TORONTO, ON / ACCESSWIRE / July 11, 2022/ 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 twelve months ended March 31, 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.
Fiscal Year End Financial Highlights
Total expenses were $4,184,920 for the year ended March 31, 2022, compared to $1,541,845 over the same period in 2021, an increase of $2,643,075. The increase in the expense was largely due to expenses that were incurred in connection with the completion of a qualifying transaction (the "Transaction") with Forward Water Technologies Inc. ("FWTI") and the listing of the Company's common shares on the TSX Venture Exchange (the "Exchange").
Net loss and comprehensive loss was $4,178,676 for the year ended March 31, 2022, compared to a loss of $1,500,270 for the same period in 2021.
Basic and diluted loss per share was $0.05 and $0.03 for the same period in 2021.
Operating Highlights and Recent Corporate Developments
On October 20, 2021 the Company completed the Transaction
The Transaction constituted a reverse acquisition in accordance with IFRS as the shareholders of FWTI took control of the Company
On November 4, 2021, the Company was listed on the Exchange under the symbol "FWTC"
In connection with the Transaction, FWTI completed a brokered private placement offering of an aggregate of 6,470,000 subscription receipts ("Subscription Receipts") at a subscription price of $1.00 per Subscription Receipt for aggregate gross proceeds of $6,470,000
In December 2021, FWTC began the building of a mobile commercial demonstration unit which can be placed on a customer's site to allow for a longer term (3-4 month) performance of the Company's forward osmosis ("FO") technology. This is expected to be completed in July 2022 at a cost of $1.1 million
As a result of successful financing, FWTC executed on its staffing plans. Grant Thornley was hired as the VP of Engineering Sales as of October, 2022 and Alessandra Rodrigues who was on short term contract was converted to full time as Laboratory Manager and Research Engineer. Mr. Thornley brings years of sales and marketing experience in the water treatment industry including experience at Xenon and Fibracast. FWTC also confirmed that it has renewed its contract with Mr Leonard Seed to serve as Director of Engineering and Operations
On May 4, 2022, FWTC entered into an agreement with Cornish Lithium Ltd. ("Cornish") to fund trials of the Company's FO technology on Cornish's geothermal waters. This follows favourable initial results, which demonstrated the potential of the Company's technology to increase lithium concentrations of Cornish's geothermal waters.
Forward Water has continued to execute on its business plan and on-going market intelligence continues to indicate the growing interest in various wastewater sectors by saving water from being permanently destroyed, and realizing large reductions in commercial operating expenses associated with legacy water solutions. "The market is also expected to accelerate with global pressure to adopt new technologies that are lower energy and have a lower carbon footprint. This has brought greater attention to Forward Water's solution as not only is water recaptured for re-use but lower carbon emissions are a noted advantage," said Howie Honeyman CEO of the Company.
Summary of Financial Results
Statements of Consolidated Comprehensive Loss
Statements of Consolidated Financial Position
Statement of Consolidated 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.
For more information or interview requests, please contact:
C. Howie Honeyman - Chief Executive Officer
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 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.
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