- The board of directors of Water Ways Technologies (WWT) has approved the acquisition of 51 per cent of the shares of the Chilean smart irrigation provider, Hidrotop
- Water Ways will pay US$3,500,000 for the shares
- This will consist of a one-time cash payment equal to $2,000,000 and the issuance of 5,686,364 common shares of Water Ways at a deemed price per subject share of C$0.33
- Water Ways Technologies Inc. is a provider of Israeli-based agriculture technology
- Water Ways Technologies Inc. was up 4.651 per cent, trading at $0.225 at 12:11 PM ET
Water Ways Technologies (WWT) is acquiring a 51 per cent interest in the Chilean smart irrigation provider, Hidrotop
Closing of the acquisition is subject to the approval of the TSX Venture Exchange.
Water Ways will pay US$3,500,000 for the shares.
This will consist of a one-time cash payment equal to $2,000,000 and the issuance of 5,686,364 common shares at a price per share of C$0.33.
“We are very pleased to complete this acquisition and welcome everyone at Hidrotop to the Water Ways family,” said Ohad Haber, Chairman and CEO of Water Ways Technologies.
“The addition of Hidrotop expands the scope and reach of our smart irrigation projects business to South America and is in line with the strategic direction we’ve communicated,” he added.
“We believe partnering with Water Ways Technologies is a win-win scenario for our valued employees and customers”, noted Patricio Bambach, the CEO and major shareholder of Hidrotop.
“It is a very strong strategic fit and we see the same path to much larger and more profitable operations leveraging greater access to capital,” he added.
Water Ways Technologies Inc., through its subsidiaries, is a global provider of Israeli-based agriculture technology, providing water irrigation solutions to agricultural producers.
Water Ways Technologies Inc. was up 4.651 per cent, trading at $0.225 at 12:11 PM ET.
