Heartnut Grove, based in Mount Brydges, Ontario, is a Canadian distributor of irrigation and agricultural components.
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I’m Nadika Viswakalu for Investment Pitch Media
Water Ways Technologies, an Israeli agro-tech company that specializes in providing water irrigation solutions to agricultural producers, has closed its previously announced acquisition of certain assets of Heartnut Grove.
Heartnut Grove, based in Mount Brydges, Ontario, is a Canadian distributor of irrigation and agricultural components.
For the year ended October 31, 2018 the company reported sales of $3.76 million and gross profits of $692,000.
For the 6 months ended April 30, 2019 the company reported unaudited sales of $2.59 million with gross profits of $524,000.
Water Ways, through a wholly-owned Canadian subsidiary, will pay $475,000 in cash and $25,000 in shares for assets including customer base, inventory, certain equipment and goodwill.
Ohad Haber, Water Way’s Chairman and CEO, started: "Our long term goal is to establish Water Ways as a leading irrigation and agro technology provider worldwide. We aim to build a significant presence in the North American irrigation market. The first step toward achieving this goal was completing the acquisition of the assets of Heartnut Grove to serve as our sales and distribution center for North America serving both the North American farming community and Canadian irrigation and all need for the Cannabis growers LP's. We will also strive to launch our DataWays technology to assist in implementing irrigation projects in Canada and the USA by using this cutting edge technology using Artificial Intelligence and Machine Learning capabilities to ramp up our sales worldwide giving significant advantage over our competitors. Using the experience we gained thorough the Cronus group irrigation project in Israel we aim to turn Water Ways into a major cultivation project vendor to the Canadian legal Cannabis Cultivation community."
Heartnut has closed its operations, with John Pol, Heartnut’s sole shareholder entering an employment agreement to manage Water Ways’ new subsidiary, bringing his sales force with him.
John Pol stated: "I founded my company many years ago, and in joining the Water Ways family I have found the missing link to success in the Canadian irrigation business. The offering of Israel drip and smart irrigating technology that WWT delivers to its clients, the technical knowhow and the ability to execute irrigation projects that WWT possesses are revolutionary and I foresee that our joint capabilities will enable us to deliver several irrigation projects to the Canadian market in the remaining months of 2019 and a substantial amount in 2020. There is hunger in the Canadian irrigation market for the Israeli irrigation technology that WWT has."
Water Way’ Israeli subsidiary, IAT, 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.
IAT’s past projects include vineyards, water reservoirs, fish farms, fresh produce cooling rooms and more, in more than 15 countries, where the company is making a positive mark on society by making these technologies more widely available, especially in developing markets such as Africa and Latin America.
Water Ways’ shares began trading on the TSX Venture Exchange on March 19th and are currently trading at $0.15.
For more information, please visit the company’s website, www.water-ways-technologies.com, contact Ronnie Jaegermann, Director, at 972-54-4202054, or email ronnie@irri-altal.com.
I’m Nadika Viswakalu for Investment Pitch Media
