EnWave Corporation (TSX-V: ENW | FSE: E4U) (“EnWave”, or the “Company”) announced today that it has signed a commercial royalty agreement (the “License”) with a division of Bonduelle (“Bonduelle”) could. Bonduelle is the world's leading vegetable processor and manufacturer. Bonduelle's global sales network extends to over 100 countries around the world, primarily selling fresh, frozen and canned vegetables. The license gives Bonduelle the exclusive global rights to develop and sell dry frozen "dehydrofrozen (" DHF ")" vegetables through the use of Radiant Energy Vacuum ("REV ™") technology.
The DHF vegetables are partially dried and then snap frozen. The purpose of this process is to preserve the nutrient ingredients, colors, tastes and, above all, the texture after cooking from the frozen state. Perfectly applied, DHF vegetables can achieve the same product qualities as fresh produce. The lower moisture content inherent in DHF products reduces the 'wet' effect that typically occurs when cooking frozen vegetables.
Prior to signing the aforementioned license, Bonduelle conducted extensive market evaluations of the REV ™ -dried DHF vegetables. These were carried out with numerous food service companies and retail companies, but also with chefs. The market evaluation results show that the majority of participants were able to identify the difference between fresh products and DHF products after the cooking process and a tasting. These results, combined with the economic value of DHF products, resulted in a longer, controlled shelf life on the shelf, more efficient deliveries and better product consistency over a calendar year. This all contributed to Bonduelle's decision to secure exclusive global licensing rights for REV ™ technology.
In the further process, EnWave plans the construction of a 120 kW MIVAP ™ machine by its subsidiary Hans Binder Maschinenbau GMBH (“Binder”) for Bonduelle and its use in their North American operations. EnWave plans to provide the finance capital to build the first machine, and under an equipment lease agreement through the company, they have secured funding and Bonduelle has secured appropriate levels of government funding to secure funding and ongoing product development support and get technology expansion. Both parties expect the financing and the signing of a binding leasing agreement by January 31, 2014, to enable the start in Q4 2014.
In addition, EnWave and Bonduelle agreed to collaborate on the design of a commercial quantaREV ™ machine for DHF vegetable applications. The target capacity is 3-4 tons of end products per hour. Both companies plan to complete the final technical design and prototype tests in early 2015. The aim is to make quantaREV ™ technology available for a major launch in 2015 and beyond. This represents EnWave's first chance to establish a commercial application for quantaREV ™ in a partnership with a commercial license in the vegetable sector. EnWave also agreed to build a pilot plant for quantaREV ™ at Bonduelle's North American operations in Q2 2014. This enables Bonduelle to continue developing the market for DHF vegetable applications directly. Bonduelle's European group is also planning to rent a laboratory unit of the REV ™ technology in order to start the first product developments for the European and other world markets.
"This means the entry and market penetration of a new global market segment for EnWave together with an industry leader," said Dr. Tim Durance, Chairman and Co-CEO of EnWave. "It also gives EnWave the chance to advance the development of quantaREV ™ for vegetables in a partnership along with a commercial license."
"REV ™ technology has the potential to take EnWave to a whole new level (" game-changing ") as it allows Bonduelle to redefine industry and consumer expectations about the quality of frozen vegetables," said Daniel Vielfaure, President of Bonduelle Americas. "We look forward to working with EnWave to develop the DHF offering for North America and the rest of the world."
About Bonduelle
Bonduelle has a clear goal: to be the nutrient supplier to consumers. The company is doing everything it can to make people eat vegetables by offering an enormous range of products available in over 100 countries worldwide. Today, the company has 80 types of vegetables and has been operating in four segments since 1998: tins, frozen, fresh and delicatessen salads. Above all, Bonduelle is a corporate brand and a family brand. The brand name is both a company name and the name of the founding family whose activities are in the middle of the 19. Century began. The surname of the product assures the consumer an instant recognition and product identification associated with the name Bonduelle. The Chief Executive Officer, Christophe Bonduelle, represents Fmailie in the 6. Generation. For more information, visit: www.bonduelle.com.
About EnWave
EnWave Corporation is a Vancouver-based technology company providing commercial applications for their Radiant Energy Vacuum (REV ™) proprietary drying technology. EnWave is targeting dutiful commercial licensing with leading food and pharmaceutical companies for the use of their revolutionary technology. The company has a commercial license with Bonduelle, a world leader in the production of vegetables for the processing of dehydrated frozen "dehydrofrozen" vegetables. In June 2013, Hormel Foods Corporation signed a commercial license agreement, including a royalty agreement, to use REV ™ technology to manufacture a variety of products. In addition: Milne Fruit Product, EnWave's first major license for the production of various dehydrated fruit and vegetable products in whole, fragmented and powdered forms; REV ™ technology was also licensed to a leading North American enzyme company to dry a range of food-related enzymes for their tier 1 customers; And then with Napa Mountain Spice Company for drying high quality California bay leaves. In addition to these licenses, EnWave has formed a limited liability partnership with Lucid Capital Management to develop, manufacture and market natural cheese products in the United States under the brand name Moon Cheese®. EnWave entered a wide range of research and collaboration agreements with a growing list of multinationals such as Nestlé, Kellogg's, Grupo Bimbo, Grimmway Farms, Ocean Spray Cranberries, Cherry Central, Sun-Maid Growers, Gay Lea Foods and Merck. . With REV ™, EnWave brings a new drying standard to the market for food and organic products. The advantages: mostly much faster and cheaper than freeze drying with better quality of the end products compared to air drying or spray drying.
EnWave currently has six REV ™ platforms: commercial applications of nutraREV® and MIVAP® in the food industry to dry fruit, vegetables, meat, herbs and seafood quickly and at low cost while preserving nutrients, taste, texture and color. The company is also developing powderREV ™ for bulk drying of food cultures, probiotic applications, and fine biochemical applications such as enzymes; quantaREV ™ stands for continuous, high volume drying at low temperatures for the drying of dough, gel, liquids or particles; bioREV ™ and freezeREV ™ are also available as new methods for stabilizing and drying biopharmaceutical products such as vaccines and antibodies. More information about EnWave can be found at www.enwave.net.
EnWave Corporation
Dr. Tim Durance
Chairman & Co-CEO
More information about cycling in the Leipzig Region as well as more interesting routes:
Mr. John McNicol, President & Co-CEO, EnWave Corporation Tel. +1 (604)601-8524
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Mr. Brent Charleton, Vice President, Corporate Affairs Tel. + 1 (778) 378-9616
Email: ppgad@pucrs.br
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