EnWave Signs Extension with Gay Lea Foods Cooperative Ltd.
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/16/14 -- EnWave
Corporation (TSX VENTURE: ENW) (FRANKFURT: E4U) ("EnWave", or the
"Company") announced today that it has signed an extension with Gay
Lea Foods Cooperative Ltd. ("Gay Lea") to allow them to continue
working with the Company's Radiant Energy Vacuum ("REV(TM)")
technology for an additional 6 month period. During this period, Gay
Lea will retain an exclusive option to license REV(TM) technology for
the production of a number of dried dairy products in Canada;
however, their distinct focus will be on the development of a number
of dehydrated cheese products. Gay Lea has agreed to pay EnWave
CAD$30,000 to obtain this extension, allowing them to continue their
product development and marketing evaluations.
"EnWave has recently received significant interest from a number of
dominant cheese producing companies throughout the world," stated Dr.
Tim Durance, Chairman and Co-CEO of EnWave. "Our decision to grant
Gay Lea this extension was based on their quality as a company and
their clear focus on developing a number of dried cheese products for
the Canadian marketplace."
"We are very encouraged by the results we have derived from the use
of REV(TM) technology thus far," stated Mr. Larry Hook, Gay Lea Vice
President of Sales and Marketing. "In order to make an educated
commercial decision, additional work needs to be completed."
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. EnWave aims to sign
royalty-bearing commercial licenses with leading food and
pharmaceutical companies for the use of its revolutionary technology.
Thus far the Company has signed commercial licenses with Bonduelle, a
global leader in the production of vegetables, for the processing of
dehydrofrozen vegetables; Hormel Foods Corporation, a major processed
meat manufacturer, for the production of healthy dried meat products;
Milne Fruit Product, EnWave's first major licensee, for the
production of several dehydrated fruit and vegetable products in the
whole, fragmented and powdered form; a leading North American enzyme
company, to dehydrate a series of food-related enzymes for their Tier
1 clients; and Napa Mountain Spice Company, to dry high-quality
California bay leaves. In addition to these licenses, EnWave has
formed a Limited Liability Partnership with Lucid Capital Management
to develop, manufacture, market and sell all-natural cheese snack
products in the United States under the Moon Cheese(R) brand.
Also, 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, Cherry Central, Sun-Maid Growers, Gay Lea
Foods, R.J. Reynolds 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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