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TORONTO, March 13, 2023 (GLOBE NEWSWIRE) -- Water Ways Technologies Inc. (TSXV: WWT) (FRA: WWT) ("Water Ways" or the "Company"), a global provider of Israeli-based agriculture technology specializing in water irrigation solutions, is pleased to announce that its Chinese subsidiary (in which the Company holds a 73% interest), IRRI-AL TAL (Shanghai) Agriculture Technology Company Ltd. ("IAT Shanghai"), has received an order to install a wind-block system for a recurring client who ordered an irrigation system for its blueberry project. The wind-block system is designed to counteract high-velocity wind from a specific direction, which poses a challenge for the growth of the blueberry crop. The new system will be installed as part of a 30-hectare turnkey blueberry irrigation project in the province of Yunnan, China. The total value of the order is C$100,000 and the Company expects to recognize revenues in respect of this order in the first and second quarters of 2023.
Ohad Haber, Chairman and Chief Executive Officer, commented: "We are focused on building our reputation for irrigation of high yield crops, especially blueberries. We believe that the system ensures that our growers can provide high-quality blueberries to meet the increasing demand in the market."
Blueberry Wind-Block
About Water Ways Technologies Inc.
WWT through its subsidiaries, is a global provider of Israeli-based agriculture technology, providing water irrigation solutions to agricultural producers. WWT 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, WWT’s main revenue streams are derived from the following business units: (i) Projects Business Unit; and (ii) Component and Equipment Sales Unit. WWT 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. WWT’s irrigation projects include vineyards, Cotton fields, Apple and Orange orchards, Blueberry, Medical Cannabis growers, fresh produce cooling rooms and more, in over fifteen countries.
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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 Technologies Inc. (“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 and its own share prices. All figures are in Canadian dollars unless otherwise indicated.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9d47745e-7c51-405e-b958-406af053ccf6
