EnWave has signed a technology evaluation and license option agreement with a vertically-integrated, leading table grape producer in California.
The Agreement grants the GP the exclusive right to develop crispy grape snack applications using EnWave's Radiant Energy Vacuum ("REV") technology for a seven month period.
During the Term, the GP will conduct market research and rent a small commercial-scale nutraREV machine to complete product application trials. The GP will pay US$37,500 as an upfront rental fee for the Machine's use during the Term.
At any point during the Term, the GP may exercise their exclusive option to license REV technology for the commercial production of crispy grape snack products in the State of California (the "Option"). If the GP exercises the Option, they will be required to submit a purchase order for at least one 100kW REV machine. All other terms of the Agreement are confidential.
Additionally, EnWave announces that it has granted a total of 10,000 stock options to a Director of the Company pursuant to its Share Option Plan. Each option will entitle the Director to purchase one common share of the Company at an exercise price of $1.00 per share for a period of five years from this date. The options will vest in accordance to provisions set out in the Plan, or as otherwise required by the TSX Venture Exchange. The grant is subject to regulatory approval.
