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TORONTO, Jan. 28, 2021 (GLOBE NEWSWIRE) — Water Ways Technologies Inc. (TSXV: WWT) (“Water Ways” or the “Company“), is pleased to announce that it received the fourth commercial order in Israel since December 2019, for its Medical Cannabis IOT Irrigation and fertilization systems. The CAD$233,000 order was received from an Israeli Licensed Producer who is currently building a 7,000 Square meters (approximately 75,000 Square feet) Medical Cannabis cultivation facility in Israel. The system is an Internet of Things (“IOT“) controlled irrigation and fertilization system for Cannabis cultivators and growers. Water Ways believes the system is one of the first in the world that was designed for the specific needs of Cannabis growers and cultivators worldwide. The Company expects to deliver and install the system by the end of April 2021 and will recognize revenue from the project within the first six months of 2021.
The purpose of the IOT system is to increase the yield and consistency for cannabis growers and cultivators while maintaining high quality, as well as reducing energy, water, and fertilization costs.
The system was developed in Israel by the Company’s Research and Development staff of engineers using the Company’s unique knowhow gained in the irrigation industry.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/12d737e6-e29d-48cb-926d-b6c4f733f1e8
The system is comprised of the following components:
- A precise drip irrigation system to maximize the cannabis plant’s nutritional absorption together with full monitoring & control of the plant water content & nutrition availability during the different growing stages.
- A fertilizing system composed of the following main components: raw fertilizer tanks and dosing pumps that inject accurate fertilizer formulation into the different compartments of the facility.
- Drainage collection, filtration, and water treatment systems.
- An IOT Control gateway.
An IOT Control Gateway is an integral component of the system which is comprised of an industrial controller and integrated specially developed software to monitor and control various components of the cultivation project. The system provides control over the whole cultivation process by allowing the user to adjust the following features:
- Irrigation, fertilizing & filtration system.
- Climate system monitoring.
- Structural systems (benches, darkening & thermal screens, curtains, heating, dehumidification, ventilation, fans, etc.).
The controller and software are connected and synchronized with a local controller or sensors within the facility. The controller gathers data in a local and remote cloud so the cultivation management staff can use this information to track trends, symptoms and manage correctly their facility.
The controller software can be installed on smart phones, PCs, and local controller touch screens, allowing the growers to decide who is permitted to use the controller, and control it over the web remotely.
Ohad Haber the Company’s Chairman and CEO commented: “This is the fourth order of the system in Israel which is the proof of the advantage of our technology to medical cannabis growers. The system’s first client, Cronos Israel, finished its implementation in 2020. We will continue to focus our efforts on selling this technology internationally.”
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.
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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.
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