EnWave Announces 2016 Third Quarter Consolidated Interim Financial Results
/EINPresswire.com/ -- VANCOUVER, BC--(Marketwired - August 26, 2016) - EnWave Corporation (TSX VENTURE: ENW) (FRANKFURT: E4U) ("EnWave", or the "Company") today reported the Company's consolidated interim financial results for the third quarter ended June 30, 2016. The Company reported consolidated revenue of $5,224,000, and a consolidated net income from continuing operations of $113,000 for the third quarter of fiscal year 2016.
This quarter's positive net income was the second consecutive quarter of positive earnings for the Company. Revenues materially increased due to the continued growth in sales of royalty-bearing Radiant Energy Vacuum ("REV™") machines, and the continued expansion and accelerated distribution of Moon Cheese
EnWave has generated positive cash flow from operating activities, prior to changes to non-cash working capital, of $1,720,000 for the nine months ended June 30, 2016.
Significant additional achievements in the third quarter include:
1) Receiving a purchase order for a second 120kW REV™ machine from Milne Fruit Products;
2) Signing a royalty-bearing Commercial License Agreement with Kesito LLC and receiving a purchase order for REV™ machinery;
3) Receiving purchase orders for REV™ machinery from Natural Nutrition and Eregli Agrosan, both of which were repeat machine purchases by existing licensees;
4) Advancing the design and fabrication of REV™ machines for two pharmaceutical partners; and,
5) Receiving $1,500,000 of previously restricted cash collateral related to a former subsidiary contract.
EnWave's Radiant Energy Vacuum ("REV™") technology is well positioned to capture market share in both the food and pharmaceutical drying industries. The intrinsic value of using REV™ technology as an alternative to conventional options has been proven in several market verticals on a global basis. EnWave anticipates continued commercial success and growth in the worldwide deployment of REV™ technology.
EnWave also confirms today that earlier this month the Company successfully installed and started-up commercial-scale machines for three of its royalty partners. Gay Lea Foods Co-operative received their 100kW nutraREV
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 seventeen royalty-bearing commercial licenses with various companies, thereby opening up eight distinct market sectors for commercialization. In addition to these seventeen 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
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 a new commercial REV™ platform:
More information about EnWave is available at www.enwave.net.
Dr. Tim Durance
President & CEO
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.
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