- Agricultural technology provider Water Ways Technologies (WWT) has received several orders, worth approximately C$1.2 million combined
- The orders are for the delivery of degradable plastic mulch to company customers in Canada and North Africa
- The mulch will help to increase the conservation of moisture in soil, resulting in reduced water usage and related costs
- Pending an Irrevocable Letter of Credit, the company will deliver the orders in the next six months
- Water Ways Technologies (WWT) last traded for six cents per share on October 8, 2020
Agricultural technology provider Water Ways Technologies (WWT) has received several orders, worth approximately C$1.2 million combined.
The various orders received by the company came from clients in Canada as well as North Africa. Of the aggregate $1.2 million, approximately $488,000 of orders from North Africa are conditional on Water Ways receiving an Irrevocable Letter of Credit from the purchaser.
Per the orders, Water Ways will deliver degradable plastic mulch to company customers in Canada and North Africa. The clients will use the mulch to increase the conservation of moisture in soil, which will result in reduced water usage and other related costs.
Pending the aforementioned Irrevocable Letter of Credit, the company will deliver these orders in the next six months.
Water Ways’ main source of revenue is from providing water irrigation solutions to agricultural producers in over 15 countries. However, the company has begun to apply its technologies into new industries and opportunities, such as providing a water supply system for a gold mine in Ethiopia.
Water Ways Technologies’ Chairman and CEO, Ohad Haber, commented on this latest round of orders, indicating that they represent a new line of revenue to supplement the company’s main irrigation equipment services.
“I compliment our Canadian Managing Director, John Pol, for the hard work he has done to obtain these orders, a tribute to the professional work he continues to produce.
“We see this line of business complementary to our irrigation business, assisting us in delivering unique technology to farmers around the world,” he said.
Water Ways Technologies (WWT) last traded for six cents per share on October 8, 2020.