VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/12/13 -- 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 Nuvi Fruits SA ("Nuvi Fruits"), a leading Portuguese consumer goods company that is part of the larger Nuvi Group, which has a strong focus on servicing clients in Europe, Latin America and Africa. Moreover, Nuvi Group has exported numerous product lines to its African clients for over ten years, specializing in this emerging market. Nuvi Group currently has strong operational infrastructure for fruit production in Portugal, Brasil and Costa Rica and distributes these products via another Nuvi Group company, Luis Vicente SA.
The Agreement grants Nuvi Fruits the opportunity to develop several nutraDRIED puree, powder and snack products from eight fruit categories, which include bananas, mangos, pineapples, strawberries, apples, peaches, pomegranate and pears using the Company's Radiant Energy Vacuum ("REV") technology. If the collaboration is successful, Nuvi Fruits has the option to exclusively license each product area for production in Portugal and Spain, and the ability to distribute those products via their extensive export infrastructure on a global basis. All other terms of the Agreement are confidential.
"Nuvi Fruits has significant interest in product categories that EnWave has extensive expertise in," stated Dr. Tim Durance, Chairman & Co-CEO of EnWave. "Our knowledge in their focused area should speed up the collaborative process and hopefully yield a commercial decision far sooner than if we had to begin initial product development."
"Nuvi Fruits is excited about the possibility of producing a number of high-quality nutraDRIED fruit products for the markets of Europe, Latin America and Africa," stated Mr. Joao Vicente, Nuvi Fruits' Project Manager. "We have been actively looking for the best way to achieve flexible and efficient dehydration - REV technology is by far the most compelling option."
About Nuvi Fruits SA
Nuvi Fruits is a subsidiary of Nuvi Group, a leading consumer goods group headquartered in Portugal. Nuvi Group has a strong position in fruit production in Portugal, Brasil and Costa Rica, and distribution in Portugal (through its subsidiary Luis Vicente, SA) and strong focus in emerging markets including Africa and Latin America. For more information please refer to the following websites: www.wayfield.com (trading company of the group that serves all the group companies); www.luisvicente.com (fruit distribution subsidiary).
EnWave Corporation is a Vancouver-based industrial technology company developing commercial applications for its proprietary Radiant Energy Vacuum (REV) dehydration technology. 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. Additionally, 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 Nestle, Kellogg's, Grupo Bimbo, Grimmway Farms, Ocean Spray Cranberries, Hormel, 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.
Mr. John McNicol
President & Co-CEO
Mr. Brent Charleton
Vice President, Corporate Affairs
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