— 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.”
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 orchids, Blueberries, Medical Cannabis, fresh produce cooling rooms and more, in over 15 countries.
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