EnWave Reports Acquisition of Eregli Agrosan by Alarko Holdings

VANCOUVER, British Columbia, Sept. 18, 2023 (GLOBE NEWSWIRE) — EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”) announced today that it has approved the acquisition of Ereğli Agrosan Doğal Ürünler ve Türevleri Tarım Üretim ve Ticaret A.Ş. (“Eregli”), a Turkish licensor of the Company’s Radiant Energy Vacuum (“REV™”) dehydration technology, by Alarko Tarim Sanayi ve Ticaret A.Ş. (“Alarko Tarım”) which is a subsidiary of Alarko Holdings A.S. (“Alarko”), one of the largest and most respected business conglomerates in Turkey. Alarko Tarım has acquired 100% of Eregli and has been assigned the existing license between EnWave and Eregli.

Alarko Tarım intends to make material investments into Eregli to expand its drying business and further improve the commercialization of their REV™-dried product portfolio. Eregli currently produces an extensive list of dried fruit, vegetable and dairy products using REV™ technology.

About Alarko
Founded in 1954 as a limited partnership by İshak Alaton and Üzeyir Garih, Alarko Holding is one of the most respected enterprises of the Turkish economy with its leading brands, extensive knowledge and experience in various fields, high technology driven R&D investments, national sales network, international projects and ambition for global competition.

Alarko Group companies operate in power generation and utilities under energy segment, construction, industry and trade, tourism, real estate investments and property development, agriculture and food sectors along with investment arm. The holding company aside from itself has two listed subsidiaries; one is Alarko Gayrimenkul Yatırım Ortaklığı A.Ş. (ALGYO) and the other is Alarko Carrier Sanayi ve Ticaret A.Ş. (ALCAR). The Energy Group produces and distributes electric power through its power plants across Turkey. The Contracting Group companies operate as general contractors and are engaged in the construction of commercial buildings and industrial plants. The Industry and Trade Group produces and markets heating, ventilation, air conditioning units and pumps, as well as providing after-sale services. The Tourism Division operates and manages hotels and holiday resorts. The Property Development Group is involved in the development, design and construction of recreational facilities. The Agriculture and Food division operations include construction and operation of geothermal backed greenhouses, organomineral & microgranule fertilizer production, seed cultivation and food processing. Investment group makes selective investments via becoming partner in public equities, private equities, and VC’s.

For more information about Alarko please visit www.alarko.com.tr.

About Eregli Agrosan
Eregli was established in order to produce high-value, natural products and derivatives from plants, vegetables and fruits grown in Turkey. Eregli aims to operate in a vertical integration model ranging from raw material production to end product production to achieve its goal. Eregli’s target in the medium term is to produce dried fruit and vegetables for both the domestic market and for export.

Eregli’s head office is located in Istanbul and their Production, R&D and Quality Control Laboratory is located in Tarsus-Mersin, which is used for the production of dried powders and pieces of fruit and vegetables, new and advanced technologies and high quality products have been produced to address niche markets.

The core value of Eregli is its talented and experienced management team. Combining their past experience in various important areas such as production, construction, establishment and management of process industries, international trade, marketing and public relations, these people complement each other well. The company has a significant wealth of connectivity in the industry due to its key people.

For more information about Eregli, please visit https://www.eregliagrosan.com/.

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-six 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 +1 (778) 378-9616
E-mail: bcharleton@enwave.net       

Dylan Murray, CFO at +1 (778) 870-0729
E-mail: dmurray@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.

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