Forward Water Technologies to be a Finalist in the MABC Mining Innovation Challenge: Reduce Water Us
Toronto, April 20, 2022 – Forward Water Technologies Corp. ("Forward Water" or the “Company”) (TSXV:FWTC) announces their participation in the Mining Innovation Challenge: Reduce Water Use presented by Mining Association of British Columbia (MBAC) and Foresight Canada, as one of the five finalists moving to the Full Project Proposal stage of the competition.
Date: April 1 – May 12, 2022
In December 2021, the Company, participated in the Mining Innovation Challenge: Reduce Water Use, a two-phase challenge that aims to discover new solutions to reduce water use in intensity in mining operations and offers the winners a prize of $150,000 as well as the potential for a pilot opportunity. Forward Water has been selected to move to the second phase and will submit a full proposal. The winner of the second and final phase will be announced by the end of June. The Company is proud to present its patented forward osmosis solution that has the potential to significantly reduce water usage in many industrial mining applications.
President and CEO, Mr. Honeyman commented “The mining industry is essential to the global economy as well as continuing to increase quality of life. However, enabling this industry to be sustainable is essential and Forward Water is aiding in that evolution. Entering this competition is a first step in that direction”. The mining industry uses a large amount of water through the mill, mineral processing, and tailings process. The waste water produced by such activities can now be in majority reclaimed and further used in mining operations with the use of Forward Water's proprietary cutting-edge technology. The Company is a forerunner in the field of waste water reclamation, its simple three-step process technology allows manufacturers to clean their wastewater and reclaim 90% as clean water. The technology extracts clean water through a membrane utilizing a proprietary Forward Osmosis method, which essentially removes impurities and separates out the clean water making this water reusable.
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. For more information, please visit www.forwardwater.com.
About Mining Association of British Columbia (MBAC)
The Mining Association of B.C. (MABC) is the voice of mining in British Columbia, speaking on behalf of operating coal, metal, industrial mineral producers and smelters, as well as advanced development companies in the province. For more information, please visit www.mining.bc.ca.
Mr. Howie Honeyman, Ph.D., President & Chief Executive Officer
Forward Water Technologies Corp.
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Forward Looking Statements
Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws. 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, that the Company's financial condition and development plans do not change as a result of unforeseen events and that the Company obtains any required regulatory approvals. Forward-looking statements in this press release include statements regarding the participation in the MBAC challenge and the potential impacts the Company's technology will have on the mining industry.
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 ability of the Company and Membracon to reach a definitive agreement to govern the joint venture; the ability of the Company and Membracon to be successful in their deployment of the technology in the UK in municipal treatment plants; 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.