TORONTO, ON / ACCESSWIRE / July 7, 2023 / 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, 2023. 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 $2,421,598 for the year ended March 31, 2023, compared to $4,186,933 over the same period in 2022, a decrease of $1,765,335. The decrease in expenses were largely due to the costs associated with the completion of a qualifying transaction (the "Transaction") in the prior year that did not repeat in the fiscal year 2023.
- Net loss and comprehensive loss were $2,286,526 for the year ended March 31, 2023, compared to a loss of $4,178,676 for the same period in 2022.
- Basic and diluted loss per share were $0.02 for the year ended March 31, 2023 and $0.05 for the same period in 2022.
Operating Highlights and Recent Corporate Developments
- Fiscal year 2023 was the full first year as an operating company after the Transaction was completed in October, 2021, with the focus transitioning from engineering development to commercialization.
- The Company generated almost $40,000 in revenue in testing and reporting for customers interested in purchasing a forward osmosis ("FO") unit.
- A number of potential customers have been identified, with six requesting testing. These include large multinational businesses in the mining and lithium industries.
- On May 1, 2023, the Company announced that its wholly-owned subsidiary, Forward Water Technologies Inc., has licensed specific intellectual property from FUJIFILM Corporation in order to solidify protection of its water treatment technology platform, and which will secure further clean water alternatives to legacy solutions to combat the ongoing global water crisis. As part of this agreement, the Company paid a $135,620 licensing fee.
- On May 30, 2023, the Company announced a partnership with Mead & Hunt. The Company will guide project support with its FO expertise, design know-how, and technical assets. Mead & Hunt will provide extensive supply chain connections, engineering design experience, capabilities to fabricate the needed treatment equipment, as well as an established customer pipeline.
- On May 31, 2023, the Company announced that it has signed a technical advisory engagement with CleanTech Lithium PLC to review and assess technologies capable of further increasing CleanTech Lithium's existing process efficiencies. Under this advisory engagement, FWTC will evaluate and advise on various technologies for use within CleanTech Lithium's operations, at its Laguna Verde and Francisco Basin projects located in the lithium triangle within Chile.
Management Commentary
Forward Water's CEO and President, C. Howie Honeyman comments "Fiscal year 2023 has been exciting for the Company. We have been successful in introducing the FO technology to potential customers across a number of different industries, resulting in orders for testing, a non-binding letter of intent with Mead & Hunt and a technical advisory engagement with Clean Tech Lithium PLC. In addition, the Company is in negotiations to deliver the FO pilot system on-site to support a customer's lithium extraction process in Chile". Mr Honeyman commented further, "We look forward to the year ahead as we continue to engage with our potential customers and expand our opportunities."
Summary of Financial Results
Income Statement
*Reflects the retrospective application of the 1:5 exchange ratio
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.
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