TORONTO, ON / ACCESS Newswire / May 8, 2026 / Water Ways Technologies Inc. (TSXV:WWT) ("Water Ways" or the "Company") announces that Heartnut Grove WWT Inc. ("Heartnut"), a wholly-owned subsidiary of the Company, intends to make a voluntary assignment in bankruptcy pursuant to the provisions of the Bankruptcy and Insolvency Act (Canada). Albert Gelman Inc. is the trustee (the "Trustee") to be appointed to administer Heartnut's bankrupt estate.
Heartnut is finalizing the required filings and expects to complete the assignment in cooperation with the Trustee. The initiation of the voluntary assignment was approved by Water Ways, as the sole shareholder of Heartnut. At this time, there is no definitive timeline for completion of the bankruptcy proceedings.
Update on Liquidation of Irri-Al-Tal Ltd.
Further to its press releases dated October 1, 2024 and August 15, 2025, the Company confirms that on October 1, 2024, it filed an application to cease operations of its Israeli subsidiary, Irri-Al-Tal Ltd. ("IAT"). The filing of the application was approved by the directors of Water Ways. The liquidation process is ongoing and is expected to extend for an extended period, primarily due to delays associated with the collection of amounts owed to IAT by customers located in international jurisdictions.
Corporate Status and Strategic Review
As a result of the intended voluntary assignment in bankruptcy of Heartnut, the Company's primary Canadian operating subsidiary, and the liquidation of IAT, Water Ways no longer carries on an active operating business and does not currently generate revenues.
Following the discontinuation of its operating activities, the Company is undertaking a strategic review to evaluate potential opportunities that could enhance shareholder value. These opportunities may include, among others, a business combination, reverse takeover, merger, asset acquisition, or the identification of a new line of business. There can be no assurance that any transaction or strategic initiative will be identified or completed. The Company will provide updates as developments arise, in accordance with applicable securities laws. The Company also confirms that its current board of directors is comprised of the following individuals: Ronnie Jaegermann, Ohad Haber and Yehuda Doron.
About Water Ways Technologies Inc.
Water Ways Technologies Inc. is a TSXV-listed public company. The Company has ceased its former irrigation technology operations and is no longer carrying on an active business. Water Ways is currently focused on preserving corporate value while evaluating strategic alternatives, which may include the acquisition of, or merger with, a business operating in a new sector.
For more information, please contact
Ronnie Jaegermann
Director
T: +972-54-4202054
E: Ronnie@exit-team.com
Forward-Looking Statements
Certain statements contained in this press release constitute "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information is often identified by words such as "may", "could", "would", "should", "potential", "will", "intend", "seek", "plan", "anticipate", "believe", "estimate" or "expect", or similar expressions.
Forward-looking information in this press release includes, without limitation, statements relating to (i) the intention of Heartnut Grove WWT Inc. to make a voluntary assignment in bankruptcy, the timing thereof, and the anticipated cooperation with the bankruptcy trustee, (ii) the ongoing liquidation process of Irri-Al-Tal Ltd., including the expected duration and outcome of such process, and (iii) the Company's intention to evaluate and pursue strategic opportunities, including potential transactions or new business initiatives. All statements contained herein that are not statements of historical fact are forward-looking information.
Forward-looking information reflects Water Ways' current expectations, assumptions and beliefs with respect to future events, based on information currently available to the Company, and is subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or events to differ materially from those expressed or implied by such forward-looking information. These risks and uncertainties include, without limitation, delays or changes in bankruptcy or liquidation proceedings, actions taken by trustees, courts, creditors or counterparties, the recovery (or non-recovery) of assets, regulatory or legal developments, the Company's ability to identify and complete any strategic transaction, the availability of suitable opportunities, required regulatory or stock exchange approvals, and general market conditions.
Although the Company believes that the assumptions and expectations underlying the forward-looking information are reasonable, no assurance can be given that they will prove to be correct, and readers are cautioned not to place undue reliance on such forward-looking information. Any forward-looking information contained in this press release is expressly qualified in its entirety by this cautionary statement.
Forward-looking information contained herein is made as of the date of this press release, and Water Ways undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law. All references to financial amounts are in Canadian dollars unless otherwise indicated.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Water Ways Technologies Inc.
View the original press release on ACCESS Newswire:
https://www.accessnewswire.com/newsroom/en/utilities/water-ways-announces-corporate-updates-1165326
