EnWave Corporation announced that it has completed the sale of a 60kW Radiant Energy Vacuum (“REV™”) machine to AvoLov, LLC d.b.a. BranchOut Food (“BranchOut”), a company based in Bend, Oregon that produces a lineup of “better-for-you” avocado and fruit snacks and ingredients. The 60kW REV™ machine will provide BranchOut with large-scale drying capacity to meet the increasing demand for its portfolio of innovative products made using EnWave’s technology.
EnWave also signed a new royalty-bearing commercial license agreement with BranchOut, granting certain manufacturing exclusivity for its line of avocado snacks and ingredients within North, South and Central America (the “License Agreement”). Under the terms of the License Agreement, BranchOut will pay a royalty to EnWave for all products sold that are manufactured using REV™ technology. The License Agreement also stipulates certain performance measures that are required to maintain exclusivity, including minimum annual equipment purchases and annual minimum royalties payable to EnWave.
BranchOut has spent the last three years perfecting its lineup of REV™-dried products, which are marketed under its BranchOut™ and AvoLov™ brands in the United States. BranchOut markets a lineup of clean-label, better-for-you snacks and ingredients made using REV™ technology and has recently confirmed new distribution with U.S. retailers including Costco, Sam’s Club and Walmart. With the addition of a large-scale 60kW REV™ machine, BranchOut will be able to scale-up manufacturing to meet growing demand.
EnWave’s scalable and reliable REV™ technology can be used to produce shelf-stable fruit and vegetable products that are among the best in nutritional value, taste, texture and colour. EnWave has signed 44 royalty-bearing commercial license agreements with companies that are bringing innovative new products to market using the Company’s patented technology.
Grant of equity incentive options to investor relations consultant
The Company also announced today that it has granted 25,000 incentive stock options pursuant to the Company’s Stock Option Plan to Jochen Staiger of Swiss Resource Capital, an investor relations firm providing consultation services to the Company for the European capital markets.
The incentive stock options granted to Jochen Staiger are exercisable at a price of $1.37 per share, the last closing price per share on the Company’s common shares on the TSX Venture Exchange on the date of the grant. The incentive stock options are exercisable for a term of five years and will vest quarterly over the next twelve months. The stock option grant is subject to regulatory approval.