VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sep 25, 2013) - EnWave Corporation (TSX VENTURE:ENW)(E4U.F) ("EnWave", or the "Company") announced today that it has signed a royalty-bearing Commercial License (the "License") with Napa Mountain Spice Company™ ("Napa Mountain™"), a specialty spice company focused on the production of organic bay leaves in Northern California. Napa Mountain also signed a Purchase Order Agreement (the "Purchase Agreement") to obtain a nutraREV®unit for commercial production. A seasoned spice manufacturer with over thirty years of operational experience, Napa Mountain™ is known for producing superior-quality products that demand premium market value.
Under the License, Napa Mountain has been granted the exclusive right to use the Company's Radiant Energy Vacuum ("REV™") technology for the dehydration of bay leaves in the United States of America and has agreed to pay a royalty on the wholesale revenue generated from the sale of their bay leaf products. EnWave is confident that the longstanding relationships that Napa Mountain possesses in the global spice market will allow them to showcase the product improvements made via the use of REV™ technology and potentially provide opportunities for future growth in a market estimated to be worth USD$3.67 billion. Key product enhancements include an enhanced flavor profile, brighter natural color and the increased preservation of nutritional properties. All other terms of the License and Purchase Agreement are confidential.
"REV™ technology could offer significant processing advantages for a plethora of products in the spice market," stated Dr. Tim Durance, Chairman and Co-CEO of EnWave. "Napa Mountain is dedicated to producing the highest-quality bay leaves available on the market and REV™ technology will enable them to do so."
"Although two spices share the same name, they may not taste the same. The Napa Mountain team has a tradition of providing the market with the highest-quality, American grown bay leaves," stated Mr. Paul Attard, CEO for Napa Mountain. "With the use of EnWave's REV™ technology we can improve our product quality, ensure best practices for food safety and rapidly increase our capacity for future growth."
About Napa Mountain
Since 1978 and now in its third family generation, the Napa Mountain family has been producing the finest organic California bay leaves. Napa Mountain grows their spices on over 2,000 acres outside of San Francisco in Northern California. As members of the American Spice Trade Association (ASTA) they are committed to best practices of harvest and production combined with personal artisan care. All of their products are created from organic and sustainable agricultural practices. Napa Mountain has existing business relationships with major consumer spice companies. The company is committed to best practices in the application of technology and protocols for leadership in food safety and product quality. For more information on Napa Mountain, please visit www.napamountain.com.
EnWave Corporation is a Vancouver-based industrial technology company developing commercial applications for its proprietary Radiant Energy Vacuum (REV™) dehydration technology. In June 2013, Hormel Foods Corporation signed a royalty-bearing commercial license to use REV™ 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™ 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™ 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 Nestlé, Kellogg's, Grupo Bimbo, Grimmway Farms, Ocean Spray Cranberries, Bonduelle, Cherry Central, Sun-Maid Growers, Gay Lea Foods and Merck. EnWave is introducing REV™ 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™ platforms: commercial-scale nutraREV® and MIVAP® 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™ for bulk dehydration of food cultures, probiotics and fine biochemicals such as enzymes; quantaREV™ for continuous, high-volume low-temperature drying of pastes, gels, liquids, or particulates; and bioREV™ and freezeREV™ 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.
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.