Forward Water Technologies Announces First Quarter 2022 Financial Results

TORONTO, ON / ACCESSWIRE / August 26, 2022 / Forward Water Technologies Corp. (TSXV:FWTC) (the "Company" or "FWTC") is pleased to announce that it has filed its condensed consolidated un-audited financial statements and related management's discussion and analysis for the three months ended June 30, 2022. 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.

Q1 Financial Highlights

• Total expenses were $559,939 for the three months ended June 30, 2022 compared to $501,662 for the same period in 2021.
• Net loss and comprehensive loss was $541,966 for the three months ended June 30, 2022, compared to a net loss and comprehensive loss of $565,985 for the same period in 2021.
• Basic loss per share was $0.01 for the three months ended June 30, 2022 which is unchanged to the basic loss per share for the same period in 2021.

Operating Highlights and Recent Corporate Developments

• On April 25, 2022, FWTC signed a development testing contract with Cornish Lithium Ltd (UK) to evaluate the ability of FWTC's process to concentrate lithium containing feed streams at the engineering evaluation scale in Sarnia ON
• On May 26, 2022, the Company announced that it has been selected by the panel of The Centre for Ganga River Basin Management and Studies (cGanga) to participate in the Environment Technology Verification (ETV) program. The ETV program is used to accelerate the introduction, piloting and adoption of innovative new water and wastewater technologies into the India market
• May 30 - June 3, 2022, Howie Honeyman, CEO and Grant Thornley, VP of Engineering Sales, presented at the IFAT Conference in Munich, the world's largest platform for water, sewage, waste and raw materials management
• June 11-22, 2022, Howie Honeyman visited the Goldfinch forward water pilot site in Boisar, India to review the process and provide technical assistance
• June 13-15, 2022, Grant Thornley presented at PDAC in Toronto, an international mining and exploration conference.

Management Commentary

"The Company continues to progress on its projected business plan and commercial development. Our focus remains on continued client engagement through the use of our expertise, technical resources, and providing access to our proprietary equipment platform," said Howie Honeyman, CEO of the Company.

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
416-451-8155

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.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.