Cannabis Installation Update
The Company is also in the final stages of fabricating two 120kW REV machines for
REV Technology Business Development Update
The Company has continued to advance its sales and business development plan despite many of the headwinds presented by the global economic downturn propagated by the COVID-19 pandemic. Despite the challenges caused by COVID-19, the Company secured three new technology evaluation agreements with machine rentals through the last three months. There are several existing
NutraDried Update
NutraDried has expanded its product offering of better-for-you, all-natural cheese snacks with the launch of a new white cheddar with black pepper flavour. The new flavour is currently being sold online and the Company plans to expand to retail distribution in the coming months.
NutraDried has also taken steps to leverage its manufacturing capabilities to produce shelf-stable cheese snacks for private label and ingredient opportunities. The Company has already secured several distribution opportunities for bulk shelf-stable cheese products and is pursuing a wide number of additional contract manufacturing opportunities for this new product offering. The contract manufacturing revenues will complement NutraDried's branded snack offerings to drive volume and create operating leverage with the objective of enhancing gross margin in that business unit.
Grant of Equity Incentive Instruments
The Company has granted an aggregate of 500,000 incentive stock options pursuant to the Company's Stock Option Plan (the 'Plan') to certain directors and officers of the Company (the 'Incentive Options'). The Incentive Options are exercisable at a price of
The Company has granted an aggregate of 260,000 restricted share rights pursuant to the Company's Restricted Share Rights Plan to certain directors and officers of the Company (the 'RSRs'). The RSRs will vest three years from the date of award for each independent director, and will vest three years from the date of award and subject to the Company's share price on the TSXV achieving a VWAP for twenty consecutive trading days of
The Company's Board of Directors consulted with a third-party executive compensation specialist to conduct a benchmarking study as part of the evaluation and approval process for the equity incentive instruments. The resulting performance-based vesting conditions implemented were designed to create proper alignment between management incentives and creating shareholder value.
About
REV technology's commercial viability has been demonstrated and is growing rapidly across several market verticals in the food, and pharmaceutical sectors, including legal cannabis.
nutraREV which is a drum-based system that dehydrates organic materials quickly and at low-cost, while maintaining high levels of nutrition, taste, texture and colour and quantaREV which is a tray-based system used for continuous, high-volume low-temperature drying.
Contact:
Tel: +1 (778) 378-9616
Email: bcharleton@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.
(C) 2020 Electronic News Publishing, source