Forward Water Technologies Announces Third Quarter Financial Results

TORONTO, ON / ACCESSWIRE / March 1, 2023 / 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 nine months ended December 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.

Q3 Financial Highlights

• Total expenses were $577,766 for the three months ended December 31, 2022, and $1,742,884 for the nine months ended December 31, 2022.
• Net loss and comprehensive loss was $522,920 for the three months ended December 31, 2022, compared to a loss of $1,938,856 for the same period in 2021. The net loss and comprehensive loss for the nine month period ended December 31, 2022 was $1,588,968 compared to a loss of $3,504,400 for the same period in 2021.
• Basic loss per share was $0.00 and $0.02 for the three and nine months ended December 31, 2022, respectively, compared to $0.02 and $0.05 for the same three and nine months in 2021.

Operating Highlights and Recent Corporate Developments

• On November 3, 2022, the Company was awarded $97,773 in matching funds as part of The Canadian Food Innovation Network's Innovation Booster Program
• The Company recognized $30,389 in revenue for the quarter, the first significant commercial revenue. This is a result of new contracts with customers to test wastewater and water samples from mineral recovery processes as preliminary steps toward a project order
• Significant progress has been made on the building of the mobile demonstration unit which is now 80% complete, the completion of which will align with the first commercial contract
• On January 9, 2023, the Company granted incentive stock options to certain employees to acquire an aggregate of 620,000 common shares at an exercise price of $0.085
• On January 20, 2023, the Company grated incentive stock options to the CEO, to acquire 425,000 common shares at an exercise price of $0.105
• On February 8, 2023, the Company announced the renewal of the contract with Agora Internet Relations Corp to provide online advertising, marketing and branding services commencing January 1, 2023. The Company is not paying cash for the program due to AGORA'S shares for services program

Management Commentary