Mr. Ohad Haber reports

WATER WAYS REPORTS 2022 FINANCIAL RESULTS: SALES OF $14.1M AND NET PROFIT OF $2.7M

Water Ways Technologies Inc. has filed its annual financial statements and management's discussion and analysis (MD&A) for the year ended Dec. 31, 2022. A comprehensive discussion of Water Ways' financial position and results of operations is provided in the MD&A, filed on SEDAR.

Ohad Haber, chief executive officer and chairman of the board of Water Ways, states: "Two thousand twenty-two was a challenging year for Water Ways. As a result of the slowdown in financing opportunities in Uzbekistan due to the war in the Ukraine, we have shifted our focus to our North American business, which resulted in record sales during 2022 of $6-million. We hope to continue the successful shift to the North American market in 2023 with the target to have more than 50 per cent of our turnover in North America."

On Wednesday, May 3, 2022, at 9 a.m. Eastern Time, Water Ways' chief financial officer, Dor Sneh, and Ronnie Jaegermann, director, will host a live webinar with a corporate update, earnings discussion and outlook for 2023 and beyond. An investor question-and-answer session will follow.

Highlights -- year ended Dec. 31, 2022 (the following information should be read in conjunction with, and is qualified by, the statements and the MD&A):

• The company's sales were $14.1-million for the year ended Dec. 31, 2022, compared with $20.2-million for the year ended Dec. 31, 2021.
• The company's net profit was $2.7-million for the year ended Dec. 31, 2022, compared with a loss of $6.6-million in the year ended Dec. 31, 2021.
• The company's Canadian subsidiary, Heartnut Grove WWT, reached record sales and maintained its growth, 40 per cent year on year in revenues, reaching a total of $6-million in the year ended Dec. 31, 2022, compared with $4.3-million in the year ended Dec. 31, 2021.
• Although the company's Chinese subsidiary, IAT Shanghai, operated only in the last four months of 2022 due to COVID-19 government restrictions, it was able to generate $1.26-million in revenues.
• The segment of the company's revenue generated from the installation and supply of blueberry irrigation systems grew substantially in 2022 and reached over $2.5-million from projects delivered in China, Mexico and Ethiopia.
• On July 22, 2022, the company closed a financing of 746 convertible debenture units at a price of $1,000 per unit, for gross proceeds of $750,000.
• Derivative liability -- warrants and convertible debentures relates to a classification under IFRS (international financial reporting standards) of outstanding warrants issued as part of a private placement closed in the fiscal year 2021 and the convertible debentures private placement closed in the fiscal year 2022, as a non-cash liability that arises due to the difference in operational currency and functional currency. This liability is revalued each period by an independent third party. The revaluation is at fair value through profit and loss.

About Water Ways Technologies Inc.

Water Ways, through its subsidiaries, is a global provider of Israeli-based agriculture technology, providing water irrigation solutions to agricultural producers. Water Ways 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, Water Ways' main revenue streams are derived from the following business units: (i) projects business unit; and (ii) component and equipment sales unit. Water Ways 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. Water Ways' irrigation projects include vineyards, cotton fields, apple and orange orchards, blueberry, medical cannabis growers, fresh produce cooling rooms, and more, in over 15 countries.

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