Aurora Cannabis Exercises License Option with EnWave for South America
May 29 2019 - 7:30AM
EnWave Corporation (TSX-V:ENW | FSE:E4U)
(“EnWave”, or the "Company") reports today that, following
its April 26, 2019 joint news release with Aurora Cannabis Inc.
(“Aurora”) (TSX: ACB) (NYSE: ACB), a global leader in the cannabis
industry, that Aurora has exercised its option and that the
companies signed an exclusive, royalty-bearing commercial license
agreement with sub-licensing rights (the “Agreement”) for the use
by Aurora of EnWave’s proprietary Radiant Energy Vacuum (“REV™”)
dehydration technology for the drying of cannabis in South America
(excluding Peru). Aurora will hold the exclusive master license for
the drying of cannabis using REV™ in the South American license
territory and will work with EnWave to pursue additional
sub-licensing opportunities. Aurora will receive an undisclosed
share of royalties derived from any cannabis product dried with
REV™ technology by sub-licensees in the South American license
territory. This is the third such agreement signed by Aurora and
EnWave.
Equipment Purchase Agreement
Signed
Aurora has also signed an equipment purchase
agreement for a large-scale 60kW commercial REV™ machine for its
operations in South America. The REV™ dehydration machines
purchased will be used to increase throughput of THC and CBD
extraction for the manufacture of derivative cannabis products.
On April 26, 2019, EnWave and Aurora announced
that the companies had entered into a royalty-bearing commercial
license agreement with sub-licensing rights, providing Aurora with
the exclusive rights to EnWave’s patented REV™ drying technology
for the production of cannabis materials in the European Union,
excluding Portugal (the “European License”). Aurora announced its
intention to purchase an additional 120kW REV™ machine for its
European operations. Additionally, Aurora secured a non-exclusive
sub-license to use REV™ technology in Canada, signed an
intellectual property agreement with the Company and made a $10
million strategic investment into EnWave.
Aurora’s exercise of its South American license
option reflects Aurora’s global footprint and its intention to
pursue widespread adoption of the REV™ technology throughout its
global derivative manufacturing operations. Aurora continues to
hold an exclusive option to license REV™ technology for cannabis in
Australia.
Benefits of REV™ Technology in the
Cannabis Industry
EnWave’s patented REV™ technology is a rapid,
low temperature, continuous drying method that maintains the
optimal terpene profile, flavour, as well as other product
attributes during the drying process. The company’s
vacuum-microwave technology enables uniform drying with flexible
moisture content, unattainable with freeze drying or air
drying.
In the cannabis industry, REV™ technology
provides for capital expenditure savings on drying space (smaller
footprint) and related HVAC investments, as well as the ability to
free up space, which can be repurposed to increase the economic
output of each facility. Furthermore, EnWave’s REV™ technology
reduces drying time from 5-7 days to less than two hours, resulting
in significant working capital savings and speed to market of
product. The technology has certain additional benefits, including
the support of industrial scale flow-though, accelerating the
ability for large-scale processing of cannabis and CBD-rich biomass
into intermediate or finished product.
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. 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
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 industry leaders in multiple verticals for the use of REV™
technology. The company has signed over twenty royalty-bearing
licenses to date, opening up nine distinct market sectors for
commercialization of new and innovative products. In addition to
these licenses, EnWave has formed a Limited Liability Corporation,
NutraDried Food Company, LLC, to develop, manufacture, market and
sell all-natural cheese snack products in the United States under
the Moon Cheese® brand.
EnWave has introduced REV™ as the new
dehydration standard in the food and biological material sectors:
faster and cheaper than freeze drying, with better end product
quality than air drying or spray drying. EnWave currently has three
commercial REV™ platforms:
- nutraREV® which is used in the food industry to dry food
products quickly and at low-cost, while maintaining high levels of
nutrition, taste, texture and colour;
- powderREV® which is used for the bulk dehydration of food
cultures, probiotics and fine biochemicals such as enzymes below
the freezing point, and
- quantaREV® which is used for continuous, high-volume
low-temperature drying.
An additional platform, freezeREV®, is being
developed as a new method to stabilize and dehydrate
biopharmaceuticals such as vaccines and antibodies. More
information about EnWave is available at www.enwave.net.
EnWave Corporation
Mr. Brent Charleton, CFAPresident 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, Chief Financial Officer
at +1 (604) 835-5212E-mail: dhenriques@enwave.net
Deborah Honig, Corporate Development at + 1
(647) 203-8793E-mail: dhonig@enwave.net
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