EnWave (ENW.V) on Wednesday said it signed an exclusive, royalty-bearing commercial license agreement with The Dry Hub, an Egyptian food processing company.
The company said DryHub, under the terms of the license, will buy a 10kW REV machine to initiate commercial production at its facility in Egypt. DryHub will hold an exclusive right to use EnWave's patented REV technology to dry select fruits, vegetables, and herb products in the country of Egypt.
It also said that DryHub will pay a royalty commensurate with certain other existing licenses granted by EnWave. Pursuant to the license, DryHub must buy additional REV equipment within 18 months of the commissioning date of the 10kW REV machine and remit minimum royalty requirements to keep their exclusive rights.
Shares of the company were last seen unchanged at $0.265 on the TSX Venture Exchange.