Forward Water Technologies Announces Fiscal Year 2023 Financial Results

Forward Water Technologies Announces Fiscal Year 2023 Financial Results

Forward Water Technologies Corp. (TSXV:FWTC) (the "Company") is pleased to announce that it has filed its condensed consolidated audited financial statements and related management's discussion and analysis for the twelve months ended March 31, 2023. 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

Fiscal Year End Financial Highlights

  • Total expenses were $2,421,598 for the year ended March 31, 2023, compared to $4,186,933 over the same period in 2022, a decrease of $1,765,335. The decrease in expenses were largely due to the costs associated with the completion of a qualifying transaction (the "Transaction") in the prior year that did not repeat in the fiscal year 2023.
  • Net loss and comprehensive loss were $2,286,526 for the year ended March 31, 2023, compared to a loss of $4,178,676 for the same period in 2022.
  • Basic and diluted loss per share were $0.02 for the year ended March 31, 2023 and $0.05 for the same period in 2022.

Operating Highlights and Recent Corporate Developments

  • Fiscal year 2023 was the full first year as an operating company after the Transaction was completed in October, 2021, with the focus transitioning from engineering development to commercialization.
  • The Company generated almost $40,000 in revenue in testing and reporting for customers interested in purchasing a forward osmosis ("FO") unit.
  • A number of potential customers have been identified, with six requesting testing. These include large multinational businesses in the mining and lithium industries.
  • On May 1, 2023, the Company announced that its wholly-owned subsidiary, Forward Water Technologies Inc., has licensed specific intellectual property from FUJIFILM Corporation in order to solidify protection of its water treatment technology platform, and which will secure further clean water alternatives to legacy solutions to combat the ongoing global water crisis. As part of this agreement, the Company paid a $135,620 licensing fee.
  • On May 30, 2023, the Company announced a partnership with Mead & Hunt. The Company will guide project support with its FO expertise, design know-how, and technical assets. Mead & Hunt will provide extensive supply chain connections, engineering design experience, capabilities to fabricate the needed treatment equipment, as well as an established customer pipeline.
  • On May 31, 2023, the Company announced that it has signed a technical advisory engagement with CleanTech Lithium PLC to review and assess technologies capable of further increasing CleanTech Lithium's existing process efficiencies. Under this advisory engagement, FWTC will evaluate and advise on various technologies for use within CleanTech Lithium's operations, at its Laguna Verde and Francisco Basin projects located in the lithium triangle within Chile.

Management Commentary

Forward Water's CEO and President, C. Howie Honeyman comments "Fiscal year 2023 has been exciting for the Company. We have been successful in introducing the FO technology to potential customers across a number of different industries, resulting in orders for testing, a non-binding letter of intent with Mead & Hunt and a technical advisory engagement with Clean Tech Lithium PLC. In addition, the Company is in negotiations to deliver the FO pilot system on-site to support a customer's lithium extraction process in Chile". Mr Honeyman commented further, "We look forward to the year ahead as we continue to engage with our potential customers and expand our opportunities."

Summary of Financial Results

Income Statement

Forward Water Technologies Corp., Friday, July 7, 2023, Press release picture

*Reflects the retrospective application of the 1:5 exchange ratio

Balance Sheet

Forward Water Technologies Corp., Friday, July 7, 2023, Press release picture

Statement of Cash Flows

Forward Water Technologies Corp., Friday, July 7, 2023, Press release picture

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.

Contact Information

For more information or interview requests, please contact:
C. Howie Honeyman - Chief Executive Officer
howie.honeyman@forwardwater.com
416-451-8155

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.

Forward-Looking Statements

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.

SOURCE: Forward Water Technologies Corp.



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Not for distribution to U.S. news wire services or for dissemination in the United States.

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Altech Batteries Ltd  Commences Selling Sodium Nickel Chloride Batteries

Altech Batteries Ltd Commences Selling Sodium Nickel Chloride Batteries

Perth, Australia (ABN Newswire) - Altech Batteries Limited (ASX:ATC,OTC:ALTHF) (FRA:A3Y) (OTCMKTS:ALTHF) pleased to announce its immediate entry into the sodium nickel chloride (SNC) (or previously referred as sodium alumina solid state (SAS)), battery market in Australia, Europe and United States of America through a strategic collaboration and distribution agreement with the current largest SNC battery manufacturer AMPower, a subsidiary of the Chilwee Group.

Highlights

- Altech signs collaboration agreement with AMPower for early market entry into Europe, Australia and the USA

- AMPower presently produces conventional zebra design sodium nickel chloride batteries for Uninterrupted Power Supply (UPS) and are developing BESS and traction batteries

- Altech's CERENERGY(R) batteries use the same sodium nickel chloride chemistry, but are especially designed for high performance energy storage systems (ESS)

- Altech and AMPower will cooperate on sodium nickel BESS development. Each partner will have the authority to distribute the co-developed BESS under its own brand

- AMPower will manufacture energy storage packs in accordance with Altech specifications and supervision under Altech branding and distribution

- Altech gains immediate market entry and presence for sodium nickel chloride batteries to establish its energy storage battery market especially in Europe and Australia

- CERENERGY(R) cell technology I/P will not be shared with AMPower

- Altech's CERENERGY(R) 120 MWh battery project development in Germany remains on track

- Preliminary funding approval from the German Government for 46.7 million Euro having been received

Chilwee is the third largest e-mobility battery manufacturer in China, with an annual turnover of US$20 billion, 23,000 employees, and production capabilities spanning lead-acid, lithium-ion, sodium-ion, and next-generation battery technologies. AMPower currently manufactures conventional Zebra-type sodium nickel chloride (Na/NiCl2) solid-state batteries-using the same chemistry as CERENERGY(R)-but mainly for the small Uninterrupted Power Supply (UPS) industrial market. AMPower was originally established as a joint venture with General Electric to produce sodium nickel chloride UPS batteries under the Durathon brand.

In the initial phase, AMPower will produce sodium nickel chloride solid state UPS batteries for Altech which will be under Altech brand, supervision and specification for distribution across Australia, Europe, and the USA. This strategy provides a faster pathway to cash flow for Altech.

This will strengthen the market presence and branding of Altech while the company advances and secures funding for its CERENERGY(R) 120 MWh energy storage project in Germany.

Several battery models that will be offered by Altech immediately are shown above. These sodium nickel chloride UPS batteries are completely fireproof, featured long cycle life, and operate reliably in both extreme heat and cold. A key advantage of these sodium nickel chloride UPS batteries is their capacity to stay fully charged, idle, and instantly ready for discharge for more than 10 years-without the need for regular maintenance or the frequent replacements required by leadacid, lithium-ion or Ni-Cad batteries. These UPS batteries also serve a unique niche in explosion-proof environments or locations where lithium-ion batteries are restricted or banned. To capture this market, Altech has recruited a team of experienced marketing professionals to drive the sales process.

ESS Batteries

In the second phase, AMPower, with its available production capacity, intends to manufacture sodium nickel chloride batteries for the household, industrial, and grid-scale energy storage markets.

AMPower currently has a production capacity of approximately 100 MWh per annum, with the ability to scale up to 200 MWh per annum. Altech and AMPower will cooperate on small and medium size sodium nickel BESS development. Each partner will have the authority to distribute the codeveloped BESS under its own brand. AMPower will produce sodium nickel chloride BESS for Altech, under Altech brand and sales managed by Altech in the three key markets Europe, Australia and the USA. This arrangement will generate additional cash flow over and above the UPS sales, while building product credibility and brand recognition, paving the way for the CERENERGY(R) 120 MWh large scale industrial energy storage project in Germany.

This collaboration fast-tracks the commercialisation of Altech's sodium nickel chloride (Na/NiCl2) solid-state battery technology, enabling immediate production of Altech-branded battery packs to meet growing customer demand, reinforced by strong interest from existing offtake partners. Crucially, the arrangement excludes any transfer or sharing of Altech's proprietary IKTS CERENERGY(R) battery cell technology with AMPower, ensuring complete protection of Altech's intellectual property. And vice versa, AMPower will not transfer or share AMPowers Durathon(R) battery cell technology with Altech, ensuring complete protection of the intellectual property of GE and Chilwee.

Under the agreement, AMPower will manufacture the battery cells, integrate the battery management and thermal systems, and assemble the grid-ready battery packs. AMPower will also provide customers with the required warranties and performance guarantees for the grid systems. Altech will define the technical specifications and operational modes tailored to a range of energy storage and BESS applications, while overseeing production, branding, regional certifications, marketing, and distribution across Europe, the United States, and Australia. All products produced by AMPower on requirements of Altech will be marketed under the Altech brand and interface, and will comply with international battery standards. This collaboration positions Altech to fast-track its entry into the grid battery market and establish an immediate commercial presence across its key regions.

BENEFITS FOR AMPOWER

AMPower's current facility is operating at an annual production rate of approximately 100 MWh, primarily supplying the small-scale UPS commercial market with 20-30 kWh battery units. The company has the ability to scale production to 200 MWh per annum with minimal additional capital investment. By supplying Altech's grid-scale battery packs, AMPower will be able to substantially increase its individual cell production volumes, unlocking greater economies of scale and reducing overall unit costs. Altech will provide the sales expansion needed to drive this market entry and support the ramp-up of AMPower's operations.

BENEFITS FOR ALTECH

Altech's new go-to-market strategy is designed to accelerate commercial progress and operational readiness while delivering early financial returns. By launching UPS and grid-scale battery packs ahead of commissioning its CERENERGY(R) plant in Germany, Altech will establish a steady revenue stream to offset operational costs and reduce reliance on external funding during the transition to full-scale production. Early market entry enables Altech to build a customer base across key regions-including Australia, Europe, and the United States-while strengthening brand recognition and market credibility.

This first-mover advantage also mitigates risks from competing battery technologies, as Altech's sodium nickel chloride (Na/NiCl2) batteries gain real-world application experience ahead of rivals.

The collaboration further provides Altech with direct exposure to battery production and systems integration, offering hands-on experience in areas such as BESS assembly, energy management systems, and system thermal control. These practical insights will support the refinement and optimisation of Altech's CERENERGY(R) battery packs.

SAME CHEMISTRY - ORIGINAL TECHNOLOGY

ZEBRA cells originally designed in the early 90s employ the same sodium nickel chloride (Na/NiCl) cell chemistry that forms the basis of Altech's CERENERGY(R) technology, however with an entirely different geometry and use profile. This proven chemistry is inherently non-flammable, highly tolerant of extreme temperatures, and delivers long cycle life with stable performance. ZEBRA batteries are particularly well suited for UPS systems and smaller energy storage applications.

CERENERGY(R) represents the next generation of sodium nickel chloride technology, featuring an advanced tubular design that enhances thermal management, improves electrochemical efficiency, and delivers higher energy density beside simplifying the manufacturing process whilst increasing quality, reliability and performance. Its simplified architecture reduces inactive material, substantially lowers system costs, and increases reliability-making it a scalable and robust solution for grid - scale stationary energy storage. Notably, the new cell design delivers a 2.6-fold increase in capacity, rising from 38 Ah to 100 Ah, marking a significant leap in performance. In addition CERENERGY(R) feature a number of other improvements in terms of material composition, electrode design and composition, which are part of the confidential IP and shall not be publicised.

Importantly, the cooperation with AMPower ZEBRA UPS batteries followed by small and medium size energy storage systems with the branding of Altech helps build market acceptance of sodium nickel chloride technology while fully complementing, rather than competing with, the development of the CERENERGY(R) grid scale battery storage production project in Germany.

Altech Group Managing Director Iggy Tan said:

"Altech is experiencing exceptional interest in our sodium nickel chloride solid-state battery technology, especially from customers seeking safer, more reliable alternatives to lithium-ion. These batteries are inherently fireproof, perform reliably in extreme temperatures, and offer strong environmental credentials - making them an ideal fit for the needs of the stationary energy storage market. Growing concerns over battery fire risks, particularly in data centres and AI facilities, are further accelerating demand. Our collaboration with AMPower enables immediate production, and our offtake customers are eager to secure supply. With special focus on UPS as well as small and medium size energy storage this early market entry strategy is augmenting and not competing with the large scale grid energy storage Cerenergy Battery strategy. By moving quickly to meet this demand, Altech is positioning itself as a leader in what we see as the next major wave in battery storage innovation."

To view details of the Agreement, please visit:
https://abnnewswire.net/lnk/PEUQAPMZ



About Altech Batteries Ltd:

Altech Batteries Limited (ASX:ATC,OTC:ALTHF) (FRA:A3Y) is a specialty battery technology company that has a joint venture agreement with world leading German battery institute Fraunhofer IKTS ("Fraunhofer") to commercialise the revolutionary CERENERGY(R) Sodium Alumina Solid State (SAS) Battery. CERENERGY(R) batteries are the game-changing alternative to lithium-ion batteries. CERENERGY(R) batteries are fire and explosion-proof; have a life span of more than 15 years and operate in extreme cold and desert climates. The battery technology uses table salt and is lithium-free; cobalt-free; graphite-free; and copper-free, eliminating exposure to critical metal price rises and supply chain concerns.

The joint venture is commercialising its CERENERGY(R) battery, with plans to construct a 100MWh production facility on Altech's land in Saxony, Germany. The facility intends to produce CERENERGY(R) battery modules to provide grid storage solutions to the market.

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