EnWave Signs Collaboration Agreement With Campofrio Food Group
EnWave Signs Collaboration Agreement With Campofrio Food Group
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 09/18/13 -- EnWave Corporation (TSX VENTURE:ENW) (FRANKFURT:E4U) ("EnWave", or the "Company") announced today that it has signed a Collaboration Agreement with an option to license (the "Agreement") with Campofrio Food Group ("Campofrio"), Europe's leader in the processed meats sector. Campofrio intends to conduct product development work using the Company's Radiant Energy Vacuum ("REV(TM)") dehydration technology to create a number of new, healthy dried meat products for potential commercialization. All terms of the agreement are confidential.
Historically, Campofrio's growth has been driven by innovation, as they continuously study and investigate market and category trends to gain profound consumer insights, adapting their business to the new consumption patterns. Campofrio has maintained market leadership with an ongoing commitment to research and development, offering solutions to meet the changing needs of their consumers.
"REV(TM) technology has proven to be a viable and attractive option for the dehydration of meat products," stated Dr. Tim Durance, Chairman and Co-CEO of EnWave. "Campofrio is a first-class, experienced company that has the potential to address multiple European markets in this area."
"Product innovation is a driving force to achieving long-term, accelerated growth and profit," stated Mr. Karl-Heinz Kiesel, SVP, Operations & Strategic Sourcing for Campofrio. "EnWave's REV(TM) technology will allow Campofrio to explore new product development opportunities and potentially address some of the changing needs of consumers in Europe."
This Agreement confirms the second collaborative relationship with a major processed meat producer established by EnWave. The first was initiated with a leading U.S. meat company and progressed from a collaborative agreement to a commercial royalty-bearing license in July 2013.
About Campofrio Food Group
One of the largest companies in the processed meats sector, Campofrio is the industry standard in many ways, as they possess in-depth knowledge of their customers and consumers, which allows them to generate growth opportunities in all markets. Campofrio offers a variety of consumer products that include dry sausage, dry ham, poultry, cooked ham, hot dogs, pizzas, pates, meal components, sandwich spreads, ready meals and fresh and semi-fresh meats. They are present in Europe and America through eight interdependent business units based in France, Spain, Germany, Italy, Belgium, Portugal, the Netherlands, US and a joint venture with Caroli Foods in Romania. Because of this significant presence they are able to extend penetration to all 27 EU members and respond to growth opportunities in other markets. For more information on Campofrio Food Group, please visit www.campofriofoodgroup.com.
EnWave Corporation is a Vancouver-based industrial technology company developing commercial applications for its proprietary Radiant Energy Vacuum (REV(TM)) dehydration technology. In June 2013, Hormel Foods Corporation signed a royalty-bearing commercial license to use REV(TM) technology for the production of a number of products. Recently, EnWave formed a Limited Liability Partnership with Lucid Capital Management to develop, manufacture, market and sell all-natural cheese snack products in the United States. Also, the Company has licensed REV(TM) technology to a leading North American enzyme company to begin dehydrating a series of food-related enzymes for their Tier 1 customers. Lastly, 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. 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, Bonduelle, Cherry Central, Sun-Maid Growers, Gay Lea Foods 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 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 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 statements.
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