VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/03/13 -- EnWave Corporation (TSX VENTURE: ENW)(FRANKFURT: E4U) ("EnWave", or the "Company") announced today that it has signed a Collaboration Agreement (the "Agreement") with NDH Retail B.V. ("NDH") to develop a number of pure and healthy cheese snack products for potential commercial distribution in several European nations including the Netherlands, Belgium, Russia and the Ukraine ("the Territory"). NDH's product interests are specifically focused on wholesome, 100% natural dried cheese snacks, as well as cheese croutons that offer fantastic flavor, contain no carbohydrates, are gluten-free and offer high levels of protein and calcium.
NDH is a company closely affiliated with Mr. Hugh Wiebe, a director of EnWave and former Chairman of Brookside Foods. Mr. Wiebe and his partners have extensive business interests and operations throughout Europe and after a successful initial market assessment, decided to engage NDH with EnWave to potentially produce and distribute natural cheese snacks throughout the Territory. NDH has entered into the collaboration Agreement with EnWave to secure an option to license REV technology for these applications while completing a more comprehensive market evaluation.
Under the terms of the Agreement, NDH will lease a test-scale nutraREV® machine for their European headquarters beginning in July 2013, to produce local cheese samples for a broader market test over the next few months under their own unique brand. If the broader market testing is successful, a first commercial nutraREV® machine order is expected in the fourth quarter of 2013 for installation at a plant in Maastricht, Netherlands, with an expected start-up by mid-2014. If established, this plant will initially produce commercial product for the Belgium and Dutch markets with exportation also expected to Russia and the Ukraine until a market is developed to support a second plant in this region. NDH has existing distribution relationships with numerous companies including Albert Heijn, one of Netherland's largest supermarket chains as well as some of the largest retail food distributors in Russia and the Ukraine.
Under the Agreement, NDH has secured exclusive rights for the aforementioned regions of Belgium, the Netherlands, Russia and the Ukraine until the end of 2013 to enable NDH to complete the initial plant purchase, and longer term exclusivity for all four territories should the initial plant be purchased this year. All other terms of the Agreement are confidential.
EnWave is not planning to participate as a direct investor in this project or any future commercialization efforts by NDH, rather the Company plans to sell REV machinery under license with royalty terms similar to the recent commercial license signed with NutraDried LLP, including a 5% royalty on revenues and an agreement to place EnWave's nutraDRIED trademark on all retail packaging. The collaboration with NDH represents the fourth market opportunity that EnWave is developing with its current customer base for healthy, all-natural dried cheese applications.
"We have proven that our innovative REV dehydration technology can be used to develop compelling new product areas," stated Dr. Tim Durance, Chairman and Co-CEO of EnWave. "The momentum that we have seen recently concerning the global dried cheese market is very exciting, especially due to the attractive economics and high royalty potential associated with this market area."
"The ability to produce an all-natural, shelf-stable dried cheese snack product with phenomenal taste and sound nutritional characteristics is remarkable," stated Mr. Noud van Stekelenburg, CEO of NDH. "We believe that there is tremendous potential to grow multiple markets with a variety of nutraDRIED cheese applications."
About NDH Retail B.V.
NDH Retail B.V. is a successful food production and distribution company based in the Netherlands. The company offers a number of high-value ingredients for the global food industry. With direct connections worldwide and strong relationships with producers they are able to provide ingredients according to exact specifications required by their customers. For more information on NDH Retail B.V. please visit www.ndhfoods.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 Nestle, 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.
Mr. John McNicol
President & Co-CEO
Mr. Brent Charleton
Vice President, Corporate Affairs
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