Vancouver’s EnWave Corp. (TSX-V:ENW) is paying a private German company more than $1.5 million in cash and shares for two new U.S. patents and other intellectual property related to a vacuum microwave dehydration technology that compliments its own similar technology.
EnWave will pay iNAP GmBH $550,000 and 550,000 common shares for its MIVAP technology. EnWave’s share price remained at $1.65 during mid-morning trading on Tuesday.
It has also agreed to pay iNAP 25% of royalty fees it collects from North American customers who use iNAP’s MIVAP technology and 50% of royalty fees it collects from customers elsewhere in the world who use the technology.
MIVAP is a vacuum-microwave dehydration technology for fragile fruits and vegetables, meats and semi-liquids such as concentrated soup stocks.
EnWave's technology is similar, but where the MIVAP technology uses a continuous tray system for drying, EnWave’s nutraREV technology uses a rotating basket system.
EnWave said both technologies significantly reduce the drying time normally associated with produce and related goods while still maintaining high nutritional content, colour, flavour and texture.
The company has also signed a long-term global marketing and strategic supply agreement with Hans Binder Maschinenbau GmbH, a German engineering firm that controls the marketing rights for MIVAP outside North America.
"These agreements will strengthen EnWave's global market leadership in vacuum microwave technology as we offer our customers unique technology alternatives to replace conventional drying methods," said John McNicol, EnWave’s president and co-CEO, in a release.
EnWave’s share price range during the last week: $1.64 to $1.65; 52-week high: $1.90; 52-week low: $0.72.