Mr. Ohad Haber reports

WATER WAYS ANNOUNCES NEW SECOND QUARTER EARNINGS CALL AND ISSUANCE OF SECURITIES

On Tuesday, Sept. 5, 2023, at 9 a.m. Eastern Time, Water Ways Technologies Inc.'s chief executive officer, Ohad Haber, 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. A question-and-answer session will follow.

Additionally, the company wishes to provide an update regarding its previous acquisition of its Chinese subsidiary IRRI -- ALTAL (Shanghai) Agriculture Technology Co. Ltd. On Oct. 2, 2020, the company entered into an agreement for the formation of Irri Shanghai. Pursuant to the agreement the parties agreed that in consideration for 50 per cent of Irri Shanghai (the Chinese shares), the company would issue, at the discretion of the company's board of directors at some time in the future post Oct. 2, 2020, to its Chinese partner in Irri Shanghai (the vendor), common shares in the capital of the company equal to $700,000 (U.S.) at a price per common share of 25 cents, equalling a total 3,594,360 common shares. The company reported the obligation to issue the subject shares as a contingent liability on its financial statements. The company now wishes to advise that the board has determined to issue the subject shares. Post the agreement, the vendor became an officer of Irri Shanghai and therefore the vendor is deemed an insider (as such term is defined by the TSX Venture Exchange). The TSX-V has provided approval to the issuance of the subject shares (the issuance) conditional on receipt of requisite shareholder approval at the next shareholders meeting of the company.

Pursuant to Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions, the issuance constitutes a related party transaction due to the fact that the vendor is an officer of Irri Shanghai. The company is relying on Section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and Section 5.7(1)(a) of MI 61-101 for an exemption from the minority shareholder approval requirement of MI 61-101 as the fair market value of the issuance does not exceed 25 per cent of the company's market capitalization.

In addition, the company will grant 1.1 million restricted share units (participant RSU) to directors and employees pursuant to the terms of the company's RSU plan. Of this amount, 800,000 participant RSUs will be granted to directors. The remaining 300,000 participant RSUs will be granted to employees.

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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