Water Ways Technologies Inc. (TSXV: WWT) (“Water Ways” or the “Company“), is pleased to announce that it had signed agreements to deliver four vegetable irrigation projects in Ethiopia with an aggregate value of CAD $680,000. All four vegetable irrigation projects cover an area of 94 Hectares. WWT signed the agreements with a wholly owned subsidiary of Midroc Ethiopia Investment Group (the “Client”), one of the largest investment companies operating in Ethiopia. WWT expects to receive additional orders from the Group in the coming years.
Water Ways expects to recognize revenue from the Projects in the last quarter of 2020, with all projects backed by the Client’s Irrevocable Letters of Credit.
Ohad Haber, Chairman and Chief Executive Officer, commented, “I am extremely pleased with the work our team has done in Ethiopia. These orders are a culmination of our team’s hard work in Ethiopia in spite of the difficulties of the Covid crisis. I expect the signing of these agreements to generate additional revenue from Midroc in 2021 and 2022.”
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