VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/02/13 -- EnWave Corporation (TSX VENTURE: ENW)(FRANKFURT: E4U) ("EnWave" or the "Company") is pleased to announce it has signed a royalty-bearing Commercial License (the "License") with Hormel Foods Corporation ("Hormel Foods"), a Fortune 500 company, to enable the production and sale of specific products dehydrated with the Company's Radiant Energy Vacuum ("REV") technology.
Under the License, EnWave and Hormel Foods have agreed to long-term royalty rates, broader global market rights and the use of EnWave's nutraDRIED trademark on the retail packaging of products from Hormel Foods. Other terms of the License will remain confidential.
To support on-going testing, EnWave is leasing Hormel Foods a large pilot-scale nutraREV® production unit expected to be fully operational in the summer of 2013. Based on successful test efforts, Hormel Foods and EnWave have agreed on general commercial equipment designs and financial terms with plans to place a commercial-scale equipment order by the first half of 2014.
"The planned product launch by Hormel Foods represents another important market segment opportunity for our REV technology," stated Dr. Tim Durance, Chairman and Co-CEO of EnWave. "We believe that the marketing and distribution scale of Hormel Foods will enable these new products to have a very good chance for long-term commercial success on a global basis."
"EnWave's REV technology has allowed Hormel Foods to create a number of unique products that deliver great flavor and retain high nutritional value," stated Mr. Scott Aakre, Vice President, Corporate Innovation and New Product Development for Hormel Foods.
About Hormel Foods
Hormel Foods Corporation, based in Austin, Minn., U.S.A., is a multinational manufacturer and marketer of consumer-branded food and meat products, many of which are among the best known and trusted in the food industry. The company leverages its extensive expertise, innovation and high competencies in pork and turkey processing and marketing to bring branded, value-added products to the global marketplace. The company is a member of the Standard & Poor's (S&P) 500 Index, S&P Dividend Aristocrats for 2012, Maplecroft Climate Innovation Indexes, Global 1000 Sustainable Performance Leaders and was again named one of "The 100 Best Corporate Citizens" by Corporate Responsibility Magazine for the fifth year in a row. Hormel Foods debuted on the G.I. Jobs magazine list of America's Top 100 Military Friendly Employers in 2012. The company enjoys a strong reputation among consumers, retail grocers, foodservice and industrial customers for products highly regarded for quality, taste, nutrition, convenience and value. For more information, visit http://www.hormelfoods.com.
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.
EnWave CorporationDr. Tim DuranceChairman & 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.
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Mr. John McNicol
President & Co-CEO
Mr. Brent Charleton
Vice President, Corporate Affairs