TORONTO, ON / ACCESSWIRE / November 29, 2021 / Forward Water Technologies Corp. (TSXV:FWTC) (the "Company") is pleased to announce the unaudited financial results of its wholly-owned subsidiary, Forward Water Technologies Inc. ("FWTI") for the three and six months ended September 30, 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 $1,027,031 for the three months ended September 30, 2021, an increase of 115% over same period in 2020, and $1,627,283 for the six months ended September 30, 2021 , 83% over the same period in 2020, as legal and audit expenses were incurred for the previously announced and completed qualifying transaction of Hope Well Capital Corp ("HWCC")
Net loss and comprehensive loss was $999,559 for the three months ended September 30, 2021, compared to a loss of $336,553 for the same period in 2020. The net loss and comprehensive loss for the six months period ended September 30, 2021 was $1,565,544 compared to a loss of $606,731 for the same period in 2020
Basic loss per share was $0.09 and $0.14 for the three and six months ended September 30, 2021, respectively, compared to $0.03 and $0.06 for the same three and six months in 2020
Operating Highlights and Recent Corporate Developments
FWTI completed second tranche of its brokered private placement of $1.3 million, in addition to funding from its first tranche of $5.2 million early in the year
FWTI completed the reverse takeover of HWCC, which was HWCC's qualifying transaction
The Company resumed trading on the TSX Venture Exchange under the symbol "FWTC"
The Company announced ongoing trials pending in Europe and the UK and continued collaboration with its partner in India, Goldfinch Engineering
Announced that Grant Thornley joined as VP of Engineering Sales, bringing 20 years of experience in green-focused companies
Management Commentary
"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," 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, Forward Water Technologies will be able to introduce the world actively and aggressively to its patented forward osmosis technology solution. Forward Water Technologies' 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
About Forward Water Technologies Corp.
Forward Water Technologies Corp. is the publicly-traded parent company of Forward Water Technologies Inc. following the closing of the Company's "qualifying transaction" on October 20, 2021. The Company is dedicated to the commercialization of its proprietary forward osmosis technology. The technology allows manufacturing operations to clean their wastewater that would otherwise require costly disposal. The technology also enables the reclamation of up to 90% of the waste as clean water and the return of this valuable resource to the environment. Alternatively, the clean water can be reused by manufacturing operations to reduce their overall water consumption and environmental footprint.
The Company's corporate office is located in Toronto, Ontario and its research, development and engineering office is located in Sarnia, Ontario. For more information, please visit: https://www.forwardwater.com.
Contact Information
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This news release contains forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). Forward-looking statements can be identified by words such as: "anticipate", "intend", "plan", "believe", "estimate", "expect", "strategy", "future", "likely", "may", "will", "could" and similar references to future periods . Examples of forward-looking statements include, among others, guidance relating to fiscal year 2021 net income (loss) and net income (loss) per share; expected operating results, such as revenue growth and earnings; anticipated levels of capital expenditures for fiscal year 2021 current or future volatility in the credit markets and future market conditions; the Company's belief that it has sufficient liquidity to fund its business operations during the next 12 months; expectations on the effects of the Company's financial condition of claims, litigation, environmental costs, contingent liabilities and governmental and regulatory investigations and proceedings; the Company's strategy for customer retention, growth, product development, market position, financial results, or risk management.
Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, economic and financial conditions, including volatility in interest and exchange rates, commodity and equity prices and the value of financial assets; the level of demand and financial performance of the wastewater technology industry; changes in customer demand; developments and changes in laws and regulations; changes in the price of key materials and disruptions in supply chains for these materials; disruptions to our technology network including computer systems and software, as well as natural events such as severe weather, fires, floods and earthquakes or man-made or other disruptions of our operating systems, structures or equipment; or such other factors as discussed in the "Risk Factors" section of the our management's discussion and analysis for the three and six months ended September 30, 2021 and those disclosed in the Company's filing statement dated October 6, 2021, which are incorporated herein by reference and are available through SEDAR at www.sedar.com.
Any forward-looking statement made by us in this news release is based only on information currently available to us and speaks only as of the date on which it is made. Except as required by applicable securities laws, we undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
