previously purchased a 10kW REV™ machine from EnWave in September 2019 and this machine has been used commercially by DCI since September 2020. In March 2021, EnWave sold a second 10kW REV unit to DCI to expand its manufacturing capacity at MTL, and the addition of a third 10kW REV™ machine will continue to increase production capacity at the MTL facility.
DCI will use all three of the existing REV™ machines at MTL for the production of CheeseOs™ and its premium specialty cheese brand Moorepark™.
DCI is committed to make another 10kW REV™ machine purchase in mid-2022 to maintain exclusivity for the production of dried cheese and cheese-like snacks in Ireland and the United Kingdom. Pursuant to the License, DCI will pay an undisclosed minimum annual royalty to EnWave during the License term.
About Dairy Concepts
Dairy Concepts IRL has become a leading innovator in the global dairy snacks market by combining its entrepreneurial vision with Ireland’s scientific talent, quality dairy ingredients, global reputation and sustainable competitive advantage in dairy.
DCI is focused on the development of innovative, all-natural, hand-held dairy snacks for the global market.
For more information on DCI visit www.dairyconcepts.ie
EnWave Corporation, a Vancouver-based advanced technology company, has developed a Radiant Energy Vacuum (“REV™”) – an innovative, proprietary method for the precise dehydration of food and cannabis applications. EnWave holds a robust intellectual property portfolio protecting several unique processes relating to specific food applications produced using vacuum-microwave technology.
REV™ technology’s commercial viability has been demonstrated and is growing rapidly across several market verticals in the food, and pharmaceutical sectors, including legal cannabis. EnWave’s strategy is to sign royalty-bearing commercial licenses with innovative, disruptive companies in multiple verticals for the use of REV™ technology. It has signed over forty-five licenses to date in twenty countries worldwide. In addition to these licenses, EnWave established a Limited Liability Corporation, NutraDried Food Company, LLC, to manufacture, market, and sell REV™-dried snack products in North America, including the Moon Cheese® brand, as well as co-manufacture for third parties.
EnWave has introduced REV™ as a disruptive dehydration platform in the food and cannabis sectors: faster and cheaper than freeze drying, with better end product quality than air drying or spray drying. EnWave currently offers two distinct commercial REV™ platforms:
- nutraREV® which is a drum-based system that dehydrates organic materials quickly and at low cost, while maintaining high levels of nutrition, taste, texture, and colour; and,
- quantaREV® which is a tray-based system used for continuous, high-volume low-temperature drying.
EnWave is also active in the pharmaceutical industry through a joint development agreement with GEA Lyophil, a leader in GMP drying machinery.
More information about EnWave is available at www.enwave.net.
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 claims referred to in this release are not guaranteed to be accurate. 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release
© 2021 GlobeNewswire, Inc. All Rights Reserved.