Forward Water Technologies Announces Fiscal Year 2023 Financial Results

TORONTO, ON / ACCESSWIRE / August 28, 2023 / Forward Water Technologies Corp. (TSXV:FWTC) (the "Company") is pleased to announce that it has filed its condensed consolidated audited financial statements and related management's discussion and analysis for the three months ended June 30, 2023. Copies of these financial statements and related management's discussion and analysis can be found on the Company's issuer profile at www.sedarplus.ca. All financial information in this news release is reported in Canadian dollars, unless otherwise indicated.

Operating Highlights and Recent Corporate Developments

On April 5, 2023, the Company entered into a contract with Global One Media to manage its social media channels including brand promotion, social media strategy and planning, monthly content calendar creation and lead generation. Under the terms of the agreement, Global One Media will receive $110,922 in cash from the Company which will be paid in a single payment on November 30, 2023 in exchange for their social media services. The contract is expected to be completed by December 31st, 2023.

On April 20, 2023, the Company issued a total of 347,692 common shares with a deemed cost of $22,600 for the settlement of compensation to AGORA Internet Relations Corp ("AGORA") for certain advertising services provided by AGORA to the Company over three months.

On May 1, 2023, the Company announced that its wholly owned subsidiary, Forward Water Technologies Inc., has licensed specific intellectual property from FUJIFILM Corporation in order to solidify protection of its water treatment technology platform, and which will secure further clean water alternatives to legacy solutions to combat the ongoing global water crisis. As part of this agreement, the Company paid a $135,620 licensing fee.

On May 30, 2023, the Company announced a partnership with Mead & Hunt. The Company will guide project support with its Forward Osmosis expertise, deign know-how, and technical assets. Mead & Hunt will provide extensive supply chain connections, engineering design experience, capabilities to fabricate the needed treatment equipment, as well as access to an established customer pipeline.

On May 31, 2023, the Company announced that it has signed a technical advisory engagement with CleanTech Lithium PLC to review and assess technologies capable of further increasing CleanTech Lithium's existing process efficiencies. Under this advisory engagement, the Company will evaluate and advise on various technologies for use within CleanTech Lithium's operations, at its Laguna Verde and Francisco Basin projects located in the lithium triangle within Chile.

Management Commentary

"We are pleased with the strong commercial groundwork that has been accomplished in the last quarter and by using this foundation, the Company expects to complete several of the commercial opportunities it has developed."

Summary of Financial Results

Income Statement

Balance Sheet

Statement of Cash Flows

About Forward Water Technologies Corp.

Forward Water Technologies Corp. is a publicly traded Canadian company dedicated to saving the earth's water supply using its patented Forward Osmosis technology. The Company was founded by GreenCentre Canada, a leading technology innovation centre supported by the government of Canada. The Company's technology allows for the reduction of challenging waste streams simultaneously returning fresh water for re-use or surface release. The Company's mandate is to focus on the large-scale implementation of its technology in multiple sectors, including industrial wastewater, oil and gas, mining, agriculture and ultimately municipal water supply and re-use market sectors. In addition, the Company has initiated early stage R&D for the treatment of food and beverage process streams.

For more information, please visit www.forwardwater.com.

Contact Information

For more information or interview requests, please contact:C. Howie Honeyman - Chief Executive [email protected]

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Forward-Looking Statements

Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws including statements regarding expansion and uptake of the Company's technology and the ability for the Company to achieve its growth strategy and business plan. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including, the ability to scale the technology and the adoption of the technology by potential customers.

Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Some of the risks and other factors that could cause results to differ materially from those expressed in the forward-looking statements include, but are not limited to: the impacts from the coronavirus or other epidemics, general economic conditions in Canada, the United States and globally; unanticipated operating events; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility as well as the other risks and uncertainties applicable to the Company as set forth in the Company's continuous disclosure filings filed under the Company's profile at www.sedarplus.ca. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.

Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information.

SOURCE: Forward Water Technologies Corp.

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