TORONTO, Feb. 14, 2022 (GLOBE NEWSWIRE) — Water Ways Technologies Inc. (TSXV: WWT) (FRA: WWT) (“WWT” or the “Company“), a global provider of Israeli-based agriculture technology, providing water irrigation solutions to agricultural producers is pleased to announce the signing, effective February 9, 2022, of a third cotton smart drip irrigation project in Uzbekistan increasing project backlog to be executed in 2022 to over CAD$9,400,000 (compared to $CAD6,700,000 previously disclosed in our press release dated January 31, 2022).
The value of the third project in the Bukhara province of Uzbekistan is CAD$2,700,000 and is planned to be completed by the third quarter of 2022. The agreement includes CAD$100,000 in service and consulting services. The project irrigates using fully automated drip irrigation technology servicing a field of 886 hectares of cotton. The project includes the construction of 6 reservoirs of water and 6 complete head controls. Each head control consists of pumping system, filtration, pressure management units, fertigation, and a cloud based automation system which will activate and operate the entire system.
Operation of the smart irrigation systems will start in the next cotton cultivation season with agronomic and technical assistance from WWT to help the local farm in utilizing the new system and implementing agro-technical practices to improve the yield and output of the farm. WWT believes that drip irrigation for cotton is part of the Uzbek government’s national plan for water and soil conservation. Over the past several years, flood irrigation has caused numerous environmental problems in Uzbekistan, the main one being soil salinity, which may lead to soil erosion, detrimental effects on future crops, sedimentation problems and damage to infrastructure. WWT believes that drip irrigation will lower soil salinity significantly and combined with fertigation practices, will increase yields for the growers whilst conserving water.
All three projects totalling CAD$9,400,000 are repeat orders from a recurring customer who ordered a CAD$4,000,000 system in 2021, validating the quality of the Company’s products, service and customer relations. All payments to Water Ways are secured by Irrevocable Letters of Credit.
Water Ways is currently negotiating additional agreements in Uzbekistan which it hopes to sign in the coming months in the field of smart irrigation in various crops.
Ohad Haber, WWT’s Chairman and CEO commented: “This order brings the backlog of projects to CAD$9,400,000, the largest we ever had in February since I started Water Ways 18 years ago. I expect our business to grow substantially in 2022 as we are seeing increased demand for smart irrigation in many countries around the world.”
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/120f3f84-7ace-4147-b680-a148b6f5e972
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, Blueberry, Medical Cannabis growers, fresh produce cooling rooms and more, in over fifteen 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 and its own share prices. All figures are in Canadian dollars unless otherwise indicated.