EnWave Announces First Quarterly Positive Net Income and Reports Consolidated Interim Financial Results for the Second Quarter Fiscal Year 2016

EnWave Corporation (TSXV:ENW) (FRANKFURT: E4U) today reported the Company’s consolidated interim financial results for the second quarter ended March 31, 2016. The Company reported consolidated revenue of $4,586,000, and a consolidated net income from continuing operations of $95,000 for the second quarter.
As quoted in the press release:

This quarter’s positive net income was a first in the history of the Company. The material increase in revenues was due to the continued expansion and accelerated distribution of Moon Cheese^® through EnWave’s subsidiary, NutraDried LLP, and the continued growth in sales of royalty-bearing Radiant Energy Vacuum (“REV™”) machines.
EnWave also generated positive cash flow from operating activities for the six months ended March 31, 2016, prior to changes to non-cash working capital, of $874,000.
Significant additional achievements in the second quarter include:

• Receiving a purchase order for a 100kW REV™ machine from Gay Lea Foods Co-operative;
• Signing a royalty-bearing Commercial License Agreement with Eregli Agrosan and receiving a purchase order for REV™ machinery;
• Making significant milestones in design and construction of REV™ machines for two pharmaceutical partners; and,
• Signing a Technology Evaluation and License Option Agreement with a major Australasian Dairy Company.

EnWave’s Radiant Energy Vacuum (“REV™”) technology is well positioned to capture market share in both the food and pharmaceutical drying industries. The intrinsic value of using REV™ technology as an alternative to conventional options has been proven in several market verticals on a global basis. EnWave anticipates continued commercial success and growth in the worldwide deployment of REV™ technology.