TORONTO, March 18, 2021 (GLOBE NEWSWIRE) — Water Ways Technologies Inc. (TSXV: WWT) (“Water Ways” or the “Company“), is pleased to announce that it had signed an agreement to deliver a strawberry irrigation project in Ethiopia with a value of CAD $330,000 subject to receipt from the client of an irrevocable letter of credit. The strawberry irrigation project covers an area of 20 hectare of greenhouses, using Israeli drip irrigation technology. Water Ways expects to recognize revenue from the project in the second and third quarter of 2021.
Water Ways signed the agreement with a wholly owned subsidiary of Midroc Ethiopia Investment Group (the “Group“), one of the largest investment companies operating in Ethiopia. Previously, Water Ways successfully implemented projects with the Group in 2020 (see press release dated September 9, 2020).
Ohad Haber, Chairman and Chief Executive Officer, commented: “Our business in Ethiopia is having a strong start in 2021. This is also the first irrigation project in Ethiopia implemented by Water Ways for higher value crops such as strawberries, blueberries and Cannabis.”
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/313d748a-1ec3-42da-8752-a421e25fba45
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 orchards, Blueberries, Medical Cannabis, fresh produce cooling rooms and more, in over 15 countries.
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