Forward Water Technologies Announces Fiscal Year Q3, 2024 Financial Results

TORONTO, ON / ACCESSWIRE / February 29, 2024 / 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 three and nine months ended December 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.sedarplus.ca. All financial information in this news release is reported in Canadian dollars, unless otherwise indicated.

Operating Highlights and Recent Corporate Developments

• On October 5, 2023, the Company issued a total of 452,000 common shares with a deemed value of $22,600 in settlement of compensation to AGORA Internet Relations Corp., for certain advertising services provided to the Company.
• On October 23, 2023, 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. Each common share purchase warrant entitles the holder thereof to acquire one common share of the Company at a price of $0.075 per share at any time on or before October 20, 2026.
• In December 2021, the Company began the building of a mobile demonstration unit which can be placed on a customer's site to allow for a longer term (6-8 month) performance of the FO technology at industrial throughput that is not achievable in a laboratory setting. This revenue-generating unit was completed in November, 2023 and is now available to be used by or sell to our customers.
• On January 11, 2024, the Company announced that it has been contracted by CleanTech Lithium PLC to provide advisory services for the support and development of their Direct Lithium Extraction ("DLE") processes in Chile.
• On January 16, 2024, the Company issued a total of 452,000 common shares with a deemed value of $22,600 in settlement of compensation to AGORA Internet Relations Corp. for certain advertising services provided to the Company.

Management Commentary

"Over the last quarter we have been pleased with the response from investors to the non-brokered private placement and we continue to pursue further financing initiatives to ensure support of all commercial activities. As important, we continue to provide guidance in the water treatment needs for our clients especially in the lithium resource sector which is vital to sustainable energy management."