Mr. Ohad Haber reports

WATER WAYS REPORTS 2023 FINANCIAL RESULTS

Water Ways Technologies Inc. has filed its annual financial statements and management's discussion and analysis for the year ended Dec. 31, 2023. A comprehensive discussion of Water Ways' financial position and results of operations is provided in management's discussion and analysis, filed on SEDAR+.

Ohad Haber, chief executive officer and chairman of the board of Water Ways, stated, "Two thousand twenty-three was a year when we ceased activities in several parts of the world and shifted a majority of our business to North America."

Highlights -- year ended Dec. 31, 2023 (the following information should be read in conjunction with, and is qualified by, the statements and the MD&A):

• Company's sales were $8.9-million for the year ended Dec. 31, 2023, compared with $14.1-million for the year ended Dec. 31, 2022;
• Company's net loss was $4.9-million for the year ended Dec. 31, 2023, compared with a profit of $2.7-million for the year ended Dec. 31, 2022;
• Company's net cash used in operating activities was $1.9-million for the year ended Dec. 31, 2023, compared with $3.9-million for the year ended Dec. 31, 2022.

Water Ways financial results summary (dollars are in thousands)

The attached table sets forth the highlights of the consolidated financial information of the company, and should be read in conjunction with the statements and the notes thereto.

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 system 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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