Water Ways Signs Agreements to Deliver Irrigation Projects in Ethiopia Totalling CAD$680 Thousands

— 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.

For more information, please contact

Ronnie Jaegermann
Director
T: +972-54-4202054
E: ronnie@waterwt.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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.

SOURCE GLOBENEWSWIRE

CANDLR WATER WAYS TECHNOLOGIES INC. COMPANY PROFILE

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