Sixth Wave Signs MOU for Delivery of Three Affinity(TM) Processing Units
Vancouver, British Columbia--(Newsfile Corp. - April 2, 2020) - Sixth Wave Innovations Inc. (CSE: SIXW) (OTC Pink: ATURF) (FSE: AHUH) ("Sixth Wave" or the "Company") is pleased to announce the execution of a Memorandum of Understanding (the "MOU") with Green Envy, LLC ("Green Envy" or the "Extractor") for the purchase of a minimum of three AffinityTM extraction units (the "Affinity System", "Affinity Units" or "Units").
Green Envy is a cannabinoid extraction company specializing in the production of high-quality concentrates, distillates and edibles. The company sources its input feedstock from select growers in the states in which it operates; then applies carefully controlled heat, pressure and natural ethanol processes to render cannabis extracts of the highest quality and purity, without the negative impacts of hydrocarbons, CO2, or pesticide remediation.
Green Envy will deploy the Affinity Units for the production of full-spectrum distillates. The Affinity System has the potential to offer seamless integration with Green Envy's existing process platform, enhancing the Extractor's ability to deliver full-spectrum distillates of value in the production of specialty products such as customized drinks, edibles and cartridges.
"We're extremely pleased to be working closely with Green Envy in the commercialization and roll-out of the Affinity System for the production of full-spectrum distillates," said Dr. Jonathan Gluckman, CEO of Sixth Wave. "Green Envy's vision and focus on delivering the highest quality food-grade products aligns perfectly with the advanced capabilities of the Affinity platform. These initial three units have substantial potential production capacity, while offering Green Envy a springboard for rapid and scalable growth thereafter."
"Green Envy is committed to being at the forefront of advanced process technology in the cannabis sector," said Amato Spagnoletti, Director of Green Envy. "In turn, the migration towards Sixth Wave has been a natural one. We believe that the potential simplicity-of-use along with prospective capital and operational cost savings will set the platform apart. We're pleased to obtain exclusive 'First Mover' status for Affinity for our markets in Michigan and Massachusetts and look forward to other expansion opportunities in partnership with Sixth Wave."
Total System Performance License
The non-binding MOU contemplates the purchase and delivery of the units pursuant to the terms of a Total System Performance License (TSPL) to be finalized by the parties. The term of the TSPL is expected to be three years, with automatic renewals for additional three-year terms, absent notification by either party to the contrary sixty days prior to the expiration of the then-current term. Initial equipment set-up fees and ongoing royalty fees (to be applied on a per-gram basis of produced distillate) applicable to the Affinity System will be specified in the finalized agreement.
The MOU provides Green Envy with a twelve-month exclusivity period to utilize the Affinity System for the cannabis market within the states of Michigan and Massachusetts (the "First Mover Provision"). The production of products derived from hemp is excluded from the First Mover Provision."
Initial Affinity Unit Commissioning
Further to a signed hardware loan and services agreement between the parties (the "HLSA"), Sixth Wave will prepare an initial Affinity Unit for delivery, installation and commissioning at a Green Envy facility in Riverdale, Michigan. Under the terms of the HLSA, the parties will collaborate on the optimization of the Unit, including the documentation of standard operating procedures for the production of full spectrum distillate. The commissioning process of the initial Unit will include the validation of capacity and selectivity, as well as production rates in full production mode.
Molecularly Imprinted Polymers
The Affinity System is a cannabinoid separation and isolation platform which utilizes Sixth Wave's patent pending nanotechnology. Sixth Wave has developed this technology using Molecularly Imprinted Polymers ("MIPs"). The MIPs manufacturing process imprints a "template" for a specific target molecule onto a polymer substrate during the manufacturing process. A suspension polymerization process produces porous beads of a specified size with a very high surface area allowing the ability to collect a high volume of the target molecules. The targeted selectivity of the beads promises to increase the recovery of cannabinoids lost in traditional processing circuits involving chromatography.
Sixth Wave's scientific team has 20+ years of combined experience in the development and commercialization of products incorporating MIP technology. In addition to the Affinity system, MIPs can be used to target other elements for extraction or detection, including both organic and inorganic elements or compounds.
About Green Envy
Green Envy is a producer of cannabis concentrates, distillates and edibles, manufacturing products of the highest standard, using only the finest materials available from its partners and contributing farms. The company's laboratory is also an ODA certified kitchen, ensuring the best possible food-grade quality of its output products. Green Envy has developed a multi-step process to gently purify cannabis by removing all excess plant matter (chlorophyll, plant waxes, etc.) while preserving the plant's full complement of cannabinoids and terpenes to maximize efficacy and take advantage of the natural "entourage effect". Green Envy offers a variety of refined cannabis/CBD oils and distillates ready to formulate into drinks, edibles and cartridges available in branded or white label configurations.
About Sixth Wave
Sixth Wave is a development stage nanotechnology company with patented technologies that focus on extraction and detection of target substances at the molecular level using highly specialized molecularly imprinted polymers (MIPs). The Company is in the process of commercializing its AffinityTM cannabinoid purification system, as well as, IXOS®, a line of extraction polymers for the gold mining industry.
Sixth Wave can design, develop and commercialize MIP solutions across a broad spectrum of industries. The company is focused on nanotechnology architectures that are highly amenable to the detection and separation of viruses, biogenic amines and other pathogens, for which the Company has products at various stages of development.
For more information about Sixth Wave, please visit our web site at: www.sixthwave.com
ON BEHALF OF THE BOARD OF DIRECTORS
Jonathan Gluckman, Ph.D., President & CEO
For information, please contact the Company:
Phone: (801) 582-0559
This press release includes certain statements that may be deemed "forward-looking statements" including statements regarding the potential sale of AffinityTM Units and the anticipated terms of a TPSL. All statements in this release, other than statements of historical facts, that address future events or developments that Sixth Wave expects, are forward looking statements. Although Sixth Wave believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual events or developments may differ materially from those in forward-looking statements. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, including the risks that Green Envy may decide not to enter into a binding order or definitive TPSL, that the parties may not reach agreement on a definitive form of TPSL, that AffinityTM Unit performance may not be at a sufficiently high level, or that the regulatory regime related to cannabis and hemp, which has evolved rapidly, may change in a manner adverse to the Sixth Wave's or Green Envy's business, and other risks detailed in Sixth Wave's filing statement available at www.sedar.com, which may cause Sixth Wave's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements.
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