CHANGING THE WAY INDUSTRY HANDLES WASTEWATER
Water that would otherwise be forever lost to be re-introduced into manufacturing operations, creating a strong ROI's and dramatically reducing their environmental impact
Message: Forward Water Technologies Announces Third Quarter 2021 Financial Results
TORONTO, ON / ACCESSWIRE / February 24, 2022 / Forward Water Technologies Corp. (TSXV:FWTC) (the "Company") is pleased to announce that it has filed its condensed consolidated unaudited interim financial statements and related management's discussion and analysis for the three and nine months ended December 31, 2021. Copies of these financial statements and related management's discussion and analysis can be found on the Company's issuer profile at www.sedar.com. All financial information in this news release is reported in Canadian dollars, unless otherwise indicated.
Q2 Financial Highlights
- Total expenses were $2,060,397 for the three months ended December 31, 2021, an increase of 707% over same period in 2020, and $3,488,858 for the nine months ended December 31, 2021, 83% over the same period in 2020. The increase in the expense was largely due to expenses that were incurred in connection with the completion of a qualifying transaction with Forward Water Technologies Inc. ("FWTI") and the listing of the Company's common shares on the TSX Venture Exchange.
- Net loss and comprehensive loss was $1,938,856 for the three months ended December 31, 2021, compared to a loss of $336,553 for the same period in 2020. The net loss and comprehensive loss for the nine month period ended December 31, 2021 was $3,504,400 compared to a loss of $922,029 for the same period in 2020.
- Basic loss per share was $0.02 and $0.04 for the three and nine months ended December 31, 2021, respectively, compared to $0.05 and $0.02 for the same three and nine months in 2020.
Operating Highlights and Recent Corporate Developments
- On October 20, 2021 the Company completed a qualifying transaction with FWTI (the "Transaction")
- The Transaction constituted a reverse acquisition in accordance with IFRS as the shareholders of FWTI took control of the Company as a result of the Transaction.
- On October 26, 2021, the Company's common shares were listed on the TSX Venture Exchange under the symbol "FWTC".
- In connection with the Transaction, the Company completed a brokered private placement offering of an aggregate of 6,470,000 Subscription Receipts at a subscription price of $1.00 per Subscription Receipt for aggregate gross proceeds of $6,470,000. (see press release dated July 27, 2021)
- On February 3, 2022, the Company entered into a definitive agreement with Membracon (UK) Ltd. ("Membracon") to form a joint venture. The proposed joint venture will be resourced by both Membracon and the Company and will be responsible for delivery of the Company's proprietary forward osmosis processes and solutions within the United Kingdom and Ireland.
- On February 14, 2022, the Company signed a sales partnership agreement with Mabarex Inc ("Mabarex") providing laboratory, engineering, and system support. Mabarex will in turn identify commercial applications from its client base.
"Forward Water Technologies has been seeing rapidly growing interest in various wastewater sectors by saving water from being permanently destroyed, and realizing large reductions in their operating expenses associated with legacy water solutions. Moreover, the Company is seeing the expansion of its business into the resource recovery sector where the concentration of natural occurring and process water streams improves the economic isolation of minerals such as lithium and other key metals, " said Howie Honeyman, CEO of the Company.
Mr. Honeyman continued, "With the expansion of the sales team as well as working closely with various marketing platforms, the Company will be able to introduce the world actively and aggressively to its patented forward osmosis technology solution. The Company's proven trial runs plus initial funds raised concurrently with its go-public transaction, allows the Company to pursue its aggressive growth strategy and execute on its business plan."
Summary of Financial Results
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.
For more information, please visit www.forwardwater.com.
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.
Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws. 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 Company's plans to pursue its growth strategy and the impact of the expanded sales team. 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.sedar.com. 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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Source: ACCESSWIRE (February 24, 2022 - 7:50 PM EST)
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