EnWave signs license with Europe Snacks Group, a leading European snack company, and sells a 10 kW REV ™ machine to start production in France

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VANCOUVER, British Columbia, June 30, 2021 (GLOBE NEWSWIRE) – EnWave Corporation (TSX-V: ENW | FSE: E4U) (“EnWave”) today announced that it has signed a commercial license agreement (the “License”) with Europe Snacks Group (“Europe Snacks”), a European leader in the production of savory snacks. Europe Snacks also purchased the 10 kW Radiant Energy Vacuum (“REV ™”) dehydration machine which was used for product development during technology evaluation since August 2020. If market launch by Europe Snacks REV ™ dried snacks in the European market is a success, Europe Snacks will adapt its REV ™ manufacturing capacities according to market demand.

The License grants exclusivity to Europe Snacks for the production of crunchy and long-lasting cheeses as well as several vegetable snacks in France. These products will complement Europe’s existing Snacks portfolio of private label savory snack products which are currently manufactured in France, the UK and Spain, and sold to customers across Europe. Europe Snacks must meet certain minimum annual royalty and machine purchase requirements to maintain the exclusivity granted under the License. Europe Snacks intends to develop and market several innovative REV ™ dried snacks through its European distribution network.

The use of REV ™ to create long-life, value-added dairy and plant-based products has been proven in several markets around the world. This license further validates the opportunity and business case for high-end snack manufacturers such as Europe Snacks to leverage EnWave’s technology to market dairy and dried vegetable snacks.

EnWave’s scalable and reliable REV ™ technology produces long-lasting fruits and vegetables that are among the best in nutritional value, taste, texture and color. EnWave has signed 45 royalty-free commercial license agreements with companies that commercialize innovative new products using EnWave’s patented dewatering technology.

About Europe SnacksEurope Snacks is an ambitious multinational group, a leader in the production of private label snacks. With a large product portfolio and over 200 customers, Europe Snacks products are available at many independent and major retailers across Europe. Europe Snacks operates out of seven manufacturing plants in France, Spain and the UK and currently offers contract manufacturing and private label manufacturing in the European market.

Europe Snacks is dedicated to the production of innovative and healthier products that include local and environmentally friendly solutions. Europe Snacks creates products that deliver the best value for money and the best indulgent experience in a responsible manner. Innovation is essential to anticipate and grasp the deep needs and trends of consumers. Europe Snacks is proud to develop product recipes that fit into a balanced and healthier lifestyle. Europe Snacks also cares about the environment by reducing packaging and production waste, and limiting their carbon footprint.

For more information, please visit: https://www.europesnacks.com

About EnWaveEnWave Corporation, a leading technology company based in Vancouver, has developed a Radiant Energy Vacuum (“REV ™”) – an innovative and proprietary method for the precise dewatering of organic material. EnWave has developed patent pending methods to uniformly dry and decontaminate cannabis through the use of REV ™ technology, shortening the time between harvest and high quality marketable cannabis products.

The commercial viability of REV ™ technology has been demonstrated and is growing rapidly in several industry verticals in the food and pharmaceutical industries, including legal cannabis. EnWave’s strategy is to enter into paid commercial licenses with innovative and disruptive companies in several verticals for the use of REV ™ technology. To date, it has signed more than forty licenses generating royalties in twenty countries around the world. In addition to these licenses, EnWave established a limited liability company, NutraDried Food Company, LLC, to manufacture, market and sell all-natural dairy snacks in the United States, including the Moon Cheese® brand.

EnWave introduced REV ™ as a disruptive dehydration platform in the food and cannabis industries: faster and cheaper than freeze drying, with better end product quality than air drying or spray drying. EnWave currently offers two separate REV ™ business platforms:

  1. nutraREV® which is a drum system that dehydrates organics quickly and at low cost, while maintaining high levels of nutrition, taste, texture and color; and,
  2. quantaREV®, which is a tray system used for continuous high volume drying at low temperature.

More information about EnWave is available at www.enwave.net.

EnWave CorporationMr. Brent Charleton, CFAPresident and Chief Executive Officer

For more information:

Brent Charleton, CFA, President and CEO at +1 (778) 378-9616 Email: [email protected] Dan Henriques, CPA, CA, CFO at +1 (604) 835-5212 Email: dhenriques @ enwave. net

For media inquiries: e-mail: [email protected]

Safe Harbor for Forward-Looking Statements: This press release may contain forward-looking information based on management’s expectations, estimates and projections. All statements that address expectations or projections regarding the future, including statements on the Company’s growth strategy, product development, market position, expected expenses and expected synergies after closing, are forward-looking statements. All third party claims mentioned in this release are not guaranteed to be correct. All third party references to market information in this release are not guaranteed to be accurate, as the Company did not perform 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 significant factors that could cause actual results to differ materially, other factors may cause results not to be as expected, estimated or forecast. 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. Therefore, 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.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e5f74467-c1fd-45ab-9af7-e281d49d7c71.

Snacks Europe Group

Snacks Europe Group

Source: EnWave Corporation


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