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TORONTO, Nov. 10, 2022 (GLOBE NEWSWIRE) — Water Ways Technologies Inc. (TSXV: WWT) (FRA: WWT) ("Water Ways" or the "Company"), a global provider of Israeli-based agriculture technology, providing water irrigation solutions to agricultural producers, is pleased to announce that its 73% owned Chinese subsidiary, IRRI-AL TAL (Shanghai) Agriculture Technology Company Ltd. ("IAT (Shanghai)"), has signed a contract to deliver and install a 30 hectares (74 acres) turnkey blueberries irrigation project in the People’s Republic of China. IAT (Shanghai) is expected to deliver and install the project and recognize revenue partially during Q4 of 2022 and partially during Q1 and Q2 of 2023. The total value of the order is approximately CAD$770,000. IAT (Shanghai) signed the contract with a Chinese subsidiary of Driscoll’s (the "Client"), one of the largest berry growers operating in the world, controlling roughly one-third of the berry market. The Client is a recurring customer of Water Ways having used Water Ways for a successful planning, installation, execution and delivery in 2021 blueberry project (see press releases dated June 14, 2021 and November 23, 2020).
Ohad Haber, Chairman and Chief Executive Officer, commented: "I am extremely pleased that we signed a second blueberries contract with a recurring major customer in China and third blueberry project in the region. We continue developing a reputation for being a leader in delivering irrigation systems that are tailor-made for enhancing yield and crop quality for high value crops and especially blueberries."
Blueberry Irrigation Project
About Water Ways Technologies
Water Ways Technologies Inc., through its subsidiaries, is a global provider of Israeli-based agriculture technology, providing water irrigation solutions to agricultural producers. Water Ways Technologies competes in the global irrigation water systems market with a focus on developing solutions with commercial applications in the micro and precision irrigation segments of the overall market. At present, Water Ways Technologies’ main revenue streams are derived from the following business units: (i) Projects Business Unit; and (ii) Component and Equipment Sales Unit. Water Ways Technologies is capitalizing on the opportunities presented by micro and smart irrigation, while also making a positive mark on society by making these technologies more widely available, especially in developing markets such as Africa and Latin America and developed markets such as China and Canada. Water Ways Technologies irrigation projects include vineyards, Cotton fields, Apple and Orange orchards, Blueberry, Medical Cannabis growers, fresh produce cooling rooms and more, in over fifteen countries.
For more information, please contact
| Ronnie Jaegermann | Dor Sneh | Dr. Eva Reuter |
| Director | CFO | Investor Relations – Germany |
| T: +972-54-4202054 | T: +972-54-6512500 | +49 69 1532 5857 |
| E: ronnie@waterwt.com | E: dor@irri-altal.com | E: e.reuter@dr-reuter.eu |
https://www.water-ways-technologies.com/
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Forward-Looking Statements
Certain statements contained in this press release constitute "forward-looking information" as such term is defined in applicable Canadian securities legislation. The words "may", "would", "could", "should", "potential", "will", "seek", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions as they relate to Water Ways. All statements other than statements of historical fact may be forward-looking information. Such statements reflect Water Ways’ current views and intentions with respect to future events, and current information available to Water Ways, and are subject to certain risks, uncertainties and assumptions. Material factors or assumptions were applied in providing forward-looking information. Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking information to vary from those described herein should one or more of these risks or uncertainties materialize. Should any factor affect Water Ways in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, Water Ways does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release and Water Ways undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law. Water Ways’ results and forward-looking information and calculations may be affected by fluctuations in exchange rates and its own share prices. All figures are in Canadian dollars unless otherwise indicated.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f2a704ce-bd33-417c-8a5c-98adfd00c755
