Mr. Howie Honeyman reports

FORWARD WATER TECHNOLOGIES ANNOUNCES FISCAL YEAR Q3, 2024 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 nine months ended Dec. 31, 2023. Copies of these financial statements and related management's discussion and analysis can be found on the company's issuer profile at SEDAR+. All financial information in this news release is reported in Canadian dollars, unless otherwise indicated.

Operating highlights and recent corporate developments

• On Oct. 5, 2023, the company issued a total of 452,000 common shares with a deemed value of $22,600 in settlement of compensation to Agora Internet Relations Corp. 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.
• 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-month) 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 or sell to the company's customers.
• On Jan. 11, 2024, the company announced that it has been contracted by CleanTech Lithium PLC to provide advisory services for the support and development of their direct lithium extraction (DLE) processes in Chile.
• On Jan. 16, 2024, the company issued a total of 452,000 common shares with a deemed value of $22,600 in settlement of compensation to Agora Internet Relations for certain advertising services provided to the company.

Management commentary

"Over the last quarter we have been pleased with the response from investors to the non-brokered private placement and we continue to pursue further financing initiatives to ensure support of all commercial activities. As important, we continue to provide guidance in the water treatment needs for our clients especially in the lithium resource sector which is vital to sustainable energy management."

Summary of financial results

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 freshwater 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, DLE, 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.

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