Very disappointed in the performance of this company over the past several months, but here's a glimmer. No longer have the same confidence in company management to deliver, so I've sold off part of my posiiton. May exit all unless this thing gets turned around.
EnWave's 3rd Tier 1 Collaborator Enters into Market Evaluation Following Successful R&D Phase
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(TM) 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(TM) platform to support an estimated three to five commercial plant orders expected to be confirmed by the first half of 2013.