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TORONTO, Oct. 17, 2019 (GLOBE NEWSWIRE) — Water Ways Technologies Inc. (TSXV: WWT) (“Water Ways” or the “Company“), is pleased to announce that it signed a Memorandum of Understanding (the “MOU”) with a Colombian company, Emerald Bud Corp. (“Emerald”), to assist in the development, supply, installation, and technical support in connection with a project of approximately 43,580 square meters (approximately 10.6 Acres) of greenhouse area, for the production of medical Cannabis in the municipality of San Gil, department of Santander, Colombia (the “Project“). The MOU is subject to certain conditions including: Emerald obtaining the licenses and permits required for the development of the Project; Emerald obtaining the required financing to complete the Project; and Emerald and the Company entering into a definitive agreement confirming the economic terms of the Project (collectively, the “Conditions”).
Pursuant to the MOU, Water Ways responsibility will include:
i. Providing Emerald with technical support in the preliminary phase of the Project in order to assist Emerald in obtaining the required licenses, as well as obtaining financial resources;
ii. Overseeing and accompanying the technological base of the Project, in the technical and agronomic aspects;
iii. Design, supply and installation of complete greenhouses for the cultivation of medical cannabis including irrigation and fertilization systems; and
iv. Training of the Emerald team responsible for the operation of the Project.
Presently, but subject to the Conditions, it is estimated that the Project will consist of several stages as follows:
Stage 1 – a Greenhouse for medical cannabis cultivation of 9,200 square meters;
Stage 2 – a Greenhouse for medical cannabis cultivation of 12,820 square meters;
Stage 3 – a Greenhouse for medical cannabis cultivation of 9,645 square meters; and
Stage 4 – a Greenhouse for medical cannabis cultivation of 11,916 square meters.
Water Ways expects that execution of each stage is dependent on completing the former stage and each stage should be considered as an independent project.
Water Ways further expects that as an integral part of the Project the Company will deliver its CANNAWAYS system.
Water Ways expects the definitive agreement to be signed by the parties by the end of Q2 of 2020 resulting in a material effect on its 2020 and 2021 results.
About Water Ways Technologies
Water Ways is the parent company of IAT which is an Israeli based agriculture technology company that specializes in providing water irrigation solutions to agricultural producers. IAT 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, IAT’s main revenue streams are derived from the following business units: (i) Projects Business Unit; and (ii) Component and Equipment Sales Unit. IAT was founded in 2003 by Mr. Ohad Haber with a view of 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. IAT’s past projects include vineyards, water reservoirs, fish farms, fresh produce cooling rooms and more, in over 15 countries.
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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