EnWave Announces Production Capacity Expansion at NutraDried Food Company
October 07 2019 - 9:00AM
EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave,” or the
"Company”) today announced that NutraDried Food Company
LLC (“NutraDried”), a wholly-owned subsidiary of EnWave, will
install a third large-scale 120kW Radiant Energy Vacuum (“REV™”)
machine to expand production capacity for its rapidly growing Moon
Cheese® snack product line.
Moon Cheese® is currently sold in over 25,000
points of distribution in North America including premier retailers
such as Starbucks, Costco, Whole Foods, Publix, Target, and
Wegmans. The brand has also recently gained distribution at
HEB, ShopRite, Sprouts, and Raley’s. Moon Cheese is in the midst of
a major brand re-launch reflecting world-class new packaging, new
varieties (Garlickin’ Parmesan and Cheddar Bacon Me Crazy), and new
sizes. The re-launch has been enthusiastically received by
retail partners and will be supported by significant investments in
sales and marketing. NutraDried revenue has more than doubled
in each of the past two years and aggressive growth rates are
expected to continue.
EnWave’s Board of Directors has approved a
capital investment budget of up to CA $8.0 MM for the Company to
construct a new 120kW nutraREV® machine and to outfit the
NutraDried manufacturing facility to allow for robust commercial
growth. The capital expansion will include upgrades to improve
productivity and will allow for the potential installation of two
more nutraREV® processing lines. This investment in the
purpose-built commercial infrastructure today will allow for up to
a total of five nutraREV® machines to be commissioned to address
commercial growth. At the completion of the initial expansion
NutraDried will have three large-scale nutraREV® machines in
commercial production.
With over $20 million of cash on hand, EnWave
has ample capital available to support and optimize the
investment. The increased manufacturing capacity will enable
continued distribution and velocity growth of the Moon Cheese®
brand.
About NutraDried Food Company
LLC
NutraDried Food Company, LLC, based in Ferndale,
Washington State, is a wholly-owned subsidiary of EnWave
Corporation. NutraDried leverages EnWave’s proprietary
Radiant Energy Vacuum (“REV™”) technology to produce innovative
snack products that meet the evolving dietary preferences of
consumers. NutraDried was the first company to produce all-natural
crunchy cheese snacks using REV™ at commercial scale.
Operating primarily in the dairy vertical,
NutraDried manufactures the clean label snack, Moon Cheese®. This
100% crunchy-cheese snack product is sold across the United States
through over 25,000 retail stores. For more information on Moon
Cheese®, please visit www.mooncheese.com.
About EnWave
EnWave Corporation, a Vancouver-based advanced
technology company, has developed 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
marketable cannabis products.
REV™ technology’s commercial viability has been
demonstrated and is growing rapidly across several market verticals
in the food, and pharmaceutical sectors, including legal cannabis.
EnWave’s 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 thirty
royalty-bearing licenses to date. 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:
- 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,
- 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, CFAPresident and CEO
For further information:
Brent Charleton, CFA, President and CEO at +1 (778) 378-9616
E-mail: bcharleton@enwave.net
Dan Henriques, CFO at +1 (604) 835-5212 E-mail:
dhenriques@enwave.net
Deborah Honig, Corporate Development at + 1 (647)
203-8793E-mail: dhonig@enwave.net
Safe Harbour for Forward-Looking Information
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projections. All statements that address expectations or
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