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") 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 technology on a commercial basis for the production of a number of unspecified dairy products. All other terms of the Agreement are confidential.
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 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 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) dehydration technology. 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. More recently, EnWave licensed REV 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 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.
Mr. John McNicol
President & Co-CEO
Mr. Brent Charleton
Director of Marketing & Corporate Affairs
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