Water Ways Signs a CAD$1.3 Million Irrigation Project in Central Asia

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TORONTO, Jan. 19, 2021 (GLOBE NEWSWIRE) — Water Ways Technologies Inc. (TSXV: WWT) (“WWT” or the “Company“), is pleased to announce the signing, effective January 13, 2021, of a large scale irrigation project in Uzbekistan. The value of the project (aggregate revenue to the Company) is CAD $1,300,000. The project servicing a field of several crops including: 250 hectare of carrots, potatoes and corn and a 40 hectare almond grove, will be irrigated using the Company’s drip irrigation technology. Operation of the system will start in the next season with agronomic and technical assistance from WWT, to help the local farm in utilizing the new system and implementing agro-technical practices to improve the yield and output of the farm. Water Ways expects to recognize revenue from the project within the first 6 months of 2021.

Ohad Haber the Company’s Chairman and CEO commented: “I am extremely pleased with the signing of the contract. This is the second large scale irrigation projects we are implementing in Uzbekistan. In 2019 and 2020 we completed a large cotton irrigation project and we were chosen to lead this project as a result of the reputation we gained by completing the cotton 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, Blueberries, Medical Cannabis, fresh produce cooling rooms and more, in over 15 countries.

For more information, please contact:

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. All figures are in Canadian dollars unless otherwise indicated.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/231bd3a5-35b2-4ad1-9f9c-540cb6818129