VANCOUVER, British Columbia, Feb. 27, 2018 (GLOBE NEWSWIRE) -- EnWave Corporation (TSX-V:ENW) (FSE:E4U) (“EnWave”, or the "Company") reports today that it has expanded its exclusive, sub-licensable, royalty bearing commercial license with Tilray (the “License”) to include an exclusive option for the use of EnWave’s Radiant Energy Vacuum (“REVTM”) technology for the processing of medical cannabis products in Portugal (the “Option”).
In order to exercise the Option, Tilray must submit a purchase order for large-scale REVTM machinery in the first half of calendar year 2018, and pay the deposit required thereunder, to be installed in Portugal for commercial processing of cannabis products. All other terms of the Option are confidential.
In June 2016, Tilray became the first company to legally export medical cannabis products from North America to the European Union (the “EU”). In 2017, Tilray received a cultivation license from the Government of Portugal to produce products for the EU market. Tilray products are currently available at pharmacies in several EU countries.
The grant of the Option marks the initial expansion of EnWave’s patented REVTM dehydration technology for the dehydration of medical cannabis into international markets outside of Canada. EnWave’s strategy is to deploy its REVTM technology across multiple market verticals and geographies, including legalized cannabis markets, through its proven royalty-licensing business model.
Tilray is a global pioneer in the research, cultivation, processing and distribution of medical cannabis and cannabinoids. Tilray was the first federally licensed cannabis company to be EU GMP certified to produce medical cannabis. The company currently serves tens of thousands of patients, physicians, pharmacies, governments, hospitals, and researchers in eight countries spanning four continents through its affiliated entities in Australia and New Zealand (Tilray Australia New Zealand Pty Ltd), Canada (Tilray Canada Ltd), Germany (Tilray Deutschland GmbH), and Portugal (Tilray Portugal Unipessoal Lda).
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. EnWave has further developed patent-pending methods for uniformly drying and decontaminating cannabis through the use of REV™ technology, shortening the time from harvest to marketable cannabis products.
REV™ technology’s commercial viability has been demonstrated and is growing rapidly across several market verticals in the food, and pharmaceutical sectors including legal cannabis. 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 over twenty royalty-bearing licenses to date, opening up eight distinct market sectors for commercialization of new and innovative products. In addition to these licenses, EnWave’s wholly-owned subsidiary, NutraDried Food Company, LLC, was formed 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:
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.
Dr. Tim Durance
President & CEO
For further information:
John P.A. Budreski, Executive Chairman at +1 (416) 930-0914
Brent Charleton, CFA, Senior Vice President, Sales and Business Development at +1 (778) 378-9616
Deborah Honig, Corporate Development, Adelaide Capital Markets at +1 (604) 755-1348
Forward-Looking Information: 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 and market position are forward-looking statements. These statements are not a guarantee of future performance and involve a number of risks, uncertainties and assumptions, including those relating to the expectation of commercially successful integration of the EnWave technology to the dehydration of cannabis, the outcome of EnWave’s patent application, the ability of the Company to expand into the cannabis industry and successfully market its technology and patents, that the Company will be able to meet all applicable legal regulatory requirements in order to commercially exploit its patent, if and when its application is approved, or otherwise market its technology to cannabis industry participants, and other risks applicable to the Company as disclosed in its public filings. 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. EnWave does not undertake to update its forward-looking information unless required by applicable securities law. 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.