EnWave Corporation: EnWave Signs Equipment Purchase Agreement with Royalty Partner for 120kW REV Machinery

VANCOUVER, British Columbia, May 22, 2024 (GLOBE NEWSWIRE) -- EnWave Corporation (TSX-V:ENW | FSE:E4U) ("EnWave", or the "Company") today announced that it has signed an Equipment Purchase Agreement (the "Agreement") with an existing Royalty Partner that has licensed the Company's patented Radiant Energy Vacuum ("REV^®") dehydration technology. Pursuant to the Agreement, EnWave has received a non-refundable deposit from the Royalty Partner towards the acquisition of a 120kW REV^® dehydration machine that is intended for start-up in 2024.

The Royalty Partner is actively commercializing its own branded snack products, as well as working with several major consumer packaged goods companies to develop and co-manufacture a number of new snack and ingredient products. If these co-manufacturing opportunities are confirmed, the Royalty Partner expects to fully utilize the manufacturing capacity of this 120kW REV^® machine within the first year of operation.

EnWave is well advanced on a number of similar opportunities to prospectively confirm additional large-scale REV^® machine sales this fiscal year.

About EnWave
EnWave is a global leader in the innovation and application of vacuum microwave dehydration. From its headquarters in Delta, BC, EnWave has developed a robust intellectual property portfolio, perfected its Radiant Energy Vacuum (REV) technology, and transformed an innovative idea into a proven, consistent, and scalable drying solution for the food, pharmaceutical and cannabis industries that vastly outperforms traditional drying methods in efficiency, capacity, product quality, and cost.

With more than fifty royalty-generating partners spanning twenty-three countries and five continents, EnWave's licensed partners are creating profitable, never-before-seen snacks and ingredients, improving the quality and consistency of their existing offerings, running leaner and getting to market faster with the company's patented technology, licensed machinery, and expert guidance.

EnWave's strategy is to sign royalty-bearing commercial licenses with food producers who want to dry better, faster and more economical than freeze drying, rack drying and air drying, and enjoy the following benefits of producing exciting new products, reaching optimal moisture levels up to seven times faster, and improve product taste, texture, color and nutritional value.

Learn more at EnWave.net.

EnWave Corporation

Mr. Brent Charleton, CFA
President and CEO

For further information:

Brent Charleton, CFA, President and CEO at [phone]
E-mail: [e-mail]

Dylan Murray, CPA, CA, CFO at [phone]
E-mail: [e-mail]

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 claims referred to in this release are not guaranteed to be accurate. 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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