VANCOUVER, British Columbia, June 24, 2024 (GLOBE NEWSWIRE) -- EnWave Corporation (TSX-V:ENW | FSE:E4U) ("EnWave", or the "Company") announced today that it has signed a new royalty-bearing, commercial license agreement (the "Commercial License") with Bounty Specialty Foods Inc. ("Bounty"), a part of Bounty Fresh Group, a leading producer of protein products in Southeast Asia. Additionally, Bounty has purchased a 10kW Radiant Energy Vacuum ("REV") machine for continued product development and early-stage commercial production for the Southeast Asian Market.

Under the Commercial License terms, Bounty has acquired certain exclusive rights to use EnWave's patented REV technology for the production of several product types in the Philippines. If initial commercial efforts are deemed successful, Bounty intends to acquire large-scale REV machinery to produce protein, fruit and vegetable products in a more material manner. Bounty will pay a royalty commensurate with certain other existing licenses granted by EnWave, and the Company intends to continue working closely with Bounty to ensure optimal product development success.

About Bounty Fresh Group
Bounty Fresh Group is a large-scale industrial agriculture company founded by the Cheng family in 1986. It began as a table egg producer and is now the second-largest poultry integrator and the leading table eggs producer in the Philippines.

It is the only fully-integrated poultry company that has continuously invested in company-owned facilities: Grand Parent farm, Parent Stock farm, Hatcheries, Dressing Plants, Feed Mills, and Cool-cell Broiler Complexes in the Philippines.

Bounty's poultry integration served as a platform to expand its operation in other industries such as pork products, manufacturing of other agricultural products like commercial feed and vitamins, and food take-away stores.

Rolling out over 1,800 takeout outlets nationwide under the brands Chooks to Go and Uling Roasters, Bounty's storefront operation is one of the leading take-away stores in the Philippines.

About EnWave
EnWave is a global leader in the innovation and application of vacuum microwave dehydration. From its headquarters in Delta, BC, EnWave has developed a robust intellectual property portfolio, perfected its Radiant Energy Vacuum (REV) technology, and transformed an innovative idea into a proven, consistent, and scalable drying solution for the food, pharmaceutical and cannabis industries that vastly outperforms traditional drying methods in efficiency, capacity, product quality, and cost.

With more than fifty royalty-generating partners spanning twenty-three countries and five continents, EnWave's licensed partners are creating profitable, never-before-seen snacks and ingredients, improving the quality and consistency of their existing offerings, running leaner and getting to market faster with the company's patented technology, licensed machinery, and expert guidance.

EnWave's strategy is to sign royalty-bearing commercial licenses with food producers who want to dry better, faster and more economical than freeze drying, rack drying and air drying, and enjoy the following benefits of producing exciting new products, reaching optimal moisture levels up to seven times faster, and improve product taste, texture, color and nutritional value.

Learn more at 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@enwave.net

Dylan Murray, CPA, CA, CFO at +1 (778) 870-0729
E-mail: dmurray@enwave.net

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.

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.