EnWave Signs Collaboration with Gay Lea Foods Cooperative Ltd.
EnWave Corporation (TSX VENTURE:ENW)(FRANKFURT:E4U) ("EnWave", or the "Company") announced today it has signed a Collaboration Agreement with an option to license ("the Agreement") with Gay Lea Foods Cooperative Limited ("Gay Lea"), an industry leader in the production and processing of dairy products in Canada.
The Collaboration Agreement grants Gay Lea a period of twelve months to develop a variety of dried dairy products using the Company's Radiant Energy Vacuum ("REV(TM)") technology for eventual market testing. If Gay Lea's market evaluation phase is successful, they have the option to sign an exclusive license to use REV(TM) technology on a commercial basis for the production of a number of unspecified dairy products. All other terms of the Agreement are confidential.
Gay Lea's corporate history is marked by innovation and product leadership, including products such as whipped cream in an aerosol container, spreadable butter and the creation of a fruit bottomed cottage cheese product that garnered a consumer choice award.
"Gay Lea's history of innovative thinking and execution makes them a perfect match for EnWave," stated Dr. Tim Durance, Chairman & Co-CEO of EnWave. "We have received significant interest from a number of dairy companies throughout the globe and we believe there is immense potential for REV(TM) technology in this market sector."
"Gay Lea has been a leader in the production, processing and distribution of dairy products in Canada since 1958," stated Mr. David Jennison, Gay Lea Vice President of Research and Product Development. "We are looking forward to utilizing EnWave's REV(TM) technology to develop shelf-stable dairy products that are healthy, flavorful and innovative."
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.