09:25:51 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



EnWave Corp
Symbol ENW
Shares Issued 110,500,055
Close 2023-01-20 C$ 0.425
Market Cap C$ 46,962,523
Recent Sedar Documents

EnWave to wind down Nutradried Food Company

2023-01-23 09:34 ET - News Release

Mr. Brent Charleton reports

ENWAVE PROVIDES CORPORATE UPDATE ON OPERATING SUBSIDIARY

EnWave Corp. will commence an orderly wind-down and value maximization process for its operating subsidiary, Nutradried Food Company LLC. Nutradried's financial performance through the past three fiscal years has deteriorated materially and, after assessing the long-term prospects for Nutradried, EnWave's board of directors and executive management have determined that Nutradried will not achieve the performance standards that EnWave requires for future ownership and support.

Nutradried's negative performance has been heavily linked to the abnormally high commodity block pricing for cheese, which combined with overall lower sales across several of its key distribution channels, are expected to continue in the near and long-term. As a result, EnWave will explore and pursue a number of value maximizing options including, but not limited to, a joint venture with a seasoned industry operator, the sale of brand assets, and a sale of some or all of the capital equipment.

Nutradried intends to fulfill purchase orders from customers through the next few months pursuant to available inventory.

This process with Nutradried will allow EnWave to materially reduce expenditures previously dedicated to Nutradried and direct this capital toward advancing the core business strategy of the company. This process is expected to be completed in fiscal 2023. Management believes that the completion of this process will be cash neutral or cash positive to EnWave.

EnWave initially created Nutradried to demonstrate that its commercial-scale, continuous Radiant Energy Vacuum (REV) dehydration machinery could operate consistently and reliably. This demonstration derisked the adoption of REV, helping to improve the success of EnWave's commercialization efforts. There are now more than 50 commercial licence holders using REV technology to process food and cannabis products globally.

About EnWave Corp.

EnWave is a global leader in the innovation and application of vacuum microwave dehydration. From its headquarters in Vancouver, B.C., EnWave has developed a robust intellectual property portfolio, perfected its Radiant Energy Vacuum (REV) technology and transformed an innovative idea into a proven, consistent and scalable drying solution for the food, pharmaceutical and cannabis industries that vastly outperforms traditional drying methods in efficiency, capacity, product quality and cost.

With more than 50 royalty-generating partners spanning 20 countries and five continents, EnWave's licensed partners are creating profitable, never-before-seen snacks and ingredients, improving the quality and consistency of their existing offerings, running leaner and getting to market faster with the company's patented technology, licensed machinery and expert guidance.

EnWave's strategy is to sign royalty-bearing commercial licenses with food and cannabis producers which want to dry better, faster and more economical than freeze drying, rack drying and air drying, and enjoy the following benefits:

  • Food and ingredients companies can produce exciting new products, reach optimal moisture levels up to seven times faster, and improve product taste, texture, colour and nutritional value.
  • Cannabis producers can dry four to six times faster, retain up to 20 per cent more terpenes and 25 per cent more cannabinoids, and achieve at least a three-log reduction in crop-destroying microbes.

We seek Safe Harbor.

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