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TORONTO, May 26, 2020 (GLOBE NEWSWIRE) -- Water Ways Technologies Inc. (TSXV: WWT) ("Water Ways" or the "Company") announces that in accordance with OSC Instrument 51-502 - Temporary Exemption from Certain Corporate Finance Requirements, and due to the COVID-19 pandemic (resulting in disruptions to the Company’s access to facilities, support staff and professional advisors), it intends to postpone the filing of its consolidated financial statements and accompanying management's discussion and analysis and related CEO and CFO certifications for the three months ended March 31, 2020 (collectively, the "Quarterly Filings"), which are required to be filed by May 30, 2020, under Sections 4.4 and 5.1(2) of National Instrument 51-102 - Continuous Disclosure Obligations.
On March 18, 2020, the Canadian Securities Administrators (CSA) announced that they would provide issuers with a 45-day filing extension for filings required on or before June 1, 2020, to allow issuers the time needed to focus on the many other business and financial reporting implications of the COVID-19 pandemic.
The Company will rely on this exemption with respect to the Quarterly Filings. The Company is continuing to work diligently and expeditiously to file the Quarterly Filings and currently expects them to be filed on June 15, 2020.
Until such time as the Quarterly Filings are filed, management and other insiders of the Company are subject to a trading black-out that reflects the principles in section 9 of National Policy 11-207.
The Company confirms there have been no undisclosed material business developments since April 29, 2020, the date of filing the Company's annual financial statements for the period ended December 31, 2019, except as otherwise disclosed in this press release.
About Water Ways Technologies
Water Ways is the parent company of Irri-Al-Tal Ltd. ("IAT"), 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.
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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.