EnWave Signs Contracts with Australian Cannabis Company for a Royalty-Bearing License and REV™ Machine Sale

EnWave Signs Contracts with Australian Cannabis Company for a Royalty-Bearing License and REV™ Machine Sale

EnWave Signs Contracts with Australian Cannabis Company for a Royalty-Bearing License and REV™ Machine Sale

VANCOUVER, British Columbia, July 05, 2021 (GLOBE NEWSWIRE) — EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”) announces that it has signed a non-exclusive royalty-bearing commercial license (the “License”) with an Australian cannabis company, Cannaponics PTY Limited (“Cannaponics”). The License grants Cannaponics the right to use EnWave’s patented REV™ technology for the production of cannabis products in Australia.

Cannaponics has purchased a 10kW REV™ machine that will be used to dry cannabis flower for use in medicinal products. This REV™ machine will be built to the standard of Good Manufacturing Practices (“GMP”) which will facilitate Cannaponics to manufacture EU GMP grade medicinal cannabis products for the Australian market and to export medicinal cannabis products to Europe and around the world.

EnWave’s REV™ technology offers a fast, gentle drying method that removes moisture homogenously from cannabis at selected low temperatures which are below the point of decarboxylation. When compared to incumbent drying methods, REV™ protocols can be customized to improve terpene retention in the order of 10% or greater, and preserve equivalent or higher cannabinoids when compared to conventional rack or room drying methods. Bioburden is also effectively eliminated when using select REV^TM protocols. Drying times are reduced from multiple days to less than two hours. REV™ machinery is manufactured for GACP compliance and EU GMP standards (upon request) – a key manufacturing competency of EnWave.

REV™ technology has been proven to create significant value at scale in the food and cannabis industries. EnWave has 43 licensed partners and more than 50 royalty-bearing REV™ machines in operation globally.

In Australia and New Zealand, EnWave partners are supported locally by EnWave’s exclusive distribution partner Scitek. Scitek has over 30 years of experience in the sale and service of GACP / GMP grade vacuum facilitating technologies including vacuum drying as facilitated in EnWave’s Radiant Energy Vacuum (“REV™”) technology.

About Cannaponics
Cannaponics Limited is a ‘circular economy’ renewable hydrogen solar powered medicinal cannabis company, licensed for cultivation, manufacture and research. Project Stage 1 will see Cannaponics build a 3,600sqm Greenhouse along with a 2,000sqm EU GMP Licensed manufacture facility on its 160-acre freehold property in Collie, which will produce approximately 7,000kg dried cannabis flower per year, to be further processed into Cannaponics EU GMP certified medicinal products for Australian and export markets. The whole project will be 100% renewable with Cannaponics sister company CannaEnergy building a 25,000 sqm solar hydrogen farm with advanced water harvesting technology.

More information about Cannaponics is available at https://cannaponics.com.au/.

About EnWave 
EnWave Corporation, a Vancouver-based advanced technology company, has developed a 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 high-quality, 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 innovative, disruptive companies in multiple verticals for the use of REV™ technology. The company has signed over forty royalty-bearing licenses to date in twenty countries world-wide. In addition to these licenses, EnWave established a Limited Liability Corporation, NutraDried Food Company, LLC, to manufacture, market and sell all-natural dairy snack products in the United States, including the Moon Cheese^® brand.

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

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

About Scitek
Scitek is a vacuum technology expert business with over 30 years of industry experience. Their expertise covers a wide range of vacuum facilitating technologies as facilitated in the cannabis, pharmaceutical and food industries.

More info about Scitek is available on http://medicinalcannabisproduction.com.au/

More information about EnWave is available at www.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, CPA, CA, CFO at +1 (604) 835-5212
E-mail: dhenriques@enwave.net  

For Media Inquiries:
E-mail: media@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) accept responsibility for the adequacy or accuracy of this release.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1cefbff3-6677-4c29-a487-5b728a4afbf5.