Sixth Wave Signs MOU with Retro Cannabis and Hemp Extracts for Delivery of Affinity™ Production / Commercial Demonstration Facility
Halifax, Nova Scotia – (May 18, 2022) – Sixth Wave Innovations Inc. (CSE: SIXW) (OTCB: SIXWF) (FSE: AHUH) (“Sixth Wave” or the “Company“) is pleased to announce the execution of a Memorandum of Understanding (the “MOU”) with Retro Cannabis and Hemp Extracts (“Retro”) signed May 6th, 2022 for the purchase and operation of the AffinityTM cannabinoid purification system (the “Affinity™ System.”)
Retro is a microprocessor located in Atlantic Canada with strong and trending growth expectations in the coming year. The installation will be a Discovery version of the Affinity™ System which allows compliant processing under the existing license. Retro is a sister company to Advanced Extractions Systems Inc. (“AESI”) and operates within the AESI facility. As previously announced, AESI will manufacture all Affinity™ System hardware for Sixth Wave. Dr. Jon Gluckman, President and CEO of Sixth Wave states “The installation of the Discovery System at Retro is a great opportunity for us to develop a new customer and install a working unit at our manufacturer that focuses AESI expertise and operational knowledge on the Affinity™ System. The flexibility to process high THC cannabis on-site at Retro and process material from other extractors will facilitate continued process and design improvements. Further, we can design the parameters for complete pre-delivery configuration setup at AESI prior to system delivery to our other customers. This integration of a processing customer and our manufacturing team is a unique opportunity to strengthen our sales and distribution process. Retro and AESI, in concert with Sixth Wave, will utilize the Discovery operating system as a ‘commercial demonstration facility’ for other licensed producers and potential customers. They can evaluate and compare the Discovery System with our full size Affinity™ System to completely understand the value proposition and efficiency of the System.”
Peter Toombs, CEO of Retro and AESI, states “we are excited to create synergy with Sixth Wave on a truly cutting-edge technology. We view nanotechnology as the wave of the future for purification in the cannabis industry and for other botanicals. Being able to run an operational system at this scale will provide invaluable support as a manufacturer and customer. We look forward to direct integration in Sixth Wave’s activity offering exciting new productivity tools to our established customer base.”
Total System Performance License
The non-binding MOU contemplates the purchase and delivery of the unit pursuant to the terms of a Total System Performance Lease (TSPL). The term of the TSPL is 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 license fees will be specified in the finalized Agreement.
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. The targeted selectivity of the beads promises to increase the recovery of cannabinoids lost in traditional processing circuits involving winterization, distillation, and chromatography.
About Sixth Wave
Sixth Wave is a nanotechnology company focused on extraction and detection of target substances at the molecular level using its patented technologies in the highly specialized field of molecularly imprinted polymers. In addition to the AffinityTM System, the Company is in the process of commercializing IXOS®, a line of extraction polymers for the gold mining industry. The nanotechnology architectures that the Company specializes in are amenable to other relevant detection and separation problems including the detection of viruses 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 IXOS® and AffinityTM Systems scale-up, THC remediation 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.