Forward Water Technologies (TSX-V:FWTC) Corp has told investors it is seeing rapidly growing interest in various wastewater sectors for its technology as it reported fiscal third 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.
“Moreover, the company is seeing the expansion of its business into the resource recovery sector where the concentration of natural occurring and process water streams improves the economic isolation of minerals such as lithium and other key metals, " CEO Howie Honeyman said in a statement accompanying the results.
READ: Forward Water Technologies announces sales representative agreement with Mabarex Inc
He added: “With the expansion of the sales team as well as working closely with various marketing platforms, the company 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,” plus initial funds raised concurrently with its go-public transaction, have allowed it to pursue its aggressive growth strategy and execute on its business plan.”
During the period, the company completed the reverse takeover of Hope Well Capital Corp (HWCC) and listed its shares on the TSX Venture Exchange.
In connection with the transaction, it completed a brokered private placement offering of an aggregate of 6,470,000 subscription receipts at $1 each for aggregate gross proceeds of $6,47 million.
For the fiscal 3Q ended December 31, 2021, it had total expenses of $2.06 million, an increase of 707% over the same quarter in 2020.
Meanwhile, total expenses for the nine months ended December 31, 2021, also shot up 83% to $3.49 primarily because of expenses that were incurred for the transaction related to HWCC and the TSX Venture Exchange listing.
For the quarter, the company reported a net loss of $1.94 million, or a basic loss per share of $0.02, compared to a loss of $336,553 for the same period in 2020.
Following the end of the reporting period, Forward Water announced on February 3 that it entered into a definitive agreement with Membracon to form a joint venture. The proposed joint venture will be resourced by both Membracon and the company and will be responsible for the delivery of its proprietary forward osmosis processes and solutions within the UK and Ireland.
On February 14, the company signed a sales partnership agreement with Mabarex Inc, providing laboratory, engineering, and system support. It said Mabarex will in turn identify commercial applications from its client base.
Forward Water Technologies (TSX-V:FWTC) is a 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. Its technology allows for the reduction of challenging waste streams simultaneously returning fresh water for re-use or surface release.
Forward Water Technologies (TSX-V:FWTC)' 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.
Contact the author at stephen.gunnion@proactiveinvestors.com