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    ENW   CA29410K1084


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EnWave : Files Claim Against Former CEO and Others

07/30/2021 | 10:15pm EDT

VANCOUVER, British Columbia, July 30, 2021 (GLOBE NEWSWIRE) -- EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”) announces that it has filed a lawsuit in the Supreme Court of British Columbia against several defendants, including Timothy Durance, three other former EnWave employees Gary Sandberg, Bino Anand and Reihaneh Noorbakhsh and three companies associated with Mr. Durance, including Dehydration Research, LLC and Durance Technologies, Inc.

EnWave is also pursuing claims against Primo Fabrication LLC, BC Hop Company Ltd., Dwayne Stewart, who is BC Hop Company Ltd.’s President, several companies doing business as Peregrine Precision Systems and Sean McLean, who is a principal of Peregrine Precision Systems.

Mr. Durance was EnWave’s CEO from 1999 until his departure from EnWave in August 2018.

EnWave, in its Notice of Civil Claim, alleges that Mr. Durance and other defendants associated with Mr. Durance have used and disclosed EnWave’s confidential information in breach of obligations owed to EnWave. The Notice of Civil Claim seeks damages, an accounting of profits and injunctive relief.

About EnWave 

EnWave Corporation, a Vancouver-based advanced technology company, has developed a 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 high-quality, 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. It has signed over forty royalty-bearing licenses to date in twenty countries worldwide. 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:

  1. 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,
  2. 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, CFA
President and CEO

For further information:

Brent Charleton, CFA, President and CEO at +1 (778) 378-9616
E-mail: bcharleton@enwave.net    

Dan Henriques, CPA, CA, CFO at +1 (604) 835-5212
E-mail: dhenriques@enwave.net  

For Media Inquiries:
Email: media@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) accept responsibility for the adequacy or accuracy of this release

Primary Logo

Source: EnWave Corporation

2021 GlobeNewswire, Inc., source Press Releases

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More news
Analyst Recommendations on ENWAVE CORPORATION
More recommendations
Sales 2021 28,6 M 22,6 M 22,6 M
Net income 2021 - - -
Net Debt 2021 - - -
P/E ratio 2021 -34,3x
Yield 2021 -
Capitalization 115 M 90,6 M 90,9 M
Capi. / Sales 2021 4,02x
Capi. / Sales 2022 2,97x
Nbr of Employees 92
Free-Float 97,8%
Duration : Period :
EnWave Corporation Technical Analysis Chart | ENW | CA29410K1084 | MarketScreener
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 3
Last Close Price 1,03 CAD
Average target price 1,53 CAD
Spread / Average Target 48,9%
EPS Revisions
Managers and Directors
Brent Charleton President, Chief Executive Officer & Director
Daniel Henriques Chief Financial Officer
John Philip Adrian Budreski Executive Chairman
John Zhang Chief Scientific Officer
Mark T. Alev Vice President-Technical Services
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