Forward Water Technologies Announces June 30, 2024 Financial Results

Forward Water Technologies Corp. (TSXV:FWTC) (the ‘Company’) is pleased to announce that it has filed its condensed consolidated interim financial statements and related management’s discussion and analysis for the three months ended June 30, 2024 (fiscal year Q1, 2025). 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

Three Months Ended June 30, 2024 Financial Highlights

Revenue was $8,895 for the three months ended June 30, 2024, compared to $3,349 in the prior period in 2023.

Total expenses were $251,350 for the three months ended June 30, 2024, compared to $630,251 a decrease of $378,901 or 60% compared to the same period in 2023.

Net loss and comprehensive loss were $261,950 for the year ended June 30, 2024, compared to a loss of $596,477, a reduction of $344,527 or 60% for the same period in 2023.

Basic and diluted loss per share were $0.00 and $0.01 for the same period in 2023.

Operating Highlights and Recent Corporate Developments

On May 14, 2024, the Company announced that it had entered into a letter of intent dated May 13, 2024, which outlines the general terms and conditions of a proposed business combination, by way of an amalgamation, arrangement, or other similar form of transaction, which will result in Fraser Mackenzie Accelerator Corp (‘FMAC’) becoming a wholly-owned subsidiary of FWTC.

On May 24, 2024, the Company announced that it closed the issuance of the $225,000 of debentures.