VANCOUVER, BC--(Marketwired - May 08, 2017) - EnWave Corporation (TSX VENTURE: ENW) (E4U.F) ("EnWave", or the "Company") announced today that it has signed a commercial royalty-bearing license (the "License") with Ashgrove Cheese Pty Ltd. ("Ashgrove"), a diversified Australian dairy processor based in Northern Tasmania. Ashgrove also submitted a purchase order for EnWave to deliver a small-scale commercial Radiant Energy Vacuum ("REV™") machine to initiate production.
The License grants Ashgrove the exclusive right to use REV™ technology to process dried cheese products in the State of Tasmania. In exchange for this exclusivity, Ashgrove has agreed to pay EnWave a 5% royalty on the wholesale price of all REV™-dried products sold. If Ashgrove submits a purchase order for a 100kW or larger REV™ machine within a year, the exclusive processing territory prescribed in the License will expand to the country of Australia. All other terms of the agreement are confidential.
Ashgrove's current product distribution includes the major supermarkets in Australia: Coles, Woolworths, ALDI and IGA. Ashgrove also supplies selected Australian airlines with business class cheese offerings.
This is EnWave's twentieth commercial royalty-bearing license; the ninth for the processing of dairy products and the first in the continent of Australasia. EnWave's technology licensing business model continues to gain momentum with each additional commercial partner agreeing to pay long term royalties for the use of the Company's innovative and economical REV™ machinery.
About Ashgrove Cheese Pty Ltd.
Ashgrove is one of Australia's leading independent premium dairy brands and manufacturers. A Tasmanian family owned business, which produces premium quality fresh milk, cheese, cream and butter. The Ashgrove Cheese factory is located at Elizabeth Town, in the heart of the dairying and cropping region in Northern Tasmania.
Ashgrove has received many awards for their premium cheddar style cheeses over the years. Since 2015, Ashgrove premium quality milk, cheese and butter has been recognized with -- 1 Reserve Champion, 2 Champion, 26 Gold, 80 Silver and many other awards in Australia.
Ashgrove's products are distributed through specialty food stores, major retailers and supermarkets throughout Australia, and supplied to restaurants, the food service market and for export. For more information on Ashgrove please visit www.ashgrovecheese.com.au.
About EnWave
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. REV™ technology's commercial viability has been demonstrated and is growing rapidly across several market verticals in the food and pharmaceutical sectors. 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 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 has formed a Limited Liability Partnership, NutraDried LLP, to develop, manufacture, market and sell all-natural cheese snack products in the United States under the Moon Cheese® brand.