TORONTO, Nov. 23, 2020 (GLOBE NEWSWIRE) — Water Ways Technologies Inc. (TSXV: WWT) (“Water Ways” or the “Company“), is pleased to announce that its 73% owned Chinese subsidiary, IRRI-AL TAL (Shanghai) Agriculture Technology Company Ltd. (“IRRI-AL TAL (Shanghai)”), has signed a contract to deliver and install a 200,000 sq./m turnkey irrigation project, for blueberries, in the Province of Yunnan in China. IRRI-AL TAL (Shanghai) is expected to deliver and install the project and recognize revenue partially during Q4 of 2020 and partially during Q1 of 2021. The total value of the order is approximately CAD$460,000. IRRI-AL TAL (Shanghai) signed the contract with a subsidiary of Driscoll (the “Client“), one of the largest berry growers operating in the world, controlling roughly one-third of the berry market. Water Ways expects to receive additional projects from the Client in 2021 assuming the successful installation in Q1.
Ohad Haber, Chairman and Chief Executive Officer, commented, “I am extremely pleased that we signed this first blueberries contract in China. We have gained a lot of know how in the growth and irrigation of blueberries. There is a large demand for technology and know how in the cultivation of blueberries and we are planning to position WWT as a leader in delivering irrigation technologies for the cultivation of blueberries.”
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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