VANCOUVER, BC--(Marketwired - December 18, 2017) - EnWave Corporation (
EnWave's Radiant Energy Vacuum ("REV™") technology continues to capture and increase market share in the food, cannabis and pharmaceutical drying industries. The superior product quality and economic advantages of using REV™ technology as an alternative to conventional options is being proven in several market verticals on a global basis. EnWave anticipates continued commercial success and growth in the worldwide deployment of REV™ technology.
During fiscal year 2017, EnWave made significant progress in broadening the use of its REV™ technology. The Company expanded its royalty portfolio to include licenses and machinery sold for both yogurt products and medicinal cannabis products, two new rapidly growing and large market verticals. The Company also added multiple new commercial licenses in several countries for previously proven products such as cheese snacks, fruit snacks and fruit ingredients. Increased sales and marketing expenditures further expanded the sales pipeline for machine sales, royalty partnerships, R&D agreements, and technology evaluation and license option agreements ("TELOAs") with prospective partner companies.
Since the beginning of the fiscal year, EnWave has signed six new royalty bearing license agreements, sold four large-scale commercial REV™ machines totaling 320kW, sold seven 10kW REV™ machines, signed 10 product development TELOA agreements and entered into a joint research project with the US Army.
Further details include:
Key Financial Highlights for 2017:
Consolidated Performance Summary:
($'000s) | Three months ended September 30, | Years ended September 30, | ||||||
2017 | 2016 | Change % | 2017 | 2016 | Change % | |||
Revenues | 3,630 | 2,519 | 44% | 15,954 | 14,933 | 7% | ||
Direct costs | 2,764 | 2,120 | 30% | 11,654 | 10,383 | 12% | ||
Gross margin | 866 | 399 | 117% | 4,300 | 4,550 | (5%) | ||
Operating Expenses | ||||||||
General and administration | 466 | 627 | (26%) | 2,072 | 1,989 | 4% | ||
Sales and marketing | 754 | 319 | 136% | 2,160 | 793 | 172% | ||
Research and development | 199 | 310 | (36%) | 1,138 | 1,656 | (31%) | ||
1,419 | 1,256 | 13% | 5,370 | 4,438 | 21% | |||
Net loss - continuing operations | (1,060) | (1,562) | (32%) | (2,986) | (1,837) | 62% | ||
Net loss - discontinued operations | - | - | - | - | (86) | (100%) | ||
Net loss for the period | (1,060) | (1,562) | (32%) | (2,986) | (1,923) | 55% | ||
Loss per share - continuing operations: | ||||||||
Basic and diluted | (0.01) | (0.02) | (0.04) | (0.02) |
EnWave's annual and interim consolidated financial statements and MD&As are available on SEDAR at www.sedar.com and on the Company's website www.enwave.net/financials.
(*) Non-IFRS Financial Measures
Cash flow from operations prior to changes in non-cash working capital is not a measure of financial performance under IFRS. This measure is not necessarily comparable to similarly titled measures used by other companies and should not be construed as an alternative to net income or cash flow from operating activities as determined in accordance with IFRS. Please refer to the discussion included in the Company's annual MD&A for the year ended September 30, 2017.
About EnWave
EnWave Corporation, a Vancouver-based advanced technology company, has developed Radiant Energy Vacuum ("REV™") -- an innovative, proprietary method for the precise dehydration of organic materials. REV™ technology's commercial viability has been demonstrated and is growing rapidly across several market verticals in the food and pharmaceutical sectors. EnWave's strategy is to sign royalty-bearing commercial licenses with industry leaders in multiple verticals for the use of REV™ technology. The company has signed twenty-three royalty-bearing licenses to date, opening up eight distinct market sectors for commercialization of new and innovative products. In addition to these licenses, EnWave has formed a Limited Liability Partnership, NutraDried LLP, to develop, manufacture, market and sell all-natural cheese snack products in the United States under the Moon Cheese® brand.
EnWave has introduced REV™ as the new dehydration standard in the food and biological material sectors: faster and cheaper than freeze drying, with better end product quality than air drying or spray drying. EnWave currently has three commercial REV™ platforms:
1. nutraREV® which is used in the food industry to dry food products quickly and at low-cost, while maintaining high levels of nutrition, taste, texture and colour;
2. powderREV® which is used for the bulk dehydration of food cultures, probiotics and fine biochemicals such as enzymes below the freezing point, and
3. quantaREV® which is used for continuous, high-volume low-temperature drying.
An additional platform, freezeREV®, is being developed as a new method to stabilize and dehydrate biopharmaceuticals such as vaccines and antibodies. More information about EnWave is available at www.enwave.net.
EnWave Corporation
Dr. Tim Durance
President & 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 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.
Contact Information:
For further information:
John Budreski
Executive Chairman
+1 (416) 930-0914
E-mail: jbudreski@enwave.net
Brent Charleton
Senior Vice President, Business Development
+1 (778) 378-9616
E-mail: bcharleton@enwave.net
Deborah Honig
Corporate Development
Adelaide Capital Markets
+ 1 (647) 203-8793
E-mail: dhonig@enwave.net