EnWave Signs Technology Evaluation and License Option Agreement with Bridgford Foods Corporation to Collaborate with the U.S. Army to Produce Military Rations

ID: 1566364
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(businesspress24) - Vancouver, B.C., April 7th, 2021

EnWave Corporation (TSX-V:ENW | FSE:E4U) (EnWave, or the Company - https://www.commodity-tv.com/ondemand/companies/profil/enwave-corp/) announced today that it has signed a technology evaluation and license option agreement (the TELOA) with Bridgford Foods Corporation (NASDAQ: BRID) (Bridgford), a leading American food production company. Bridgford currently focuses on the production of frozen and snack foods, with operations in California, Texas, Illinois and North Carolina. Prior to the signing of the TELOA, Bridgford entered into a cooperative research and development agreement (CRADA) with the U.S. Army to jointly develop commercially viable military ration components.

The CRADA allows EnWave to install a 10kW REV machine recently purchased by the U.S. Army in February 2021 at a site of Bridgfords in North Carolina for research and development purposes. The TELOA grants Bridgford the option to enter into a royalty-bearing commercial license to produce REV-dried commercial baked goods and meat products for both the U.S. Army and their broader client base. EnWave and Bridgford will now collaborate to replicate certain close combat rations developed by the U.S. Army for field use.

Concurrently during the term of the TELOA, the U.S. Army is planning to submit a ManTech application to the U.S. Department of Defense to potentially receive funding to purchase a 60kW REV machine for larger scale military ration production.

About Bridgford Foods Corporation
Bridgford Foods Corporation, a California corporation, was organized in 1952. Bridgford originally began operations in 1932 as a retail meat market in San Diego, California and evolved into a meat wholesaler for hotels and restaurants, a distributor of frozen food products, a processor and packer of meat, and a manufacturer and distributor of frozen food products for sale on a retail and wholesale basis. Currently, Bridgford and its subsidiaries are primarily engaged in the manufacturing, marketing and distribution of an extensive line of frozen and snack food products throughout the United States.

For almost 90 years, the mission of Bridgford Foods Corporation has been to develop, produce, sell and distribute superior quality food products that provide a consistent value to their customers. Bridgford adheres to the highest ethical standards. They treat their customers and employees with honesty, respect, dignity and appreciation. Bridgford believes that they wrap their future in every package, and they stand behind the products they sell 100%. Bridgford believes that innovation is essential to the future success of their business, and they strive to be industry trendsetters in the development of new products.

For more information about Bridgford Foods, please visit www.bridgford.com.

About EnWave
EnWave Corporation, a Vancouver-based advanced technology company, has developed a Radiant Energy Vacuum (REV) - an innovative, proprietary method for the precise dehydration of organic materials. EnWave has further developed patent-pending methods for uniformly drying and decontaminating cannabis through the use of REV technology, shortening the time from harvest to high-quality, marketable cannabis products.

REV technologys commercial viability has been demonstrated and is growing rapidly across several market verticals in the food, and pharmaceutical sectors, including legal cannabis. EnWaves strategy is to sign royalty-bearing commercial licenses with innovative, disruptive companies in multiple verticals for the use of REV technology. The company has signed over forty royalty-bearing licenses to date in twenty countries world-wide. In addition to these licenses, EnWave established a Limited Liability Corporation, NutraDried Food Company, LLC, to manufacture, market and sell all-natural dairy snack products in the United States, including the Moon Cheese® brand.

EnWave has introduced REV as a disruptive dehydration platform in the food and cannabis sectors: faster and cheaper than freeze drying, with better end product quality than air drying or spray drying. EnWave currently offers two distinct commercial REV platforms:

1. nutraREV® which is a drum-based system that dehydrates organic materials quickly and at low-cost, while maintaining high levels of nutrition, taste, texture and colour; and,
2. quantaREV® which is a tray-based system used for continuous, high-volume low-temperature drying.

More information about EnWave is available at www.enwave.net.

EnWave Corporation
Mr. Brent Charleton, CFA
President and CEO

For further information:
Brent Charleton, CFA, President and CEO at +1 (778) 378-9616
E-mail: bcharleton(at)enwave.net

Dan Henriques, CPA, CA, CFO at +1 (604) 835-5212
E-mail: dhenriques(at)enwave.net

For Media Inquiries:
Email: media(at)enwave.net

In Europe
Swiss Resource Capital AG
Jochen Staiger

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 the expected synergies following the closing, are forward-looking statements. All third-party claims referred to in this release are not guaranteed to be accurate. All third-party references to market information in this release are not guaranteed to be accurate as the Company did not conduct the original primary research. These statements are not a guarantee of future performance and involve a number of risks, uncertainties and assumptions. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

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EnWave Corporation ist ein in Vancouver ansässiges Technologieunternehmen das kommerzielle Applikationen für ihre geschützte Radiant Energy Vacuum (REV™) Trocknungstechnologie anbietet.

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Date: 04/07/2021 - 09:01
Language: English
News-ID 1566364
Character count: 2092
Firma: EnWave Corporation
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