EnWave Corp. announced that it has signed a Collaboration Agreement with an option to license with Campofrio Food Group, Europe's leader in the processed meats sector. Campofrio intends to conduct product development work using the Company's Radiant Energy Vacuum (REV™) dehydration technology to create a number of new, healthy dried meat products for potential commercialization. All terms of the agreement are confidential.
Historically, Campofrio's growth has been driven by innovation, as they continuously study and investigate market and category trends to gain profound consumer insights, adapting their business to the new consumption patterns. Campofrio has maintained market leadership with an ongoing commitment to research and development, offering solutions to meet the changing needs of their consumers.
"REV™ technology has proven to be a viable and attractive option for the dehydration of meat products," stated Dr. Tim Durance, chairman and co-CEO of EnWave. "Campofrio is a first-class, experienced company that has the potential to address multiple European markets in this area."
"Product innovation is a driving force to achieving long-term, accelerated growth and profit," stated Mr. Karl-Heinz Kiesel, senior vice president of operations and strategic sourcing for Campofrio. "EnWave's REV™ technology will allow Campofrio to explore new product development opportunities and potentially address some of the changing needs of consumers in Europe."
This Agreement confirms the second collaborative relationship with a major processed meat producer established by EnWave. The first was initiated with a leading U.S. meat company and progressed from a collaborative agreement to a commercial royalty-bearing license in July 2013.