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TORONTO, Oct. 01, 2024 (GLOBE NEWSWIRE) -- Water Ways Technologies Inc. (TSXV: WWT) (FRA: WWT) ("Water Ways" or the "Company"), a global provider of Israeli-based agriculture technology, providing water irrigation solutions to agricultural producers, announces that further to previous disclosure where WWT advised that it is focusing on the Canadian market in an effort to streamline operations by reducing fixed and variable costs, that it has today filed with the local Israeli courts, an application (the "Application") to cease the operations of the Israel subsidiary Irri-Al-Tal Ltd. ("IAT"). The filing of the Application has been approved by the directors of WWT and is not expected to affect the revenues and operation of WWT which primarily come from its Canadian subsidiary, Heartnut Grove WWT Inc. ("HGWWT").
Mr. Ohad Haber, CEO and Chairman of the Board of Water Ways states: "This process is a continuation of the company's reduction in expenditure and shift to the North American market. This process is not expected to cause affect our continued operations in this region."
The liquidation proceedings in Israel following the Application are expected to be conducted as follows:
- The Application is filed by IAT to a district court in Israel. In this Application, IAT will advise that the proceedings are required for the rehabilitation of IAT.
- The district court examines the Application and instructs the relevant government authority (the official receiver) to examine if the Application meets the procedural requirement of law (technicalities).
- The relevant government authority suggests appointing a trustee and the court appoints a trustee and determines the scope of the trustee's powers.
- In case of liquidation, the trustee performs a series of inquiries in order to track assets or rights that can be of use in order to repay any debt ("Debt") of IAT to all creditors, or part of it.
- If the Trustee tracks assets/rights he/she takes the necessary steps in order to receive them, sell them and pay the Debt in accordance with the Israeli Bankruptcy law debt hierarchy.
- Upon completion of the liquidator work, the court issues a warrant to cease the existence of IAT as a legal entity.
The above process will not affect any assets of WWT that are held directly by WWT or through HGWWT and is expected to take between five and twelve months.
About Water Ways Technologies Inc.
WWT through its subsidiaries, is a global provider of Israeli-based agriculture technology, providing water irrigation solutions to agricultural producers. WWT 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, WWT's main revenue streams are derived from the following business units: (i) Projects Business Unit; and (ii) Component and Equipment Sales Unit. WWT is 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 and developed markets such as China and Canada. WWT's irrigation projects include vineyards, Cotton fields, Apple and Orange orchards, Blueberry, Medical Cannabis growers, fresh produce cooling rooms and more, in over fifteen countries.
For more information, please contact
Ronnie Jaegermann
Director
T: +972-54-4202054
E: ronnie@waterwt.com
https://www.water-ways-technologies.com/
https://www.hg-wwt.com/
Twitter: @WaterWaysTechn1
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Forward-Looking Statements
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 and its own share prices. All figures are in Canadian dollars unless otherwise indicated.
