EnWave Signs Additional Collaboration Agreement with Milne Fruit Products Inc., Expands Product Testing and Grants Option to License Two New Products
EnWave Corporation (TSX VENTURE:ENW)(FFRANKFURT:E4U) ("EnWave", or the "Company") announced today it has signed an additional Collaboration Agreement (the "Agreement") with Milne Fruit Products Inc. ("Milne") to include the right to test and develop dried peas and corn using the Company's Radiant Energy Vacuum ("REV(TM)") technology. If product and market testing is successful, Milne will initiate commercial production for these products, increasing the breadth of their Microdried(R) product line. Milne has the right to exercise an option to license both pea and corn products for a period of up to twelve months. Licensing terms have been negotiated and if the option is taken, the existing commercial license signed with Milne will be amended for pea and corn processing exclusivity in the state of Idaho. All other terms of the amended Agreement are confidential.
"Milne has demonstrated strong dedication to the commercial development of their Microdried(R) product line," stated Dr. Tim Durance, Chairman & Co-CEO of EnWave. "They have been asked by prospective customers to develop specific Microdried(R) products and we want to empower them as much as possible to facilitate their ability to convert these opportunities and achieve further success."
"We believe that there is broad market potential for a number of 100% natural Microdried(R) fruit and vegetable products," stated Jack Schroeder, Milne's Vice President of Sales and Marketing. "We are dedicated to the commercial success of our current Microdried(R) products, but also want to capitalize on attractive new opportunities."
About Milne Fruit Products Inc.
Founded in 1956, Milne Fruit Products is the industry leader in creating fruit juices, concentrates, purees and custom blends from 25 different fruit varieties for the industrial food and beverage markets. Dedicated to using new technologies, Milne recently introduced an innovative line of MicroDried(TM), natural whole fruit pieces and powders offering high levels of beneficial nutrients to provide customers with healthy fruit products that are 100% natural to meet the needs of a diverse consumer marketplace. For more information on Milne Fruit Products, please visit www.milnefruit.com.
EnWave Corporation is a Vancouver-based industrial technology company developing commercial applications for its proprietary Radiant Energy Vacuum (REV(TM)) dehydration technology. The company licensed REV(TM) technology to Milne Fruit Products Inc in 2011, its first major U.S. customer, to support a launch of healthy berry snacks and powders across most major markets. More recently, EnWave licensed REV(TM) technology to one of its Tier 1 multinational collaborators from the list below. In addition, 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, Hormel, Bonduelle, Cherry Central, Sun-Maid Growers, Gay Lea and Merck. EnWave is introducing REV(TM) as a new dehydration standard in the food and biological material sectors: potentially faster than freeze drying, with better end product quality than air, freeze, or spray drying.
EnWave currently has six REV(TM) platforms: commercial-scale nutraREV(R) and MIVAP(R) are used in the food industry to dry fruits, vegetables, meat, herbs and seafood quickly, while maintaining high levels of nutrition, taste, texture and colour. The Company is also developing powderREV(TM) for bulk dehydration of food cultures, probiotics and fine biochemicals such as enzymes; quantaREV(TM) for continuous, high-volume low-temperature drying of pastes, gels, liquids, or particulates; and bioREV(TM) and freezeREV(TM) 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.
FOR FURTHER INFORMATION PLEASE CONTACT: EnWave Corporation Mr. John McNicol President & Co-CEO (604) 601-8524 [email protected]
EnWave Corporation Mr. Brent Charleton Director of Marketing & Corporate Affairs (778) 378-9616 [email protected] www.enwave.net
SOURCE: EnWave Corporation