Enwave Corporation (CVE:ENW) (OTCMKTS:NWVXF) announced Thursday it has signed a royalty-bearing commercial license agreement with a Colombian snack maker.
In a statement, Enwave said Pacifico Snacks SAS will use the company’s flagship Radiant Energy Vacuum (REV) technology to produce dried-fruit snacks for the North American grocery market.
Under the terms of the license, Pacifico Snacks purchased a 10-kilowatt commercial REV machine to initiate commercial production. The REV machine/technology precisely dehydrates organic materials and has pharmaceutical uses as well.
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EnWave, based in Delta, British Columbia, also said the license grants Pacifico Snacks the exclusive right to produce certain types of mango, pineapple and banana products within Colombia. With extensive expertise in the private label production of fruit snack applications, this new premium product offering will further enhance Pacifico Snack’s reputation as a leading private-label supplier to major North American grocers.
The license is the first signed by EnWave in Colombia and the 38th worldwide, further proving the value proposition of the REV technology as a tool to create innovative, premium food applications,
Pursuant to the terms of the license, Pacifico Snacks has royalty payment obligations to EnWave and additional future undisclosed REV machine purchase order requirements that must be met in order to maintain their exclusive rights.
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