TORONTO, Sept. 29, 2021 (GLOBE NEWSWIRE) — Water Ways Technologies Inc. (TSXV: WWT) (FRA: WWT) (“Water Ways” or the “Company“), a global provider of Israeli-based agriculture technology, providing water irrigation solutions to agricultural producers, is pleased to announce that it has received three orders to deliver smart irrigation projects to customers in Canada, China and Mexico. Water Ways is expected to recognize revenue from the orders in Q4 2021 and Q1 2022.
The orders are valued at C$570,000 and include the following:
- A C$320,000 project to design, deliver and build a smart irrigation and fertigation system for a 20 hectare (approximately 50 acres) blueberry cultivation facility in Mexico.
- A C$150,000 project to build a smart irrigation system for a 1 hectare (approximately 2.7 acres) vegetable greenhouse facility in China.
- A C$100,000 project to build smart irrigation and fertigation project for a 26 hectare (approximately 70 acres) apple grove in Ontario, Canada.
According to a market research report published by Allied Market Research in July 2021, the global smart irrigation market size was valued at $USD1.44 Billion in 2020 and is projected to reach USD$5.57 Billion by 2027, growing at a CAGR of 13.9% from 2021 to 2030 (View Source).
Ohad Haber, Chairman and Chief Executive Officer, commented: “We are receiving more and more orders worldwide, which speaks to our impressive reputation, global reach, and track record as being a premier provider of agricultural solutions for farmers and cultivators. We are starting to become very well known for our accomplishments in building irrigation systems for Blueberry cultivators around the world after working successfully, through our Chinese subsidiary, with one of the biggest berry growers in the world, Driscoll’s. Also, I am happy to announce that we are now re-entering Mexico given that we received our first irrigation project in Mexico in several years. I am very excited about our company’s future growth prospects, and I look forward to delivering more orders for smart irrigation systems around the world.”
About Water Ways Technologies
Water Ways Technologies., through its subsidiaries in China and Canada, is a global provider of Israel-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.
Water Ways Technologies’ main revenue streams are derived from the following business units:
(i) Projects Business Unit;
(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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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.