Forward Water Technologies Announces Second Quarter 2022 Financial Results

TORONTO, ON / ACCESSWIRE / November 25, 2022 / Forward Water Technologies Corp. (TSXV:FWTC) (the "Company" or "FWTC") is pleased to announce that it has filed its condensed consolidated un-audited financial statements and related management's discussion and analysis for the three and six months ended September 31, 2022 and 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 $605,179 for the three months ended September 30, 2022, and $1,165,118 for the six months ended September 30, 2022.
• Net loss and comprehensive loss was $524,082 for the three months ended September 30, 2022, compared to a loss of $999,559 for the same period in 2021. The net loss and comprehensive loss for the six month period ended September 30, 2022 was $1,066,048 compared to a loss of $1,565,544 for the same period in 2021.
• Basic loss per share was $0.00 and $0.01 for the three and six months ended September 30, 2022, respectively, compared to $0.02 and $0.03 for the same three and six months in 2021.

Operating Highlights and Recent Corporate Developments

• On August 4, 2022, the Company issued a total of 502,999 common shares in settlement of compensation to AGORA Internet Relations Corp for certain advertising services provided to the Company
• On September 6, 2022, FWTC announced that it has secured an early development testing project to support a globally positioned mining company to aid in the sustainable lithium isolation pathway.
• On September 20, 2022, FWTC announced its participation, in conjunction with Membracon UK, to support a study with Cranfield University. Cranfield University is a research intensive post-graduate institution that works closely with business, industry, and government to produce transformational sustainable solutions
• Significant progress has been made on the building of the mobile demonstration unit which is now 80% complete with an anticipated completion date of February, 2023.

Management Commentary