Forward Water Technologies Announces an Early Development Contract

TORONTO, ON / ACCESSWIRE / August 29, 2022 / Forward Water Technologies Corp. ("Forward Water" or the "Company") (TSXV:FWTC) announces that it has secured an early development contract to support a prominent western Canadian lithium company to further optimize lithium isolation.

Ensuring proficient lithium capture is essential to minimize costs, limit the consumption of water, and provide the highest quality battery-grade lithium materials. Guaranteeing a steady supply of this mineral while minimalizing the carbon footprint associated with their production and trade is critical to building a sustainable future. Using Forward Waters low energy demand forward osmosis process to concentrate the brines will lead to new and more efficient processing methods for mineral recovery. Recent studies in the Company's labs using real-world brines have shown that highly effective concentration, using their forward osmosis process, can be readily achieved, especially in the lithium sector. In many cases, over 90% of the water can be removed from the brines leading to a >10x increase in lithium concentration. President and CEO, Mr. Honeyman comments, "FWTC's unique ability to concentrate challenging brines throughout the lithium processing path positions FWTC to be an exceptionally useful tool for lithium production. Working cooperatively with Canadian producers allows us to magnify both of our opportunities.".

The government of Canada has estimated a lithium resource of approximately 2.9 million tonnes and with the use of this new technology solution, there will be a direct effect on the manufacturer's carbon footprint both in the manufacturing process and the emission of greenhouse gasses. Through the use of this new technology, compared to the current methods of disposal, large energy savings will be recognized for the sustainability of the country. This is especially important as the demand for materials such as lithium is expected to vastly outstrip supply for many years to come.

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 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, oil and gas, mining, agriculture and ultimately municipal water supply and re-use market sectors. For more information, please visit www.forwardwater.com.

Mr. Howie Honeyman, Ph.D., President & Chief Executive Officer
Forward Water Technologies Corp.
howie.honeyman@forwardwater.com
Phone: (519) 333-5888

For further information please contact:
Kayla.ferderber@forwardwater.com

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, 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.