EnWave Signs Technology and Evaluation License Option Agreement with Bounty Fresh Group in the Philippines

Delta, British Columbia, CANADA

VANCOUVER, British Columbia, July 11, 2022 (GLOBE NEWSWIRE) -- EnWave Corporation (TSX-V: ENW | FSE: E4U) (“EnWave”, or the "Company") announced today that it has signed a Technology Evaluation and License Option Agreement (the “Agreement”) with New Plymouth Food Inc., a part of Bounty Fresh Group, and a leading producer of protein products in Southeast Asia. Bounty will lease a 10kW Radiant Energy Vacuum (“REV™”) dehydration machine for placement at their main processing facility in the Philippines. The 10kW machine will be utilized for the development of meat, cheese, and other nutritious snacks for the Philippine market and beyond.

Bounty looks to capitalize on Southeast Asia’s growing snack sector by introducing healthier, better-for-you options as well as localized flavours and ingredients which are gaining more momentum over traditional deep fried and extruded snacks.

About Bounty Fresh Group
Bounty Fresh Group is a large-scale industrial agriculture company founded by the Cheng family in 1986. It began as a table egg producer and now the second-largest poultry integrator and the leading table eggs producer in the Philippines.

It is the only fully-integrated poultry company that has continuously invested in company-owned facilities: Grand Parent farm, Parent Stock farm, Hatcheries, Dressing Plants, Feed Mills, and Cool-cell Broiler Complexes in the Philippines.

Bounty’s poultry integration served as a platform to expand its operation in other industries such as pork products, manufacturing of other agricultural products like commercial feed and vitamins, and food take-away stores.

Rolling out over 1,800 takeout outlets nationwide under the brands Chooks to Go and Uling Roasters, Bounty’s storefront operation is one of the leading take-away stores in the Philippines.

About EnWave
EnWave is a global leader in the innovation and application of vacuum microwave dehydration. From its headquarters in Vancouver, 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 and pharmaceutical industries that vastly outperforms traditional drying methods in efficiency, capacity, product quality, and cost.

With more than forty-five royalty-generating partners spanning twenty 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.

In addition, EnWave established a Limited Liability Corporation, NutraDried Food Company, LLC, to manufacture, market and sell REV-dried snack products within North America, including the popular Moon Cheese® brand, and serve as a co-manufacturer for third parties.

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. Food and ingredients companies can produce exciting new products, reach 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 +1 (778) 378-9616
E-mail: bcharleton@enwave.net       

Dan Henriques, CFO at +1 (604) 835-5212
E-mail: dhenriques@enwave.net

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.

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.

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