Sixth Wave Updates on Affinity(TM) Cannabis Extraction Product
Halifax, Nova Scotia--(Newsfile Corp. - July 22, 2020) - Sixth Wave Innovations Inc. (CSE: SIXW) (OTCQB: ATURF) (FSE: AHUH) ("Sixth Wave" or the "Company") is pleased to provide an update on the development and deployment of its Affinity™ MIP technology which is being used in the Company's Affinity™ Cannabis Extraction System ("Affinity™ System").
Since commencing the development of the Affinity™ System, the Company has achieved a number of key milestones towards delivering an innovative purification solution to the cannabis market. The Affinity™ System uses the Company's patent-pending Affinity™ Molecularly Imprinted Polymer ("MIP") technology for the cannabis and hemp industry. The Company's MIP technology uses formulations which are based on extensive research and development and various levels of bench-scale testing which has demonstrated a strong affinity for cannabinoids and a protocol by which they can be removed selectively and efficiently without modification of the cannabinoids or use of toxic chemicals. Current configurations of the Affinity™ Systems are capable of taking winterized and partially winterized crude cannabis oils and eliminating distillation and chromatography while still yielding high purity distillates and isolates. In addition, the Company is currently researching and developing additional formulations to completely eliminate the need for winterization using the Company's Affinity™ System.
As the Company continues to navigate through the ongoing challenges of COVID-19 it is pleased to highlight the following achievements and developments:
- Appointment of John Cowan, COO: The appointment of John Cowan as Chief Operating Officer, with responsibilities to oversee the production and deployment of the Affinity™ Systems.
- Affinity™ System Engineering and Manufacturing: The Company has successfully sourced and completed the required engineering of the base model Affinity™ System. Extensive engineering was completed to control and manage the introduction of crude cannabis extracts to the company's MIP technology. The Company is currently in the process of completing the pre-commissioning of two Affinity™ Systems which will be deployed upon completion of the standardized operating procedures and protocols, which are currently being finalized. To meet current global demand and scale manufacturing the Company has engaged with two strategic suppliers:
- PuriTech Ltd. (PuriTech): The Company executed a Collaboration Supply Agreement with PuriTech for the manufacture of the Affinity™ System which uses PuriTech's patented ION-IX® system. This design serves as the basis for the Affinity™ System. PuriTech will predominately focus on the production of EU-GMP compliant units for the European market.
- Advanced Extractions Systems Inc. ("AESI"): The Company executed a Letter of Intent to pursue a strategic partnership with AESI, a designer and producer of supercritical CO2 extraction systems, for the production of Affinity™ Systems for non-European markets and the design and production of larger scale installations. AESI has a highly skilled team and existing infrastructure to assist the Company in the delivery and continued support of systems to customers throughout North America. AESI has demonstrated their ability to execute and deliver successful results to their existing clientele, including Organigram Holdings Inc. and Canopy Growth Corporation.
- Pricing Model: The Company has developed of a Total System Performance Licencing ("TSPL") model for the pricing of the Affinity™ Systems, including an up-front equipment set-up fee and ongoing TSPL fees tied to unit production. This pricing model provides a fixed (no hidden cost) processing cost to customers that will be adjusted regularly to market prices for the finished cannabis distillates and isolates. The pricing model has been well received based on conversations with prospective customers.
- Purchase Order for Affinity™ Systems: The Company executed a Memorandum of Understanding and Purchase Order with Green Envy LLC, with operations in Riverdale, Michigan for the purchase of a minimum of three Affinity™ Systems for the production of full-spectrum cannabis distillates. The cannabis distillates will be used in cannabis infused drinks, edibles, and cartridges, and other consumer products. The Company expects to deliver the first revenue generating system to Green Envy during Q3 2020.
- Strategic Alignment with Natural Ascent: The formation of a strategic alignment with Natural Ascent Consulting for the deployment and use of a small-scale Affinity™ System for the remediation of non-compliant hemp and cannabis extracts, as well as standard extraction of cannabinoids from other crude extracts.
- Aurora Analytics Acquisition: The Company is in the process of completing the acquisition of Aurora Analytics LLC to bolster the Company's scientific and technological team. Aurora Analytics recently expanded its research facility to meet the increased demand for additional cannabinoid separation applications. Upon the closing of the transaction the Company plans to expand its research and development to include additional high value minor cannabinoids including CBG, CBN, THCV and others.
"I am exceptionally pleased with the Company's achievements over the first half of 2020", noted Dr. Jonathan Gluckman, President & CEO of Sixth Wave, "The steps we have taken position us strongly to complete the commercialization and roll-out of our Affinity™ System. While COVID-19 has resulted in some delays due to travel restrictions, and contributed to the loss of our early testing partner, we are well positioned to deliver on our initial order of Affinity™ Systems in Q3 of this year. Furthermore, the Company has generated substantial interest worldwide and has received over 150 inquiries from cannabis and hemp producers for Affinity™ Systems to support processing capacities between 20kg and 1000kg of finished distillate per day."
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 Affinity™ 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 relevant for 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 Affinity™ System scale-up, performance, and commencement of full-scale production. All statements in this release, other than statements of historical facts, that address future events or developments that the Company expects, are forward-looking statements. Although the Company 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 AffinityTM System performance may not be maintained at production level, that anticipated cost savings and performance levels relative to competing technologies may not be realized, that other technologies with better performance or costs may be developed by competitors, or that the regulatory regime related to cannabis and hemp, which has evolved rapidly, may change in a manner adverse to the Company's business, and other risks detailed in the Company's filing statement available at www.sedar.com, which may cause the Company'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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