Business
Water Ways enters into LOI to acquire a Canadian irrigation distributor and expects to launch a sales and marketing subsidiary serving the Canadian irrigation market
Water Ways enters into LOI to acquire a Canadian irrigation distributor and expects to lau...
About this update from Water Ways Technologies, Inc.
[{"type":"text","content":"\n\n\n\nWater Ways enters into LOI to acquire a Canadian irrigation distributor and expects to launch a sales and marketing subsidiary serving the Canadian irrigation market\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, March 19, 2019\n\n\n\nTORONTO, March 19, 2019 /CNW/ - Water Ways Technologies Inc. (TSXV: WWT) (\"Water Ways\" or the \"Company\"), is pleased to announce that it entered into a non-binding letter of intent (\"LOI\") on March 18, 2019 with an arm's length third party to acquire the assets (\"Acquisition\") of a Canadian distributor of irrigation and agriculture components located near London, Ontario (\"Distributor\"). The Distributor was established in 2004 and finished the year ended October 2018 with sales of approximately CAD $3.74 million1. \n\n \n \n\n \nOhad Haber, CEO of Water Ways commented: \"We are pleased to take this first important step in rolling out our international operations. This Acquisition will allow us to secure a foothold in Canada and leverage our expertise in the irrigation sector in the North American market. Our access to the latest Israeli irrigation and ag-tech technologies provides us with a solid competitive advantage in the space. We look forward to working with the Distributor's management team, as we continue to build this important sales channel.\"\nStrategic Rationale\nWater Ways intends to establish a wholly owned Canadian subsidiary which will acquire the Distributor's assets and leverage their business relationships with the Canadian farming community to market and sell irrigation projects and components. Water Ways further intends to retain the Distributor's sales force to focus on marketing and selling irrigation projects to the growing needs of Canadian cannabis licensed producers. Water Ways believes that the Distributor's sales force is well positioned to capture a significant share of the Canadian wholesale irrigation market. In addition, Water Ways' extensive offering of Israeli technology based irrigation components and equipment as well as access to the latest industry kno...