Water Ways Signs Largest Contract in Company History; CAD$4M Cotton Irrigation Project in Central Asia

Ramat-David, ISRAEL


NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

TORONTO, Feb. 16, 2021 (GLOBE NEWSWIRE) -- Water Ways Technologies Inc. (TSXV: WWT) ("Water Ways" or the "Company"), is pleased to announce the signing, effective January 28, 2021, of a contract for a large cotton irrigation project in Uzbekistan. The value of the project is approximately CAD$4,054,000 and is to be completed in the second quarter of 2021. Water Ways was chosen to execute the project with the same customer for which the Company completed a very successful implementation of a similar project in Uzbekistan in 2019.

The Water Ways solution deploys fully automated drip irrigation technology across a field of 1,200 hectares of cotton and includes 4 reservoirs totaling 141,000 cubic metre for water security and sedimentation of silt, fed by water channels. Water Ways will provide assistance implementing and optimizing the technology in order to improve the yield and output of the farm.

Water Ways believes that it is well positioned to continue to provide drip irrigation technology to the Central Asian cotton producer market given its track record, expertise and local government mandates for water and soil conservation. Recently, flood irrigation has caused numerous environmental problems in Uzbekistan, including soil salinity, which may lead to soil erosion, detrimental effects on future crops, sedimentation problems and damage to infrastructure. Drip irrigation can lower soil salinity significantly and, combined with fertigation practices, increase yields for the growers whilst conserving water.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/31b9dd71-b44e-41a6-b4d2-565b5a6dd5b9

Ohad Haber, the Company's Chairman and CEO commented: "Our long-term goal is to establish Water Ways as a leading irrigation and agro-technology provider. We have just received the largest irrigation project in the Company's history. We are increasing our revenues through the provision of sophisticated agro-technology platforms following successful delivery of a Cotton project in 2019. In markets such as Uzbekistan we continue to assist the government in water conservation and increasing cotton yields."

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.

For more information, please contact

Ronnie Jaegermann Guy Nathanzon
Director CFO
T: +972-54-4202054 T: +972-52-6007221
E: ronnie@waterwt.com  E: guyn@waterwt.com
   
https://www.water-ways-technologies.com/

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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. All figures are in Canadian dollars unless otherwise indicated.

 


The Company's' Employee in a Cotton Field in Uzbekistan