Water Ways Technologies (WWT.V), a Canadian-based agriculture technology company, announced today that its 100%-owned subsidiary, Heartnut Grove WWT Inc, signed an agreement to design and supply a complete smart irrigation and fertigation system for a recurring customer.
In the deal, HGWWT will provide irrigation and fertigation systems for an apple orchard project in Southern Ontario. For the first stage of the contract, HGWWT will received $850,000 CAD, utilizing the latest Israeli technologies for smart irrigation, fertigation and control systems, and are designed by Water Ways’ engineers.
It is expected that the installation of the project will commence in Q3 2023 and continue throughout the first months of 2024. The system is expected to be commissioned at the end of Q1 2024.
Ohad Haber, company chairman and CEO, commented on the deal, “We are excited to have the opportunity to provide our cutting-edge irrigation system for this apple orchard project. This project represents a significant milestone for HGWWT, and we look forward to continuing to expand our business and provide innovative solutions to agricultural producers.”
In recent news, the company announced $405,750 private placements of equity convertible debenture units.
At the end of February, Water Ways’ Chinese subsidiary, IRRI-AL TAL Agriculture Company, announced it was in the final stages of installing a 30 hectares turnkey blueberries irrigation project in the province of Yunnan, China. The project, is a repeat order from an existing client and utilizes precise irrigation and fertigation technology allowing for accurate and efficient distribution of water and nutrients to the blueberry plants.
The company reported $1.99 million USD in cash and cash equivalents as of September 30, 2022 with total revenues of $2.01 million for the three months ending September 30, 2022 and a net comprehensive loss of $332,000 for the same period.
Water Ways currently trades for $0.11 CAD per share for a market cap of $15.52 million.
