EnWave Announces Launch of Moon Cheese(R) via NutraDried LLP
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 10/17/13 -- EnWave
Corporation (TSX VENTURE:ENW)(FRANKFURT:E4U) ("EnWave", or the
"Company") announced today that NutraDried LLP ("NutraDried"), a
joint partnership between the Company and Lucid Capital Management
("Lucid"), has officially begun the commercial launch of Moon
Cheese(R), a healthy, crunchy, 100% natural cheese snack. Three
varieties of Moon Cheese(R) (American Cheddar, Pepper Jack and Gouda)
will initially be launched in up to 200 stores throughout two grocery
store banners, Fred Meyer and Quality Food Centers ("QFC"). Both
banners are owned by the Kroger Company ("Kroger"), the largest
grocery store chain in the United States of America (the "U.S.").
Launching Moon Cheese(R) in two of the most well-known grocery
banners in the Pacific Northwest will provide NutraDried with the
perfect opportunity to build brand awareness and test several
in-store promotional plans. If retail sales are successful,
NutraDried plans to pursue further shelf space at additional store
locations in preparation for the expected delivery of a 100kw
nutraREV(R) machine in Q1 calendar 2014, which is would increase
production capacity by approximately five times if acquired. Kroger's
grocery chain consists of just over 3,200 store locations nationwide.
The healthy snacking trend continues to grow in North America as more
and more consumers are becoming increasingly conscious about what
they are putting in their bodies. There is also attention being paid
to the consumption of artificial and genetically modified
ingredients. Moon Cheese(R) consists only of 100% cheese, is
gluten-free, high in calcium and a great source of protein. A single
serving of Moon Cheese(R) offers 5 grams of protein and 13% of the
recommended daily calcium intake.
Furthermore, it is important to note that NutraDried is operated by
the former key management of Brookside Foods, a North American
confectionary company that was sold to Hershey Company in 2012. These
key members have been responsible for the overall launch strategy,
marketing and day-to-day operations of the company. They possess
extensive industry experience and maintain existing grocery chain
distribution relationships, both necessary for building sales of
high-value retail food products such as Moon Cheese(R) in the U.S.
In June 2013, NutraDried entered into a long-term, royalty-bearing
Commercial License (the "License") to use EnWave's REV(TM) technology
for the exclusive dehydration of 100% natural cheese products in the
U.S. The license stipulates that NutraDried will pay a 5% royalty on
all future revenue back to EnWave. Currently the percentage ownership
of NutraDried remains 70% EnWave, 30% Lucid; however, Lucid has the
option to buy-back up to 49% of the joint partnership until year end
2014. EnWave will always retain at least 51% of the joint
partnership; therefore, 100% of NutraDried's future revenue will be
consolidated into the Company's financial statements and the minority
interest subsequently backed out.
"NutraDried received very positive feedback for Moon Cheese(R)
throughout the product approval process with Fred Meyer and QFC,"
stated Dr. Tim Durance, Chairman and Co-CEO of EnWave. "In addition
to the attractive taste and texture, we believe that the high protein
content, gluten-free aspect and superior calcium levels will set Moon
Cheese(R) apart from competing snack items."
"The use of EnWave's REV(TM) technology for the production of Moon
Cheese(R) is very attractive from an economic standpoint," stated Mr.
Rufino Dee, CFO at NutraDried LLP. "NutraDried should show growing
revenues over the coming months and potentially ramp up sales
significantly in 2014 once excess production capacity has been
About NutraDried LLP
NutraDried LLP is a joint partnership owned by EnWave USA Corporation
and Lucid Capital Management. EnWave USA Corporation was established
as a subsidiary in the State of Delaware by EnWave Corporation to
facilitate this partnership with Lucid. Lucid is part of the Wiebco
Group of Companies controlled by the parent company Wiebco
Investments Ltd., which is a private holding and management company
controlled by J. Hugh Wiebe and his family. Mr. Wiebe has been a
Director of EnWave Corporation since December 2010. Mr. Wiebe was
formerly a shareholder and Chairman of the Board of Brookside. During
his time with Brookside, Mr. Wiebe helped build a highly recognized
national chocolate brand through an extensive U.S. retail
NutraDried LLP intends to develop and distribute numerous healthy
snacking options throughout the U.S. over the coming years. By using
EnWave's proprietary REV(TM) technology, they can produce all-natural
products with attractive colors, excellent flavor and high
nutritional content; characteristics valued by many consumers.
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 also has signed a
commercial license with Napa Mountain Spice Company. 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
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
Vice President, Corporate Affairs
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