Mr. C. Howie Honeyman reports

FORWARD WATER TECHNOLOGIES CORP. ANNOUNCES LETTER OF INTENT WITH AALBORG CSP

Forward Water Technologies Corp. has entered into a non-binding letter of intent (LOI) with Aalborg CSP, a premier developer of solar thermal collectors designed to facilitate heat generation without the reliance on conventional fuel combustion.

The LOI, signed Aug. 31, 2023, outlines the terms and conditions under which Forward Water and Aalborg intend to pursue a relationship that will enable Forward Water to access Aalborg's flat-panel and parabolic solar thermal solution offerings for integration into Forward Water'S proprietary forward osmosis (FO) technology systems, specific to direct lithium extraction (DLE) applications and where the use of solar thermal integration provides beneficial use to the client. The parties have agreed to work diligently and in good faith to negotiate and finalize a definitive agreement to effectuate the proposed relationship.

Both Forward Water and Aalborg would like to create a mutually beneficial relationship that enables the rapid commercialization of Forward Water's industrial Solar-FO process offering integrated with Aalborg's solar thermal offerings (flat panel and/or parabolic) in meeting client needs. Forward Water possesses expertise in FO technology and design, complemented by a robust array of technical resources to offer comprehensive project support. However, Forward Water acknowledges its limitations in sourcing and constructing solar thermal systems. In contrast, Aalborg brings to the table extensive solar thermal engineering expertise, well-established supply chains and proficient fabrication capabilities, making it the ideal partner to design, manufacture and seamlessly integrate solar thermal solutions into Forward Water's FO equipment.

By partnering both Aalborg and Forward Water anticipate being able to deliver a robust and unique system and process offering enhancing the attractiveness and portfolios of each company. For clarity, this proposed relationship is not a licence to either party's proprietary intellectual property but a co-operative relationship between both companies in working together on DLE client opportunities, where integration and use of Aalborg's solar thermal solution offering provide value and benefit to Forward Water's customers.

"We are excited to proposed relationship with Aalborg CSP as the integration of their solar thermal energy offerings into our FO designs establishes a new benchmark in energy requirements for extraction and reuse of water from challenging process streams at less than 10 kilowatt-hours per cubic metre of electrical energy. FO operations driven by solar thermal enables us to meet and surpass client requirements of reduced CO2 [carbon dioxide] emissions, increased water reuse and sustainable operations as needed by our direct lithium extraction clients in support of their environmental permits and process economics," as quoted by Grant Thornley, vice-president, engineering solutions, at Forward Water.

The LOI is non-binding and subject to various conditions, including, but not limited to, satisfactory due diligence, regulatory approvals and the execution of the definitive agreement. There can be no assurance that the relationship contemplated by the LOI will be completed as proposed or at all.

The company will provide updates as significant developments occur, and it anticipates disclosing further details upon the execution of the definitive agreement.

About Forward Water Technologies Corp.

Forward Water 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 reuse or surface release. The company's mandate is to focus on the large-scale implementation of its technology in multiple sectors, including industrial waste water, oil and gas, mining, agriculture, and, ultimately, municipal water supply and reuse market sectors. In addition, the company has initiated early-stage R&D (research and development) for the treatment of food and beverage process streams.

We seek Safe Harbor.