The British Columbia Supreme Court published yesterday on the court website its written reasoning for granting Canadian tech company EnWave Corporation (TSX.V:ENW / FSE: E4U) an injunction application against its former CEO, Timothy Durance, his companies and affiliates.
The Vancouver-based company has developed an innovative dehydration technology which makes it possible to dry food and nutrition products faster and better. It is also used for the faster and higher quality drying of cannabis products.
EnWave said that it continues to pursue its civil claims in the B.C. Supreme Court against Timothy Durance and several former EnWave employees and other parties.
This week’s decision follows on the court decision last August restraining the former CEO and his companies, and anyone acting in conjunction with them, from selling, attempting to sell, supplying, delivering, or installing vacuum microwave dryers pending a more complete hearing of EnWave’s injunction application.
The company had initially filed an injunction application last July asking for restraining orders against Timoty Durance and his companies and affiliates pending trial.
About EnWave Corporation
The Canadian company is a global leader in the innovation and application of vacuum microwave dehydration. It has developed a robust intellectual property portfolio and perfected its Radiant Energy Vacuum technology. It has transformed an innovative idea into a proven and scalable drying solution for the food, pharmaceutical and cannabis industries that vastly outperforms traditional drying methods in efficiency, capacity, product quality, and cost.
EnWave works with more than 45 royalty-generating partners in twenty countries across the globe. The company’s licensed partners are creating profitable, innovative snacks and ingredients, improving the quality and consistency of their existing offerings. In addition, EnWave established a Limited Liability Corporation, NutraDried Food to manufacture, market and sell REV-dried snack products within North America, including the popular Moon Cheese brand.
The B.C. Supreme Court heard EnWave’s application between 17 and 20 January this year. On 26 April the court issued reasons for judgment ordering that the injunction against Durance, his companies and affiliates remain in place until the trial of EnWave’s action.
EnWave’s business model is to sign royalty-bearing commercial licenses with food and cannabis producers who want to use a technology which is faster, more economical and dries better than traditional methods. It provides food and ingredients companies with a technology which lets them produce new products. Their products can reach optimal moisture levels up to seven times faster while test, texture, colour and nutritional value are improved.
Cannabis producers can dry four to six times faster, retain 20% more terpenes and 25% more cannabinoids, and achieve at least a 3-log reduction in crop-destroying microbes.
At its most recent results presentation in February the company reported an impressive growth in its gross margin for Q1 2022 of 43%, up from 23% for Q1 2021. Gross margin increased due to a change in sales mix with higher revenues from the EnWave segment, as well as the growth in high-margin royalty revenue.
