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TORONTO, Feb. 19, 2020 (GLOBE NEWSWIRE) — Water Ways Technologies Inc. (TSXV: WWT) (“Water Ways” or the “Company“) announces additional orders for five water and irrigation projects in Ethiopia with a value of CAD$1,205,000. These additional projects demonstrate continued acceptance of Water Ways project acumen and the generation of recurring revenue with existing clients.
Ethiopia Projects First Half 2020
- Water supply and control system for a Polymer factory in Northern Ethiopia;
- 12 Hectare (30 acre) drip irrigation project for irrigating an Avocado plantation in Central Ethiopia;
- Shade net structure and irrigation equipment for a vegetable farm in Central Ethiopia;
- Refurbishing and upgrading 100 Hectare (250 acre) vineyard irrigation system previously installed by Water Ways 10 years ago in Central Ethiopia;
- Upgrading of a water reservoir for an existing client near Addis Ababa.
Water Ways expects to recognize revenue from the projects in the first half of 2020, with all projects backed by letters of credits.
Ohad Haber, Chairman and Chief Executive Officer, commented, “I am extremely pleased with the work our team has done in Ethiopia. These orders are a culmination of our team’s hard work in Ethiopia in 2019 and we hope an indication that we will have further strong growth in Ethiopia as the year progresses. Our dedication to providing irrigation solutions in challenging environments allows growers and farmers to increase yields, optimize water use and maximize profits.”
About Water Ways Technologies
Water Ways is the parent company of Irri-Al-Tal Ltd. (“IAT“), 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.
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