10:05:02 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Aurora Cannabis Inc
Symbol ACB
Shares Issued 1,014,099,913
Close 2019-05-28 C$ 11.31
Market Cap C$ 11,469,470,016
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EnWave signs REV licence deal with Aurora Cannabis

2019-05-29 10:05 ET - News Release

See News Release (C-ENW) EnWave Corp

Mr. Brent Charleton of EnWave reports

AURORA CANNABIS EXERCISES LICENSE OPTION WITH ENWAVE FOR SOUTH AMERICA

Following EnWave Corp.'s April 26, 2019, joint news release with Aurora Cannabis Inc., Aurora has exercised its option and that the companies have signed an exclusive, royalty-bearing commercial licence agreement with sublicensing rights for the use by Aurora of EnWave's proprietary radiant energy vacuum (REV) dehydration technology for the drying of cannabis in South America (excluding Peru). Aurora will hold the exclusive master licence for the drying of cannabis using REV in the South American licence territory and will work with EnWave to pursue additional sublicensing opportunities. Aurora will receive an undisclosed share of royalties derived from any cannabis product dried with REV technology by sublicensees in the South American licence territory. This is the third such agreement signed by Aurora and EnWave.

Equipment purchase agreement signed

Aurora has also signed an equipment purchase agreement for a large-scale 60-kilowatt commercial REV machine for its operations in South America. The REV dehydration machines purchased will be used to increase throughput of THC (tetrahydrocannabinol) and CBD (cannabidiol) extraction for the manufacture of derivative cannabis products.

On April 26, 2019, EnWave and Aurora announced that the companies had entered into a royalty-bearing commercial licence agreement with sublicensing rights, providing Aurora with the exclusive rights to EnWave's patented REV drying technology for the production of cannabis materials in the European Union, excluding Portugal. Aurora announced its intention to purchase an additional 120-kilowatt REV machine for its European operations. Additionally, Aurora secured a non-exclusive sublicence to use REV technology in Canada, signed an intellectual property agreement with the company and made a $10-million strategic investment into EnWave.

Aurora's exercise of its South American licence option reflects Aurora's global footprint and its intention to pursue widespread adoption of the REV technology throughout its global derivative manufacturing operations. Aurora continues to hold an exclusive option to license REV technology for cannabis in Australia.

Benefits of REV technology in the cannabis industry

EnWave's patented REV technology is a rapid, low-temperature, continuous drying method that maintains the optimal terpene profile, flavour as well as other product attributes during the drying process. The company's vacuum microwave technology enables uniform drying with flexible moisture content, which is unattainable with freeze drying or air drying.

In the cannabis industry, REV technology provides for capital expenditure savings on drying space (smaller footprint) and related HVAC (heating, ventilation and air conditioning) investments as well as the ability to free up space, which can be repurposed to increase the economic output of each facility. Furthermore, EnWave's REV technology reduces drying time from five to seven days to less than two hours, resulting in significant working capital savings and speed to market of product. The technology has certain additional benefits, including the support of industrial-scale flow-though, accelerating the ability for large-scale processing of cannabis and CBD-rich biomass into intermediate or finished product.

About EnWave Corp.

EnWave has developed 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 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 licences with industry leaders in multiple verticals for the use of REV technology.

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