TORONTO, ON / ACCESSWIRE / July 26, 2024/ Forward Water Technologies Corp. (TSXV:FWTC) (the "Company" or "FWTC") 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, 2024. 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.
Fiscal Year End Financial Highlights
Revenue was $71,056 for the year ended March 31, 2024, compared to $39,726, an increase of $31,330 or 79% over the prior period in 2023.
Total expenses were $2,258,690 for the year ended March 31, 2024, compared to $2,421,598 or a decrease of $162,908 or 7% lower over the same period in 2023.
Net loss and comprehensive loss were $2,196,513 for the year ended March 31, 2024, compared to a loss of $2,286,526, a reduction of $90,013 or 4% lower for the same period in 2023.
Basic and diluted loss per share were $0.02 and $0.02 for the same period in 2023.
Operating Highlights and Recent Corporate Developments
The mobile demonstration unit was substantially completed. The unit allows 3-4 month, large volume trials at customer locations.
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.
The Company was contracted by CleanTech Lithium PLC to provide advisory services for the support and development of their Direct Lithium Extraction (DLE) processes in Chile.
FWTC licensed specific intellectual property from FUJIFILM Corporation in order to solidify protection of its water treatment technology platform.
FWTC announced a non-binding letter of intent that outlines the terms of a proposed business relationship with Mead & Hunt, a leading architecture and engineering firm based in the United States. Mead & Hunt provides extensive supply chain connections, engineering design experience, capabilities to fabricate the needed treatment equipment, as well as an established customer pipeline.
On May 14, 2024 the Company announced the execution of a letter of intent in respect of a proposed business combination with Fraser Mackenzie Accelerator Corp., a capital pool company listed on the TSX-V, along with concurrent financings.
On May 24, 2024, the Company announced that it closed the issuance of $225,000 of debentures.
On July 11, 2024 the Company announced that it has initiated new projects via direct customer contacts in the food and beverage space to enable more efficient wastewater handling in the production of food and beverage products with globally positioned multinational manufacturers. FWTC has entered into early planning stages for a pilot or early commercial trials after being selected for evaluation by two unique clients.
On July 22, 2024, the Company announced the execution of the definitive agreement (the "Definitive Agreement") for the proposed transaction between FWTC and Fraser Mackenzie Accelerator Corp.
Management Commentary Forward Water's CEO and President, C. Howie Honeyman "During the fiscal year ended March 31, 2024 we continued to build key client and customer relationships leading to further commercial advances. For instance, our progress with Clean Tech Lithium's brine processing has led to a pre-commercial field trial. Not only is this trial expected to affirm the commercial readiness of our water treatment process, but key data sets are expected to be generated and allow us to illustrate how the Company's technology can be successfully applied to a wide array of other sectors. We have also had successful inroads made in the food and beverage sector that we look to develop in the near future".
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 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: 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.
