


EnWave Signs Technology Evaluation &; License Option Agreement with Ocean Spray Cranberries Inc.


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October 25, 2011 05:00 ET
EnWave Signs Technology Evaluation & License Option Agreement with Ocean Spray Cranberries Inc.
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 25, 2011) -EnWave Corporation (TSX VENTURE:ENW)(FRANKFURT:E4U) ("EnWave", or the "Company") announced today that the Company has signed a Technology Evaluation & License Option Agreement ("the Agreement") with Ocean Spray Cranberries Inc. ("Ocean Spray") to test EnWave's nutraREV™ food dehydration technology. The Agreement provides a period of up to 18 months for Ocean Spray to develop and test market dried cranberries, with an option to license the nutraREV™ technology at the end of this period for global production. Further terms of the Agreement are confidential.
"We now have a substantial effort being made on the global stage by multinational companies such as Ocean Spray to develop new products, improve existing products, or improve current manufacturing processes using our proprietary REV dehydration technology," stated Dr. Tim Durance, Chairman & Co-CEO, EnWave. "Through these partnerships, we are determining the best applications of REV in areas as diverse as high-quality food ingredients, snack foods and cereals, along with biological material such as bacteria, enzymes, antibodies and vaccines."
"Initial internal response to cranberry samples was very positive and we will continue to evaluate the technology for potential commercialization opportunities," said Paula Manoski, Director Product Development, Ocean Spray Cranberries.
About EnWave
EnWave Corporation is a Vancouver-based industrial technology company developing commercial applications for its proprietary Radiant Energy Vacuum (REV) dehydration technology. In collaboration with an expanding list of multinational partners, including Nestlé, Kellogg's, Grupo Bimbo, Danisco, Grimmway Farms and Bonduelle, EnWave is introducing REV as a new dehydration standard in the food and biological material sectors: potentially faster and cheaper than freeze drying, with better end product quality than air drying or spray drying.
EnWave currently has six REV platforms: commercial-scale nutraREV™ and MIVAP™ are used in the food industry to dry fruits, vegetables, meat, herbs and seafood quickly and at low-cost, while maintaining high levels of nutrition, taste, texture and colour. The Company is also developing powderREV™ for bulk dehydration of food cultures, probiotics and fine biochemicals such as enzymes; quantaREV™ for continuous, high-volume low-temperature drying of pastes, gels, liquids, or particulates; and bioREV™ and freezeREV™ as new methods to stabilize and dehydrate biopharmaceuticals such as vaccines and antibodies. More information about EnWave is available at [ www.enwave.net ].
About Ocean Spray
Formed 80 years ago by three cranberry growers from Massachusetts and New Jersey, Ocean Spray is now an agricultural cooperative owned by more than 700 cranberry growers in Massachusetts, Wisconsin, New Jersey, Oregon, Washington, British Columbia, and other parts of Canada, and by more than 50 Florida grapefruit growers. Ocean Spray produces the Craisins® family of dried cranberries, as well as variety of other dried fruit products, sauces, fresh fruit and oatmeal products. Ocean Spray is also North America's leading producer of canned and bottled juices and juice drinks, and has been the bestselling brand name in the canned and bottled juice category since 1981. Ocean Spray posted fiscal 2010 gross sales of $2.05 billion and net proceeds of $340 million. For more information, visit [ http://www.oceanspray.com/Who-We-Are.aspx ].
EnWave Corporation
Dr. Tim Durance, Chairman & Co-CEO
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 financial results are forward-looking statements. 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 REV technology can or will improve processes in the target industry; even if the Company's REV technology can be used as described in this document, there is no guarantee that such use will result in orders for the Company's REV 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.