VANCOUVER, British Columbia, Aug. 28, 2018 (GLOBE NEWSWIRE) — EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”) today reported the Company’s consolidated interim financial results for the third quarter ended June 30, 2018.
Consolidated Financial Performance:
($ ‘000s)Three months ended June 30, Nine months ended June 30, 2018 2017 Change
% 2018 2017 Change
% Revenues 6,779 4,674 45% 15,470 12,324 26%Direct costs 3,848 3,052 26% 9,818 8,890 10% Gross margin 2,931 1,622 81% 5,652 3,434 65% Operating expenses General and administration 510 548 (7%) 1,709 1,606 6%Sales and marketing 1,105 705 57% 2,378 1,406 69%Research and development 332 348 (5%) 900 939 (4%) 1,947 1,601 22% 4,987 3,951 26%Net loss (104) (529)80% (1,020) (1,926)(47%) Basic and diluted loss per share$ (0.00)$(0.01) $ (0.01)$(0.02)
Third Quarter Highlights:
Currently, the Company has 11 prospective royalty partners actively engaged in TELOA projects and the U.S. Army in an advanced stage of technology evaluation. In August 2018, the Company announced the U.S. Army’s purchase of a 10kW REVTM machine to facilitate an accelerated path to improved Close Combat Assault Ration deployment. EnWave’s strategy regarding these projects is to demonstrate the product innovation and attractive processing economics available through the use of REVTM technology, and to ultimately convert them into royalty-bearing commercial license agreements.
EnWave has been growing its prospective royalty partner pipeline as it commercializes REVTM across the food, legalized cannabis and pharmaceutical sectors as part of its strategy to build a large, diversified royalty-bearing portfolio.
Key Financial Highlights for the Third Quarter (expressed in $ ‘000s):
EnWave’s interim consolidated financial statements and MD&A are available on SEDAR at and on the Company’s website .
(*) Non-IFRS Financial Measures
Cash flow from operations prior to changes in non-cash working capital is not a measure of financial performance under IFRS. This measure is not necessarily comparable to similarly titled measures used by other companies and should not be construed as an alternative to net income or cash flow from operating activities as determined in accordance with IFRS. Please refer to the discussion included in the Company’s MD&A for the nine months ended June 30, 2018.
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 industry leaders in multiple verticals for the use of REV™ technology. The company has signed over twenty royalty-bearing licenses to date, opening up nine distinct market sectors for commercialization of new and innovative products. In addition to these licenses, EnWave has formed a Limited Liability Corporation, NutraDried Food Company, LLC, to develop, manufacture, market and sell all-natural cheese snack products in the United States under the Moon Cheese® brand.
EnWave has introduced REV™ as the new dehydration standard in the food and biological material sectors: faster and cheaper than freeze drying, with better end product quality than air drying or spray drying. EnWave currently has three commercial REV™ platforms:
- nutraREV® which is used in the food industry to dry food products quickly and at low-cost, while maintaining high levels of nutrition, taste, texture and colour;
- powderREV® which is used for the bulk dehydration of food cultures, probiotics and fine biochemicals such as enzymes below the freezing point, and
- quantaREV® which is used for continuous, high-volume low-temperature drying.
An additional platform, freezeREV®, is being developed as a new method to stabilize and dehydrate biopharmaceuticals such as vaccines and antibodies. More information about EnWave is available at .
Dr. Tim Durance
President & CEO
For further information:
John P.A. Budreski, Executive Chairman at +1
Brent Charleton, CFA , Senior Vice President, Sales and Business Development at +1
Deborah Honig, Corporate Development, Adelaide Capital Markets at + 1
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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