January 07, 2020 10:45 ET | Source: Water Ways Technologies Inc.
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TORONTO, Jan. 07, 2020 (GLOBE NEWSWIRE) — Water Ways Technologies Inc. (TSXV: WWT) (“Water Ways” or the “Company“) is pleased to announce that it received the third commercial order for approximately CAD$200,000 for its new CANNAWAYS system from an Israeli Licensed Producer currently building a 30,000 Square meters (approximately 310,000 Sqft) Medical Cannabis Cultivation facility in a Kibbutz in the north of Israel. The CANNAWAYS 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.
Ohad Haber, the Company’s Chairman and CEO, commented, “This is the third order in Israel for CANNAWAYS, which is proof of our technology’s advantage to cannabis growers. The system’s first client Cronos Israel finished its implementation last month. We will now focus on marketing and selling the system internationally.“
CANNAWAYS’ purpose 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.
Additional information on the CANNAWAYS system can be viewed on the Company website at: www.water-ways-technologies.com.
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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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.