EnWave Provides Progress Report on IFS/SmartPac Letter of Intent
EnWave has now provided an extension of the original Letter of Intent which was set to expire on May 31, 2010 while the Consortium pursues a cominbination of government and private sector financing. EnWave will continue to work with the Consortium on a non-exclusive basis with the goal of initiating this project by the 3rd Quarter, 2010. In the meantime, EnWave will take the opportunity to explore potential sales opportunities with a number of large North American food companies who have expressed interest in the production and marketing of a new banana chip product.
To support the marketing of the banana chips, along with other dried food snack products, EnWave has also registered the nutraDried® trademark initially in the United States, Canada and the European Union. The Company intends to license the use of this name for display on packaging to producers of these products who use the nutraREV® technology. The company plans to build its nutraDried® brand as a natural, low fat, flavourful alternative to oil-fried and freeze-dried food snacks.
About IFS & SmartPac
Together, IFS and SmartPac, LLC provide patented and trademarked packaging, food safety systems and technologies that extend fresh produce life span and protect vegetables and fresh fruits throughout storage and the logistics distribution process. The SmartPac™ modified atmosphere packaging system provides growers and exporters the ability to ripen fruits on the tree or vine to achieve optimum flavor, sugar/acid balance and nutritional values. The introduction and implementation of the nutraREV® technology complements the core 'value add' business.
About EnWave
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 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.
EnWave Corporation
John McNicol, President and 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 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.
The TSX Venture Exchange has neither approved nor disapproved the information contained herein. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
