Innovative B.C. Technology Promises to Revolutionize Food Processing Industry
VANCOUVER, March 2 /PRNewswire-FirstCall/ - EnWave Corporation (TSX-V: ENW) ("EnWave" or "the Company") today announced that it has completed the first sale of its continuous nutraREV(TM) food dehydration equipment to CAL-SAN Enterprises, Ltd. of Richmond, B.C. ("CAL-SAN"), one of B.C.'s largest blueberry producers. With this sale, EnWave has proven that it can produce shelf-stable, "puffed" blueberries on a commercial scale over a full operating shift. CAL-SAN has now completed the purchase of this technology, and has entered into a licencing and royalty agreement with EnWave.
The terms of this agreement include a license providing EnWave with a royalty of up to ten per cent of CAL-SAN's gross revenues from the sale of dried food products processed using the nutraREV(TM) technology. EnWave expects that future sales of this equipment will range in price between USD$800,000 and USD$1M. The agreement also provides a number of exclusivity provisions for CAL-SAN in the North American dried blueberry market. The sale of this nutraREV(TM) technology provides EnWave with its first commercial revenues and royalty stream, and the Company now plans to develop its food technology division further in order to build on this market opportunity.
(For photojournalists and media photos and company information relevant to this story are available at the following link: http://www.enwave.net/index.php?content=coverage) (To hear EnWave Co-CEO John McNicol discuss the importance to EnWave of the sale of this technology, click on the following link: http://www.enwave.net/audio/feb09_interview.mp3)
nutraREV(TM) technology will compete directly with the current industry standard in food dehydration, freeze drying, and is designed to require approximately one-third of the energy of freeze drying with one-sixth the capital cost. nutraREV(TM) also dries food in minutes or hours rather than days. Based on EnWave's pre-commercial test results with a wide variety of fruits, vegetables and herbs, nutraREV(TM)-dried products also retain excellent colour, flavour and texture, with similar nutrients and shelf-life to freeze drying, and at a variety of moisture contents as required by the target market.
EnWave selected blueberries as the first market for commercial-scale nutraREV(TM) technology because of the volume of the fresh and frozen product available locally. EnWave's nutraREV(TM) is also capable of producing shelf-stable, "puffed" blueberries, which is a major improvement compared to conventional freeze-dried blueberries which typically collapse into a raisin-like appearance. Over the short-term, the Company will now pursue the North American market for dehydrated tomatoes, potatoes, onions, herbs, blueberries, cranberries, strawberries and sour cherries. The combined size of these markets is estimated at USD$1.2 billion. Over the longer-term, EnWave will search for a global manufacturing and distribution partner to provide service and support for the machines.
CAL-SAN will now continue the process of building a global wholesale and retail distribution network for the sale of their high-value, dried blueberry products which can be used as snack foods and as ingredients for cereals, energy bars and baking. The company plans to expand into other dried fruit product areas and will consider increasing their plant operations in the future to support market growth. Dave Sandhu, President of CAL-SAN Enterprises, stated that "nutraREV(TM) gives the market a major advancement in food dehydration technology, and I truly believe that it will revolutionize the value-added food processing sector."
Dr. Tim Durance, Chairman and Co-CEO of EnWave, stated that "it has been more than 10 years since I began experimenting with nutraREV(TM) technology in my laboratory at the
About CAL-SAN Enterprises
CAL-SAN Enterprises Ltd. is a blueberry and cranberry farming and processing operation, privately owned by the Sandhu family, and headquartered in Richmond, B.C. The 15 year old company has over 200 acres in production, along with a new 30,000 square foot facility capable of processing up to 7 million pounds of fruit annually. In 2007, the Company's new fruit winery, SANDUZ Estate Wines, was selected as the Best New Business of the Year by the Richmond Chamber of Commerce.
Using proprietary technologies developed in conjunction with the
EnWave Corporation Mr. John McNicol President & Co-CEO
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 financial results are forward-looking statements. The forward-looking statement in this press release includes: "EnWave expects", "plans to develop", and "is designed to". These statements are not a guarantee of future performance and involve a number of risks, uncertainties and assumptions: there is no guarantee that the Company's nutraREV(TM) technology can or will improve processes in the food industry; even if the Company's nutraREV(TM) technology can be used as described in this document, there is no guarantee that such use will result in future orders for the Company's nutraREV(TM) technology.
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.
|SOURCE EnWave Corporation|
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