TORONTO, ON / ACCESSWIRE / August 29, 2024 / Forward Water Technologies Corp. (TSXV:FWTC) (the "Company") is pleased to announce that it has filed its condensed consolidated interim financial statements and related management's discussion and analysis for the three months ended June 30, 2024 (fiscal year Q1, 2025). 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.
Three Months Ended June 30, 2024 Financial Highlights
Revenue was $8,895 for the three months ended June 30, 2024, compared to $3,349 in the prior period in 2023.
Total expenses were $251,350 for the three months ended June 30, 2024, compared to $630,251 a decrease of $378,901 or 60% compared to the same period in 2023.
Net loss and comprehensive loss were $261,950 for the year ended June 30, 2024, compared to a loss of $596,477, a reduction of $344,527 or 60% for the same period in 2023.
Basic and diluted loss per share were $0.00 and $0.01 for the same period in 2023.
Operating Highlights and Recent Corporate Developments
On May 14, 2024, the Company announced that it had entered into a letter of intent dated May 13, 2024, which outlines the general terms and conditions of a proposed business combination, by way of an amalgamation, arrangement, or other similar form of transaction, which will result in Fraser Mackenzie Accelerator Corp ("FMAC") becoming a wholly-owned subsidiary of FWTC.
On May 24, 2024, the Company announced that it closed the issuance of the $225,000 of debentures. [NTD: this should be $225,000 as only $225,000 was closed on May 24. This was correct in the version of the MD&A I reviewed but I see that it was also changed to $250,000 in the MD&A sent to Anna for filing
On June 10, 2024, the Company announced the resignation of Andrew Pasternak from the Board of Directors.
On July 11, 2024 the Company announced that it has initiated new projects via direct customer contact 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 FMAC (the "FMAC Transaction") and certain amendments to the terms of the associated financing announced in the Company's May 24, 2024 press release.
On August 22, 2024, the Company announced that it had issued $200,000 principal amount of unsecured convertible debentures. The debentures bear interest at a rate of 10% per annum and the principal amount will automatically convert into units at a conversion price of $0.1126 on completion of the proposed FMAC Transaction. Each unit will be comprised of one common share of FWTC and one common share purchase warrant entitling the holder to purchase one common share of FWTC at a post-10 for 1 consolidation exercise price of $0.1579 at any time on or prior to August 19, 2027. All interest will be paid in cash only.
Management Commentary
C. Howie Honeyman, Forward Water's CEO and President said, "FWTC has initiated its first commercial trial with partners, to deliver an effective water handling within a direct lithium extraction and conversion process. Not only will this demonstrate at scale the effectiveness of the iFOTM forward osmosis system but it will represent notable revenue for FWTC." He also added that, "continued interest in the evolving food and beverage technology is leading to previously unanticipated high levels of interest within the sector and could lead to new and broader commercial opportunities." Finally, Mr Honeyman said "the potential FMAC Transaction will allow FWTC to stand on far better financial footing enabling FWTC to continue its commercialization activities."
Statement of Comprehensive Loss
Statement of Financial Position
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
This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities laws. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "will", "estimates", "believes", "intends" "expects" and similar expressions which are intended to identify forward-looking statements. More particularly and without limitation, this press release contains forward looking statements concerning the proposed transaction with FMAC, the ability of FWTC and FMAC to meet the conditions of the proposed transaction in the required timeframes, obtaining the necessary exemptions and approvals from the TSX Venture Exchange or other regulatory bodies, including the business, name and function of the resulting issuer and certain financial information and forecasts. FWTC cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, assumptions and expectations, many of which are beyond the control of FWTC, including expectations and assumptions concerning FWTC, FMAC, the resulting issuer, the proposed transaction, the timely receipt of all required shareholder and regulatory approvals (as applicable), including the acceptance of the TSX Venture Exchange, the satisfaction of other closing conditions in accordance with the terms of the definitive agreement for the proposed transaction, as well as other risks and uncertainties, including those described in FWTC and FMAC's respective disclosure documents available on SEDAR+ at www.sedarplus.ca. The reader is cautioned that assumptions used in the preparation of any forward-looking statements may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of FWTC. The reader is cautioned not to place undue reliance on any forward-looking statements. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this press release are made as of the date of this press release, and FWTC does not undertake to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.
