TORONTO, ON / ACCESSWIRE / February 29, 2024/ 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 and nine months ended December 31, 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 October 5, 2023, the Company issued a total of 452,000 common shares with a deemed value of $22,600 in settlement of compensation to AGORA Internet Relations Corp., for certain advertising services provided to the Company.
- On October 23, 2023, the Company completed a non-brokered private placement of 9,240,000 units at a price of $0.05 per unit for gross proceeds of $462,000. Each unit consisted of one common share of the Company and one common share purchase warrant. Each common share purchase warrant entitles the holder thereof to acquire one common share of the Company at a price of $0.075 per share at any time on or before October 20, 2026.
- In December 2021, the Company began the building of a mobile demonstration unit which can be placed on a customer's site to allow for a longer term (6-8 month) performance of the FO technology at industrial throughput that is not achievable in a laboratory setting. This revenue-generating unit was completed in November, 2023 and is now available to be used by or sell to our customers.
- On January 11, 2024, the Company announced that it has been contracted by CleanTech Lithium PLC to provide advisory services for the support and development of their Direct Lithium Extraction ("DLE") processes in Chile.
- On January 16, 2024, the Company issued a total of 452,000 common shares with a deemed value of $22,600 in settlement of compensation to AGORA Internet Relations Corp. for certain advertising services provided to the Company.
Management Commentary
"Over the last quarter we have been pleased with the response from investors to the non-brokered private placement and we continue to pursue further financing initiatives to ensure support of all commercial activities. As important, we continue to provide guidance in the water treatment needs for our clients especially in the lithium resource sector which is vital to sustainable energy management."
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 Officer
howie.honeyman@forwardwater.com
(519) 333-5888
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 financing initiatives, 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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