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TORONTO, Jan. 31, 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 producersis pleased to announce the signing, effective January 29, 2022, of two cotton drip irrigation projects in Uzbekistan with a total value of CAD$6,700,000.The projectsare 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.
The value of the first project in the Surkhandarya province of Uzbekistan is approximately CAD$2,860,000 and is to be completed in the third quarter of 2022. The agreement includes about CAD$102,000 in service and consulting services. The project irrigates using fully automated drip irrigation technology servicing a field of 990 hectares of cotton. The project includes the construction of 4 reservoirs of water and 4 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.
The value of the second project in the Tashkent province of Uzbekistan is approximately CAD$3,840,000 and is to be completed in the third quarter of 2022. The agreement includes about CAD$313,000 in service and consulting services. The project irrigates using fully automated drip irrigation technology servicing a field of 1,200 hectares of cotton. The project includes the construction of 5 reservoirs and 5 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 similar to the above.
Operation of the systems will start in the next cotton cultivation season with agronomic and technical assistance from WWT in order 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.
Water Ways is currently negotiating additional similar agreements in Uzbekistan which it hopes to sign in the coming weeks in the field of smart cotton irrigation.
"Our long-term goal is to bring cutting-edge Israeli irrigation and other agro-tech solutions to the world," said Ohad Haber, WWT's Chairman and CEO. "These orders – a repeat order from our largest client to date, and a second, equally substantial order – confirm the trust that clients place in Water Ways Technologies’ experience and expertise. We now plan to leverage that trust to exceed all our financial targets in 2022. We are especially proud of the demonstrable environmental benefits that come with use of our technology."
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ede9fe94-b8ca-4d08-9e4f-4f8d02232eb5
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.
| For more information, please contact | ||
| Ronnie Jaegermann Director T: +972-54-4202054 E: ronnie@waterwt.com | Dor Sneh CFO T: +972-54-6512500 E: dor@irri-altal.com | Dr. Eva Reuter Investor Relations - Germany +49 69 1532 5857 E: e.reuter@dr-reuter.eu |
| https://www.water-ways-technologies.com/ | ||
| Twitter: @WaterWaysTechn1 | ||
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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. 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.
