Pursuant to the terms of a share purchase agreement between the parties dated April 25, 2019, Aurora has purchased 5,302,227 common shares in the capital of EnWave (the “EnWave Shares”) at a deemed price of $1.886 per share, based on the volume weighted average trading price (“VWAP”) for EnWave’s shares on the TSX Venture Exchange (the “TSXV”) for the five (5) consecutive trading days to and including April 22, 2019. As consideration for the EnWave Shares, Aurora issued to EnWave 840,576 common shares in the capital of Aurora (the “Aurora Shares”) at a deemed price of $11.8966 per share, based on the VWAP for Aurora’s shares on the Toronto Stock Exchange for the five (5) consecutive trading days to and including April 22, 2019.
Each of the EnWave Shares and the Aurora Shares will be subject to a hold period of four months and one day from the date of issuance pursuant to applicable securities laws. The TSXV has provided conditional approval for the transaction.
EnWave intends to dispose of or otherwise transact in the Aurora Shares for the purpose of realizing the cash value of the strategic equity investment as soon as possible, and may enter into any number of arrangements, including but not limited to sale or lending transactions, in furtherance thereof.
EnWave Corporation, a Vancouver-based advanced technology company, 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 licenses with industry leaders in multiple verticals for the use of REV™ technology. The company has signed over twenty royalty-bearing licenses to date, opening up nine distinct market sectors for commercialization of new and innovative products. In addition to these licenses, EnWave has formed a Limited Liability Corporation, NutraDried Food Company, LLC, to develop, manufacture, market and sell all-natural cheese snack products in the United States under the Moon Cheese® brand.
EnWave has introduced REV™ as the new dehydration standard in the food and biological material sectors: faster and cheaper than freeze drying, with better end product quality than air drying or spray drying. EnWave currently has three commercial REV™ platforms:
- nutraREV®which is used in the food industry to dry food products quickly and at low-cost, while maintaining high levels of nutrition, taste, texture and colour;
- powderREV®which is used for the bulk dehydration of food cultures, probiotics and fine biochemicals such as enzymes below the freezing point; and
- quantaREV®which is used for continuous, high-volume low-temperature drying.
Mr. Brent Charleton, CFA
President and CEO
For further information:
John P.A. Budreski, Executive Chairman at +1 (416) 930-0914
Brent Charleton, CFA , President and CEO at +1 (778) 378-9616
Deborah Honig, Corporate Development at + 1 (647) 203-8793
Swiss Resource Capital AG
This press release contains 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 intentions to transact in the Aurora Shares following the closing constitute forward-looking information. These statements are not a guarantee of future performance and involve a number of risks, uncertainties and assumptions, including that the Company may not realize the full deemed value of the Aurora Shares received on closing of the strategic equity investment upon disposition of the Aurora Shares, including after paying any costs, expenses and fees relating to arrangements made for such disposition. Assumptions underlying such forward-looking statements include that the market price for the Aurora Shares will not be subject to wide fluctuations and volatility, that purchasers will be available for the sale or disposition of such shares, and that arrangements will be entered into in respect of the disposition of such shares on an expedited basis on terms favourable to the Company. 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. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
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.