Hi Pat: I have been a member for a few months now, and I appreciate your sound advice and knowledge. Would you please give me your thoughts on EnWave Corp.? Thanks for your help.
EnWave Corp., $1.30, symbol ENW on Toronto (Shares outstanding: 57.3 million; Market cap: $74.5 million), develops technology that dehydrates food and health products. Its main clients are in the pharmaceutical and food-preparation businesses.
In the three months ended March 31, 2010, EnWave’s revenue fell sharply, to $63,300 from $473,103. The company lost $749,748, or $0.01 a share, compared to a loss of $458,776, or $0.01 a share, a year earlier. Cash flow was negative $569,161, or $0.01 a share, in the latest quarter.
EnWave faces competition from existing dehydration technologies, such as freeze drying. As well, there are currently other alternatives under development. Moreover, the company must win industry acceptance, something that is especially difficult in the pharmaceutical business. Then it needs to add contracts to generate positive cash flow and profits.
However, the company has enough cash ($6.3 million, or $0.11 a share) to sustain itself while it markets its technology. Plus, it has made sales to clients in…
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