EnWave Expands Growth Potential with New Credit Facilities

EnWave Secures Financing to Propel Growth

EnWave Corporation (TSX-V:ENW | FSE:E4U) has recently announced the establishment of a $5 million revolving credit facility agreement with Desjardins. This significant financing move marks a pivotal moment for the company, enabling them to enhance their growth trajectory and strengthen working capital.

Details of the Credit Facility

The newly signed Credit Facility, backed by Desjardins Tech & Innovation Banking, allows EnWave to access funds up to $5 million, with the amount contingent on royalties, receivables, and inventory levels. This approach not only provides vital liquidity but also ensures that the company maintains a focus on its operational needs without diluting shareholder value.

Additional Financing Through Term Loan

In conjunction with the Credit Facility, EnWave has secured a $500,000 Term Loan from Desjardins, which features an amortization period of 48 months. This loan requires monthly repayments that amalgamate principal and interest, ensuring a structured approach to debt management while capitalizing on market opportunities.

Strengthening Sales Initiatives

With these financial resources, the company aims to augment its sales strategy significantly. EnWave plans to bring in top-tier sales expertise and expand its footprint in international markets. Currently, the company is collaborating with a global recruitment firm to identify its first sales manager in Europe, with plans to further hire for the South Asian region. This strategy will allow EnWave to cater to diverse markets, enhancing their global presence.

Recent Strategic Hires

In line with its growth initiatives, EnWave recently appointed Ms. Danna Dunnage as Vice President of Global Sales and Business Development. Dunnage brings a wealth of experience and a fresh perspective to the team, which is vital as the company seeks to penetrate various international markets effectively.

Participation in Global Trade Shows

To further boost its market presence, EnWave intends to showcase its innovative technologies at multiple international food manufacturing and technology trade shows. Following previous participations at notable events such as the IFT First Conference in Chicago and Anuga FoodTec in India, the company is set to attend GulFood in Dubai later in the calendar year to foster new connections and generate sales leads.

About EnWave and Its Innovations

EnWave Corporation is a frontrunner in the vacuum microwave dehydration sector, giving rise to transformative solutions for the food, pharmaceutical, and cannabis industries. The company, headquartered in Delta, BC, possesses a comprehensive intellectual property portfolio and has developed the patented Radiant Energy Vacuum (REV™) technology. This technology is celebrated for its ability to significantly enhance drying efficiency while retaining the quality of the processed products.

Global Partnerships and Benefits

EnWave boasts a diversified portfolio of over fifty royalty-generating partners across 23 countries, enabling the creation of unique snacks, ingredients, and products. The company’s partners benefit from improved production efficiency, product quality, and quicker time-to-market, thus revolutionizing traditional drying methods.

Company Contact Information

If you're interested in learning more about EnWave, you can reach out to Mr. Brent Charleton, CFA, President and CEO at +1 (778) 378-9616, or via email at bcharleton@enwave.net. Alternatively, you can contact Dylan Murray, CPA, CA, CFO at +1 (778) 870-0729, or email at dmurray@enwave.net.

Frequently Asked Questions

What is the purpose of the $5 million credit facility?

The $5 million credit facility is aimed at providing EnWave with the necessary liquidity to enhance its sales strategy and support growth initiatives.

How will the funds be utilized?

The funds will facilitate the hiring of top-level sales talent and expand EnWave's international market presence.

Who is the new Vice President of Global Sales?

Ms. Danna Dunnage has been appointed as the new Vice President of Global Sales and Business Development.

What technology does EnWave specialize in?

EnWave specializes in vacuum microwave dehydration technology, notably its Radiant Energy Vacuum (REV™) process.

How can interested parties learn more about EnWave?

Interested individuals can contact EnWave via phone or email as provided in the contact information section.

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