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EnWave Corp
Symbol ENW
Shares Issued 111,645,055
Close 2021-07-30 C$ 0.97
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EnWave sues Durance for alleged disclosure breach

2021-07-30 22:43 ET - News Release

Mr. Brent Charleton reports

ENWAVE FILES CLAIM AGAINST FORMER CEO AND OTHERS

EnWave Corp. 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, B.C. Hop Company Ltd., Dwayne Stewart, who is B.C. Hop Company'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 chief executive officer 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 Corp.

EnWave, 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 licences with innovative, disruptive companies in multiple verticals for the use of REV technology. It has signed over 40 royalty-bearing licences to date in 20 countries worldwide. In addition to these licences, 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;
  2. quantaREV, which is a tray-based system used for continuous, high-volume low-temperature drying.

We seek Safe Harbor.

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