EnWave Corporation (CVE:ENW) (OTCPINK:NWVCF) has signed a technology evaluation and license option agreement with a food company based in South America to evaluate potential commercial use of its Radiant Energy Vacuum (REV) dehydration technology.
The unnamed food company will pay a monthly evaluation fee and have the exclusive option to obtain a royalty-bearing commercial license agreement to use REV technology in the production of food products.
EnWave will lease the company a 10 kilowatt REV machine for use at its research and development facility during the term of the deal to conduct product development alongside EnWave’s food scientists.
If the food company successfully develops products using REV begins commercial sales, it will leverage EnWave’s dehydration expertise and its own established brand awareness in multiple Latin American countries.
Vancouver-based EnWave prides itself on offering the most scalable and reliable proprietary vacuum-microwave technology with the most comprehensive set of innovations and solutions available, which accelerates product and process development and unlocks value for its global partners.
The company is developing commercial applications for its REV dehydration technology in the cannabis, food and pharmaceutical industries.
Shares in Toronto added 5.8% to C$0.72.
Contact Andrew Kessel at email@example.com
Follow him on Twitter @andrew_kessel