Mr. C. Howie Honeyman reports

FORWARD WATER TECHNOLOGIES ANNOUNCES FISCAL YEAR 2023 FINANCIAL RESULTS

Forward Water Technologies Corp. has filed its condensed consolidated audited financial statements and related management's discussion and analysis for the three and six months ended Sept. 30, 2023. Copies of these financial statements and related management's discussion and analysis can be found on the company's issuer profile on SEDAR+. All financial information in this news release is reported in Canadian dollars, unless otherwise indicated.

Operating highlights and recent corporate developments:

• On July 4, 2023, the company issued a total of 410,909 common shares in settlement of compensation to Agora Internet Relations Corp. for certain advertising services provided to the company.
• On July 25, 2023, the company announced that it had signed a heads of agreement for the potential lease-to-own of the forward osmosis (FO) equipment with a leading developer of battery-grade lithium sourced from aquifers using direct lithium extraction (DLE) technology.
• On Aug. 31, 2023, the company announced that it has entered into a non-binding letter of intent with Alborg CSP to access their flat panel and parabolic solar thermal solution offerings for integration into the company's FO technology systems, specific to direct lithium extraction applications and where the use of solar thermal integration provides beneficial use to the client.
• On Oct. 5, 2023, the company issued a total of 452,000 common shares in the amount of $22,600 in settlement of compensation to Agora for certain advertising services provided to the company.
• On Oct. 23, 2023, the company completed a non-brokered private placement of 9.24 million units at a price of five cents per unit for gross proceeds of $462,000. Each unit consisted of one common share of the company and one common share purchase warrant. Each common share purchase warrant entitles the holder thereof to acquire one common share of the company at a price of 7.5 cents per share at any time on or before Oct. 20, 2026.
• On Oct. 31, 2023, the company announced a brokered private placement of a minimum of 20 million units and a maximum of 40 million units, on a commercially reasonable efforts agency basis, at a price of five cents per unit for gross proceeds of between $1-million and $2-million. The offering may consist of up to 26,525,774 units issued pursuant to the listed issuer financing exemption available under Part 5A of National Instrument 45-106, Prospectus Exemptions, for maximum gross proceeds of $1,326,288.70 (the LIFE offering).
• In addition, the company is proposing to complete, concurrent with the LIFE offering, a brokered private placement of up to 40 million units on the same terms as the LIFE offering, for gross proceeds of up to $2-million. The units sold under the concurrent private placement will be sold pursuant to applicable exemptions under NI 45-106 other than the listed issuer financing exemption.
• In no case will the aggregate amount raised under the LIFE offering and concurrent private placement be more than $2-million and no more than $1,326,288.70 will be raised though the sale of units under the LIFE offering. The closing of the LIFE offering is conditional upon the raising of at least $1-million in gross proceeds under the LIFE offering and concurrent private placement.
• Each unit will consist of one common share of the company and one share purchase warrant of the company. Each warrant will entitle the holder to purchase one share at a price of 7.5 cents per warrant share at any time on or before the date that is 36 months after the issuance of the warrant, subject to adjustment in certain events.
• In December, 2021, the company began the building of a mobile demonstration unit, which can be placed on a customer's site to allow for a longer-term (six to eight months) performance of the FO technology at industrial throughput that is not achievable in a laboratory setting. This revenue-generating unit was completed in November, 2023, and is now available to be used by the company's customers.

Management commentary

"We are pleased with the strong commercial groundwork that has been accomplished in the last quarter and by using this foundation, FWTC expects to complete several of the commercial opportunities it has developed."

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 research and development for the treatment of food and beverage process streams.

We seek Safe Harbor.