VANCOUVER, BRITISH COLUMBIA--(Marketwire - December 07, 2010) - EnWave Corporation (TSX VENTURE: ENW)(FRANKFURT: E4U) ("EnWave" or "the Company") today announced that it has signed an Asset Purchase Agreement to acquire the U.S. patents and know-how ("the Intellectual Property" or "the IP") for MIVAP™ vacuum microwave dehydration technology ("MIVAP™") from iNAP GmbH ("iNAP"), a private German company which owns the Intellectual Property. The Company has also signed a long term Global Marketing and Strategic Supply Agreement with Hans Binder Maschinenbau GmbH ("Hans Binder"), a German engineering firm which controls the marketing rights for MIVAP™ technology outside North America.
Together, these two agreements expand EnWave's intellectual property portfolio and provide the exclusive right for EnWave to license and sell MIVAP™ technology exclusively to the Canadian and U.S. markets. The agreements also provide EnWave with non-exclusive global marketing rights to enter into multinational collaborations for MIVAP™ licenses and sales outside the North American market, and provides for the supply of MIVAP™ equipment under a 15 year manufacturing agreement with Hans Binder. EnWave has also strengthened its own Radiant Energy Vacuum ("REV") technology delivery options by acquiring the right to utilize Hans Binders' engineering and machine building expertise to support the Company's own technology deliveries in Europe and the rest of the world.
"These agreements will strengthen EnWave's global market leadership in vacuum microwave technology as we offer our customers unique technology alternatives to replace conventional drying methods," said John McNicol, President and Co-CEO of EnWave. "Since the 1950's Hans Binder engineers and machine builders have established an excellent reputation delivering conventional drying technology, and more recently MIVAP™ technology, in both European and developing countries. Their skills and know-how will compliment EnWave's efforts in these areas."
Under the terms of the Asset Purchase Agreement, EnWave will pay iNAP CDN$550,000 and 550,000 common shares of EnWave for the two US patents and related know-how. The Company has also agreed to pay iNAP 25% of license or royalty fees paid by EnWave customers who purchase MIVAP™ technology for use in North American markets, and 50% of license or royalty fees paid by EnWave customers who purchase MIVAP™ technology for use in the rest of the world.
MIVAP™ is a proprietary vacuum-microwave dehydration technology which uses a unique, continuous tray system suitable for fragile fruits and vegetables, meats, and semi-liquids like concentrated soup stocks. Hans Binder recently sold a MIVAP™ turn-key plant for the soup industry to a leading dried soup manufacturer from Japan for their operations near Paris, France. EnWave's proprietary vacuum-microwave dehydration technology, nutraREV™, uses a rotating basket system to dry a wide variety of fruits, vegetables, meats, seafood and herbs. Both technologies are designed to significantly reduce the drying time normally associated with these products, while still maintaining high nutritional content, colour, flavour and texture.
About Hans Binder
Established in 1950, Hans Binder Maschinenbau GmbH designs and develops custom driers and complete dehydration turn-key plants for customers worldwide from their engineering and machine building operation in Marzling, Germany. For more information please visit: www.binder-trockner.de/en/.
Using proprietary technologies developed in conjunction with the University of British Columbia, EnWave is commercializing a new method for dehydrating food and biological materials using Radiant Energy Vacuum ("REV") technology under its nutraREV™, powderREV™, bioREV™ and freezeREV™ brands. REV technology combines microwave energy transfer under vacuum to dehydrate and alter structures and drive chemical reactions, thereby creating unique product characteristics for both food products and medical applications that include fruit, vegetables, probiotics, enzymes, proteins, food cultures, vaccines and antibodies. More information about EnWave is available at: www.enwave.net.
John McNicol, President & 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 transactions contemplated under the agreements for the acquisition of the Intellectual Property will close, there is no guarantee 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. All figures comparing REV technologies to freeze drying or other dehydration technologies are provided as examples of data obtained through the Company's own scientific and testing programs; each product must be tested individually to determine the benefits of using REV.
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