Water Ways Reports Q3 2019 Financial Results
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
TORONTO, Nov. 29, 2019 (GLOBE NEWSWIRE) — Water Ways Technologies Inc. (TSXV: WWT) (“Water Ways” or the “Company“) reports its financial and business results and is pleased to provide highlights and comments on the results for the three months ended September 30, 2019. The Company’s financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS“).Ohad Haber, President, CEO and Chairman of the Board of Water Ways, commented: “The Company continues our development plan and expansion upon our listing on the TSX-V in March 2019. We continue to increase our global footprint in the cannabis industry with the launch of CANNAWAYS with the intention of positioning Water Ways as a key technology provider to cannabis cultivators around the world. We have now received the third order for the system which proves the acceptance in the market.” Mr. Haber continued: “We have started to build our presence in the North American farming community and irrigation market after establishing our Heartnut grove subsidiary in Ontario. I am happy to inform that we in the middle of the process establishment of our new Chinese subsidiary in China. As a result of our strategy, we have received a substantial order that and have a very positive outlook for 2020. Mr. Haber continued: “While our revenue was slightly higher, compared to the same period in 2018, our project and acquisition pipeline continues to expand, and I am especially pleased with the substantial increase in sales of our product division. We look forward to providing more exciting updates as the Company continues to expand its global footprint.”Financial Highlights for the third quarter ended September 30, 20191:The following are financial highlights of Water Ways’ operating results for the three months ended September 30, 2019, compared to the three months ended September 30, 2018:
The Company allocated the incremental costs that were directly attributable to issuing new shares to equity (net of any income tax benefit) and the costs that were related to the stock market listing or are otherwise not incremental and directly attributable to issuing new shares, were recorded as an expense in the statement of comprehensive income. Costs that were related to both share issuance and listing were allocated between those shares based on the number of shares.
The following is a summary of key balance sheet items as of September 30, 2019, compared to December 31, 2018:Cash and cash equivalents were C$0.74 million as compared to C$0.32 million;Current assets of C$9.90 million as compared to C$7.80 million;Total assets of C$11.23 million as compared to C$8.36 million;Current liabilities of C$7.58 million as compared to C$4.47 million;Non-current liabilities of C$0.3 million as compared to C$0.38 million.Business Highlights for the third quarter ended September 30, 2019 and Subsequent events:
Water Ways Technologies Financial Results Summary
The following tables set forth consolidated statements of financial information of Irri-Al-Tal Ltd. (“Irri-Al-Tal“) and Heartnut Grove WWT Inc., wholly owned subsidiaries of the Company, since the reverse-takeover transaction between Irri-Al-Tal and the Company has occurred during the first quarter ended March 31, 2019.A comprehensive discussion of Water Ways’ financial position and results of operations is provided in the Company’s Management Discussion & Analysis (“MD&A“) for the three and nine months ended September 30, 2019 filed on SEDAR and can be found at www.sedar.com.About Water Ways Technologies
Water Ways is the parent company of Irri-Al-Tal Ltd. (“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.For more information, please contactDean Stuart
T: 403 617 7609
E: email@example.com Ronnie Jaegermann
E: firstname.lastname@example.org://www.water-ways-technologies.com/Forward-Looking StatementsCertain 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.Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.1Israeli New Shekel is Water Ways’ functional and reporting currencies. USD and CAD equivalent figures hereto are presented using ILS/USD and ILS/CAD quarterly exchange rates of 2019 of 3.5886 and 2.7 respectively and of 2018 of 3.5583 and 2.7638 respectively for income statement items, where applicable; and the September 30, 2019 ILS/USD and ILS/CAD exchange rates of 3.482 and 2.6267 respectively, and December 31, 2018 ILS/USD and ILS/CAD exchange rates of 3.748 and 2.7517 respectively for balance sheet items, where applicable.