ENW news ... NutraDried aiming high
EnWave Announces Production Capacity Expansion at NutraDried Food Company
VANCOUVER, British Columbia, Oct. 07, 2019 (GLOBE NEWSWIRE) -- EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave,” or the "Company”) today announced that NutraDried Food Company LLC (“NutraDried”), a wholly-owned subsidiary of EnWave, will install a third large-scale 120kW Radiant Energy Vacuum (“REV™”) machine to expand production capacity for its rapidly growing Moon Cheese® snack product line.
Moon Cheese® is currently sold in over 25,000 points of distribution in North America including premier retailers such as Starbucks, Costco, Whole Foods, Publix, Target, and Wegmans. The brand has also recently gained distribution at HEB, ShopRite, Sprouts, and Raley’s. Moon Cheese is in the midst of a major brand re-launch reflecting world-class new packaging, new varieties (Garlickin’ Parmesan and Cheddar Bacon Me Crazy), and new sizes. The re-launch has been enthusiastically received by retail partners and will be supported by significant investments in sales and marketing. NutraDried revenue has more than doubled in each of the past two years and aggressive growth rates are expected to continue.
EnWave’s Board of Directors has approved a capital investment budget of up to CA $8.0 MM for the Company to construct a new 120kW nutraREV® machine and to outfit the NutraDried manufacturing facility to allow for robust commercial growth. The capital expansion will include upgrades to improve productivity and will allow for the potential installation of two more nutraREV® processing lines. This investment in the purpose-built commercial infrastructure today will allow for up to a total of five nutraREV® machines to be commissioned to address commercial growth. At the completion of the initial expansion NutraDried will have three large-scale nutraREV® machines in commercial production.
With over $20 million of cash on hand, EnWave has ample capital available to support and optimize the investment. The increased manufacturing capacity will enable continued distribution and velocity growth of the Moon Cheese® brand. |
