Forward Water Technologies and a Leading Lithium Resource Developer Sign Heads of Agreement

TORONTO, ON / ACCESSWIRE / July 25, 2023 / Forward Water Technologies Corp. (TSXV:FWTC) (the "Company") is pleased to announce it has signed a Heads of Agreement with a leading developer of battery grade lithium sourced from aquifers using direct lithium extraction (DLE) technology (the "Lithium Developer"). This is a clear milestone towards completing a definitive agreement for the utilization of on-site forward osmosis equipment via a lease-to-own model.

The Heads of Agreement outlines the key terms and conditions of the proposed transaction between Forward Water and the Lithium Developer and forms the framework needed to complete the definitive agreement. The Heads of Agreement sets out the specific commercial terms that aim to achieve mutual growth and success in the sustainable aquafer-based lithium sector. The proposed lease-to-own model presents an innovative solution designed to address water reusability, foster long-term sustainability and value for all stakeholders.

"We are delighted to have received approval for the Heads of Agreement with the Lithium Developer," comments, Forward Water's CEO and President, C. Howie Honeyman. "Reaching a mutually acceptable set of commercial terms represents a strategic step forward for both organizations and potentially opens up new opportunities for us to expand our market presence and deliver enhanced value to our stakeholders."

By formalizing the Heads of Agreement, both parties express their commitment to furthering the collaborative efforts, engaging in comprehensive discussions, and conducting due diligence to shape the forthcoming definitive agreement. This definitive agreement will define the complete and binding terms, responsibilities, and benefits of leveraging the lease-to-own delivery model.

The proposed definitive agreement will be subject to receipt of all necessary approvals, completion of due diligence, and agreement on definitive terms. Forward Water and the Lithium Developer are determined to undertake these processes with diligence, aiming for a swift finalization in the near future..

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 statements in this press release include statements regarding the ability and timing to enter into a definitive agreement. 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 ability for the parties to complete satisfactory diligence, obtain required approvals and reach agreement on definitive terms; 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.