Water Ways Reports 2022 Financial Results: Sales of CAD$14.1M and Net Profit of CAD$2.7M

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TORONTO, May 01, 2023 (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, announces the filing of its Annual Financial Statements (the "Statements") and Managements Discussion and Analysis (the "MD&A") for the year ended December 31, 2022. A comprehensive discussion of Water Ways’ financial position and results of operations is provided in the MD&A, filed on SEDAR (www.sedar.com).

Mr. Ohad Haber, CEO and Chairman of the Board of Water Ways states: "2022 was a challenging year for Water Ways. As a result of the slowdown in financing opportunities in Uzbekistan due to the war in the Ukraine we have shifted our focus to our North American business which resulted in record sales during 2022 of CAD$6M. We hope to continue the successful shift to the North American market in 2023 with the target to have more than 50% of our turnover in North America".  

On Wednesday, May 3, 2022, at 9 am Eastern Time, Water Ways' CFO, Dor Sneh and Ronnie Jaegermann, Director, will host a live webinar with a corporate update, earnings discussion and outlook for 2023 and beyond. An Investor question-and-answer session will follow.

Register: Water Ways Technologies: 2022 financial results

Highlights – Year ended December 31, 2022 in CAD$ in millions (the following information should be read in conjunction with, and is qualified by, the Statements and the MD&A)

• Company's sales were CAD$14.1M for the year ended December 31, 2022, compared to CAD$20.2M for the year ended December 31, 2021.
• Company's net profit was CAD$2.7M for the year ended December 31, 2022, compared with a loss of CAD$6.6M in the year ended December 31, 2021.
• Company's Canadian subsidiary, Heartnut Grove WWT, reached record sales and maintained its growth, 40% year on year in revenues reaching a total of CAD$6M in the year ended December 31, 2022, compared to CAD$4.3M in the year ended December 31, 2021.
• Although the Company's Chinese subsidiary, IAT Shanghai, operated only in the last 4 months of 2022 due to COVID-19 government restrictions, it was able to generate CAD$1.26M in revenues.
• The segment of the Company's revenue generated from the installation and supply of blueberry irrigation systems grew substantially in 2022 and reached over CAD$2.5M from projects delivered in China, Mexico and Ethiopia.
• On July 22, 2022, the Company closed a financing of 746 Convertible Debenture units at a price of CAD$1 (one thousand) per unit, for gross proceeds of CAD$0.75M. 
• Derivative Liability – Warrants and Convertible Debentures relates to a classification under IFRS of outstanding warrants issued as part of a private placement closed in the fiscal year 2021 and the convertible debentures private placement closed in the fiscal year 2022, as a non-cash liability that arises due to the difference in operational currency and functional currency. This liability is revalued each period by an independent third party. The revaluation is at fair value through profit and loss.
  
  

Water Ways Technologies Financial Results Summary (CAD$ in thousands)

The following tables set forth the highlights of the consolidated financial information of the Company and should be read in conjunction with the Statements and the notes thereto.

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.

For more information, please contact

https://www.water-ways-technologies.com/
https://www.hg-wwt.com/ 
Twitter: @WaterWaysTechn1

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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.