Forward Water Technologies (TSX-V:FWTC) Inc. CEO Howie Honeyman has told shareholders that the company is seeing “rapidly growing interest” in various wastewater sectors, as it reported unaudited fiscal second-quarter 2021 financial results.
The Toronto, Ontario-based company is commercializing its proprietary forward osmosis technology that allows manufacturers to clean their wastewater and reclaim up to 90% of the waste as clean water.
"Forward Water has been seeing rapidly growing interest in various wastewater sectors by saving water from being permanently destroyed and realizing large reductions in their operating expenses associated with legacy water solutions," Honeyman said in a statement accompanying the results.
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He added: "With the expansion of the sales team as well as working closely with various marketing platforms, Forward Water will be able to introduce the world actively and aggressively to its patented forward osmosis technology solution.”
Honeyman noted that the company’s “proven trial runs,” and initial funds raised with its go-public transaction, have allowed it to pursue its aggressive growth strategy and execute on its business plan.
Forward Water Technologies (TSX-V:FWTC) has completed the second tranche of its brokered private placement of $1.3 million, adding to its first tranche of $5.2 million in funding picked up earlier in the year.
The wastewater treatment company has also completed the reverse takeover of Hope Well Capital Corp (HWCC). With the financial strength Forward Water acquires from the merger and capital raise, the firm said it will be able to “drive adoption in the global opportunities it has already identified.”
For the fiscal 2Q ended September 30, 2021, the company had total expenses of $1,03 million, an increase of 115% over the same quarter in 2020.
Meanwhile, total expenses for the six-month period ended September 30, 2021, also shot up 83% to $1,63 primarily because of legal and audit expenses, which were incurred for the transaction related to HWCC.
For the quarter, the company reported a net loss of $999,559, or basic loss per share of $0.09, compared to a loss of $336,553 for the same period in 2020.
Separately, the company announced ongoing trials pending in Europe and the UK and continued collaboration with its partner in India, Goldfinch Engineering, with which it has signed a technology license transfer.
The low-energy requirements and capabilities of Forward Water’s technology make it a natural bolt-on companion technology to industrial treatment platforms already in place in the industrial wastewater, oil and gas, mining, agriculture, and ultimately municipal water supply and re-use market sectors.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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