Aspiring Icelandic Food Products Developer Joins Roster of EnWave’s International Royalty Partners
The ink is barely dry on the financial statement for fiscal year 2019, yet EnWave Corporation (CA:ENW – $1.46 & US:NWVCF – $1.13 & GER:E4U – €1.01) is already forging ahead with new contract announcements. Last week, the Company announced its latest partnership agreement in the cannabis sector, and this week, EnWave followed up with an international agreement with a food company based in Iceland.
A royalty-bearing commercial license was achieved with Responsible Foods ehf, to develop and produce dried snack foods. Responsible Foods purchased a 10kW REV machine as part of this deal, to be installed at its production facility in Iceland early in 2020. Responsible Foods visited the EnWave facility several times prior to advancing with this contract agreement. Support from the EnWave team to assist in the development process also contributed to a successful outcome.
A start-up company currently involved in the development process, Responsible Foods is focused on creating novel food products that are the first of their kind. Responsible Foods has stated that most snack food products are either unhealthy or bland. Some choices are both. The corporate vision therefore is to develop and produce innovative, healthier snack choices. The strategy is based on the cultural appeal from centuries of Icelandic traditions.
Diverse Product Line Planned, Based on Unique Food Choices
Responsible Foods is advancing relationships with other experienced food sector companies to assist with the launch its product line. The business plan is to produce premium branded snack foods, plus a line of individually packaged food ingredients. Responsible Foods is committed to using authentic, nutritious raw materials sourced within Iceland. The snack products currently in development will be nut, gluten and wheat-free.
These snack foods will also be distinguished in that only non-GMO, antibiotic and hormone-free ingredients will be considered. The product line will be available domestically in Iceland, and also for export to other markets.
The initial product launch will likely be dairy-based. A dried cheese snack is under development, similar to the successful Moon Cheese product line already in distribution by NutraDried Foods. In fact, Responsible Foods has highlighted a photo of this potential cheese snack on its website. Also a variety of unique dried snack products is under consideration, using REV processing to achieve optimum flavor and texture. These snacks will include choices based on seafood, meat, seaweed, herbs, microalgae, mushrooms and berries native to Iceland.
This is the first partnership agreement for EnWave within Iceland. The deal represents another advance in the corporate strategy to establish REV processing worldwide. EnWave has now achieved a total of 36 international license agreements with leverage to a wide variety of sectors.
As Responsible Foods completes development of its snack food products, EnWave will once again stand to receive a stream of royalty payments from the launch of a new product line. Premium healthy snack food choices are extremely popular among consumers and promise tremendous growth prospects. REV technology has already been proven as a value-added processing option that enhances the quality of these snacks. The potential for this new contract is attractive to build yet another successful long term corporate partnership.
EnWave continues to deliver steady incremental growth. The diversity of successful applications for REV technology, plus the potential for new development in the pipeline, contributes to the profile for the Company as one of the best small cap growth stories in Canada. This follows up on the breakthrough success achieved in 2019, and promises a strong outlook for 2020 and beyond.
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