EnWave Signs Collaboration with Gay Lea Foods Cooperative Ltd.
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/08/13 -- 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
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.
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 in North America. 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 and Merck. EnWave
is introducing REV(TM) 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
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 and at low-cost, 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 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
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
Mr. John McNicol
President & Co-CEO
Mr. Brent Charleton
Director of Marketing & Corporate Affairs
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