EnWave Reaches Civil Litigation Settlement with Former CEO and Others
23 Septembre 2024 - 3:00PM
EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the
"Company") announced today that it has reached global
settlements of its civil claim in the Supreme Court of British
Columbia against EnWave’s former CEO, Timothy Durance, as well as
three other former EnWave employees: Gary Sandberg, Bino Anand and
Reihaneh Noorbakhsh.
Pursuant to the settlement, Mr. Durance, Mr.
Sandberg and Mr. Anand, together with three companies associated
with Mr. Durance, including Dehydration Research, LLC and Durance
Technologies. Inc. (collectively, the “Durance Defendants”), are
permanently restrained and enjoined from, directly or indirectly,
selling, attempting to sell, supplying, delivering or installing
vacuum microwave dryers. The Durance Defendants are also obligated
to assign all issued and pending patents in the name of the Durance
Defendants to EnWave.
EnWave has also reached settlements with all
other defendants named in its civil claim, including B.C. Hop
Company and Peregrine Precision Systems.
EnWave will continue to vigorously protect its
intellectual property and position as the global leader in
vacuum-microwave dehydration technology.
About EnWave EnWave is a global
leader in the innovation and application of vacuum microwave
dehydration. From its headquarters in Delta, BC, EnWave has
developed a robust intellectual property portfolio, perfected its
Radiant Energy Vacuum (REV™) technology, and transformed an
innovative idea into a proven, consistent, and scalable drying
solution for the food, pharmaceutical and cannabis industries that
vastly outperforms traditional drying methods in efficiency,
capacity, product quality, and cost.
With more than fifty royalty-generating partners
spanning twenty-three countries and five continents, EnWave’s
licensed partners are creating profitable, never-before-seen snacks
and ingredients, improving the quality and consistency of their
existing offerings, running leaner and getting to market faster
with the company’s patented technology, licensed machinery, and
expert guidance.
EnWave’s strategy is to sign royalty-bearing
commercial licenses with food producers who want to dry better,
faster and more economical than freeze drying, rack drying and air
drying, and enjoy the following benefits of producing exciting new
products, reaching optimal moisture levels up to seven times
faster, and improve product taste, texture, color and nutritional
value.
Learn more at EnWave.net.
EnWave Corporation
Mr. Brent Charleton, CFAPresident and CEO
For further information:
Brent Charleton, CFA, President and CEO at +1 (778)
378-9616E-mail: bcharleton@enwave.net
Dylan Murray, CPA, CA, CFO at +1 (778) 870-0729E-mail:
dmurray@enwave.net
Safe Harbour for Forward-Looking Information
Statements: This press release may contain 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 strategy for growth, product development, market
position, expected expenditures, and the expected synergies
following the closing are forward-looking statements. All
third-party claims referred to in this release are not guaranteed
to be accurate. All third-party references to market information in
this release are not guaranteed to be accurate as the Company did
not conduct the original primary research. These statements are not
a guarantee of future performance and involve a number of risks,
uncertainties and assumptions. 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.
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.
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