EnWave Subsidiary, Hans Binder Maschinenbau GmbH, Files for InsolvencyTuesday, September 29, 2015
Vancouver, BC, September 29, 2015--(T-Net)--EnWave Corporation (TSX VENTURE: ENW) today announced that Hans Binder Maschinenbau GmbH ("Binder"), an 86.5% owned subsidiary of the Company, has filed for insolvency under German law.
An individual will now be appointed by the court to facilitate receivership (the "Receiver"). The Receiver will work with Binder's management, creditors, debtors and employees to either operate the business for a period of time and/or commence liquidation proceedings.
EnWave has chosen to not provide additional funding to Binder for several reasons.
First, EnWave will continue its focus on the development of its higher margin royalty licensing business where EnWave is the global leader in vacuum-microwave dehydration technology.
Second, Binder's primary business of traditional air dryer sales is lower margin, cyclical in nature and has little differentiation in a highly fragmented and competitive market. EnWave has chosen to not pursue this marketplace.
Lastly, EnWave's continued control over the MIVAP® intellectual property will not change due to Binder's insolvency.
EnWave's near term efforts with respect to Binder will be focused on the release of its restricted funds that support a performance bond which is tied to the successful completion of one German based project. There is currently no guarantee that these funds will be released.
EnWave's primary business plan, the advancement, manufacture, sale and royalty collection from a growing portfolio of Radiant Energy Vacuum ("REV™") equipment, remains unchanged.
Binder's insolvency will have a minimal impact on EnWave's ability to deliver commercial-scale REV™ machinery to its royalty-partners. EnWave has been solely responsible for the successful REV™ installations for Hormel Foods, Bonduelle and NutraDried LLP, and will continue to assemble and start-up all future REV™ installations.
EnWave Corporation is a Vancouver-based industrial technology company developing commercial applications for its proprietary Radiant Energy Vacuum (REV™) dehydration technology. EnWave aims to sign royalty-bearing commercial licenses with leading food and pharmaceutical companies for the use of its revolutionary technology. To date, the Company has signed fifteen royalty-bearing commercial licenses with various companies, thereby opening up eight distinct market sectors for commercialization. In addition to these fifteen licenses, EnWave has formed a Limited Liability Partnership, NutraDried LLP, to develop, manufacture, market and sell all-natural cheese snack products within the United States of America under the Moon Cheese® brand.
EnWave is introducing REV™ technology as a new dehydration standard in the food and biological material sectors, with benefits including, but not limited to, a faster and cheaper method compared to freeze drying, with better end product quality than air drying or spray drying. EnWave currently has three commercial REV™ platforms:
In addition, EnWave is currently developing two new commercial REV™ platforms:
More information about EnWave is available at www.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.
For further information:
Mr. John Budreski
+1 (416) 930-0914
Mr. Brent Charleton
Senior Vice President
+1 (778) 378-9616
Vancouver (Biotech/Life Sciences)
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