Forward Water TechnologiesAnnounces 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
“FWTC sees the early revenue received in this quarter as a clear indication of interest from our developing client base across several sectors. Our goal is to rapidly develop these opportunities to full commercial scale” said Howie Honeyman, CEO of the Company.
Summary of Financial Results
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.
For more information or interview requests, please contact:
C. Howie Honeyman – Chief Executive Officer
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.
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.