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TORONTO, July 29, 2019 (GLOBE NEWSWIRE) -- Water Ways Technologies Inc. (TSXV: WWT) ("WWT" or the "Company"), is pleased to announce the completion of its previously announced (see the Company’s press release of April 17, 2019 www.sedar.com) first irrigation project in Uzbekistan, Central Asia. The value of this project is approximately CAD $480,000. of which CAD$432,000 have already been received by the Company and the balance is expected to be received by the Company in the coming weeks. The irrigation solution has been fully delivered to the client after a completion of the quality assurance inspection. The project irrigates using drip irrigation technology servicing a field of 160 hectares of cotton and includes a 20,000 m3 reservoir for sedimentation. Operation of the system will start in the next season with agronomic and technical assistance from WWT, to help the local farm in the utilization of the new system and the implementing of agro-technical practices to improve the yield and output of the farm. WWT believes that drip irrigation for cotton will be part of the Uzbekistan government's national plan for water and soil conservation. Over the past several years flood irrigation has caused numerous environmental problems in Uzbekistan; the main one being soil salinity, which may lead to soil erosion, detrimental effects on future crops, sedimentation problems and damage to infrastructure. WWT believes that drip irrigation will lower soil salinity significantly and combined with fertigation practices will increase yields for the growers.
Three figures accompanying this announcement are available at:
WWT is also pleased to announce that it has signed two new irrigation projects in Ethiopia. The first project consists of the installation of advanced irrigation technology assembled at a 3,000 hectare sugar cane field and the supply of various components, such as valves and fittings for sprinkler systems. The value of this project is approximately CAD$600,000 and WWT expects it to be delivered and installed in the next several months. The second project consists of the upgrade of an existing 25-hectare herb greenhouse, valued at approximately CAD$200,000, which will focus on redesigning and remaking the farm’s head control system, including pumps, filters, controllers, fertigation units, valves, pipes, fittings and accessories. Both projects in Ethiopia are guaranteed by Letter of Credits and payments to the Company in respect of both projects are anticipated in Q4 of 2019.
Ohad Haber the Company's Chairman and CEO commented: "Our long-term goal is to establish Water Ways as a leading irrigation and agro technology provider worldwide. We are successfully entering new markets such as Uzbekistan assisting the government in water conservation and increasing cotton yields. I am furthermore delighted on signing the new projects in Ethiopia, a country where the Company has conducted business in the past. We are the leading provider of smart irrigation and irrigation technology solutions in Ethiopia. We thank all the WWT shareholders for their continued following and support and look forward to providing further updates as we continue to establish the Company as a leading global provider of irrigation solutions."
About Water Ways Technologies
Water Ways is the parent company of IAT which is an Israeli based agriculture technology company that specializes in providing water irrigation solutions to agricultural producers. IAT 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, IAT's main revenue streams are derived from the following business units: (i) Projects Business Unit; and (ii) Component and Equipment Sales Unit. IAT was founded in 2003 by Mr. Ohad Haber with a view of 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. IAT’s past projects include vineyards, water reservoirs, fish farms, fresh produce cooling rooms and more, in over 15 countries.
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.
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