Forward Water Technologies Corp. ("Forward Water" or the "Company") (TSXV:FWTC) is pleased to announce that it has been awarded $97,773 in matching funds as part of The Canadian Food Innovation Network's Innovation ("CFIN") Booster Program
Forward Water is developing an entirely new, food-safe process for cold concentration of foodstuffs, resulting in up to 10x the concentration capability when compared to thermally based technologies. This technology which stems from the forward osmosis proprietary process already used by the Company, is expected to advance the competitiveness of Canada's food business ecosystem through the production of higher quality end products with reduced GHG emissions associated with conventional processing. President and CEO, Howie Honeyman comments, "The ability to cold concentrate liquid food and beverage streams preserves the high quality of the product while intensifying flavours and aromas, produces no secondary waste stream, and accomplishes the process using only a fraction of the energy that traditional thermal processes require. The net result is a superior product made at reduced costs that lowers GHG emissions. The support from CFIN will enable us to accelerate this development and get to market even faster".
The CFIN Food Innovation Challenge seeks to support disruptive start-ups in the food service industry who are on the cusp of development and commercialization. The challenge is limited to Canadian-led collaborations and grants are awarded based on merit.
"This project is a great example of the transformative innovation happening across Canada's food sector that often goes unnoticed or undercelebrated. We're excited to support Forward Water as they bring their sustainable cold concentration process technology to market where it can enhance and improve several products and process while reducing energy consumption." -- Joe Lake, CEO of CFIN
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 Green Centre 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, food and beverage concentrates, oil and gas, mining, agriculture and ultimately municipal water supply and re-use market sectors. For more information, please visit www.forwardwater.com.
About Canadian Food Innovation Network:
The Canadian Food Innovation Network (CFIN) is a national non-profit, member-based organization that's stimulating transformative and transferrable innovation across the Canadian food sector. We connect the Canadian food ecosystem to fresh insights, ideas, and technologies to elevate their business and increase their innovation capacity. You can become a CFIN member (for free!) in less than five minutes.
To learn more about CFIN, please visit www.cfin-rcia.ca.
Mr. Howie Honeyman, Ph.D., President & Chief Executive Officer
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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, 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: 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 outlined 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.
Neither 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.
SOURCE: Forward Water Technologies Corp.
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