Forward Water Technologies Corp. (" FWTC ") (TSXV:FWTC), announces that the original news release captioned "Forward Water Technologies Corp. Closes Private Placement of Convertible Debentures" published on August 21, 2024 referred, incorrectly, to the date on which the hold period applicable to the securities issued under the financing expires. The date was referenced as August 19, 2026 and it should have read December 20, 2024.

Not for distribution to U.S. news wire services or for dissemination in the United States.

TORONTO, ON / ACCESSWIRE / August 22, 2024 / Forward Water Technologies Corp. (" FWTC ") (TSXV:FWTC) is pleased to announce that it has closed an issuance of $200,000 principal amount of unsecured convertible debentures. The debentures bear interest at a rate of 10% per annum and the principal amount is automatically convert into units ("Units") at a conversion price of $0.1126 (assuming completion of the proposed 10 for 1 consolidation of FWTC common shares (the "Consolidation")) on completion of the proposed business combination with Fraser Mackenzie Accelerator Corp. ("FMAC") (see press releases dated May 14, 2024 and July 22, 2024 announcing the proposed transaction). Each Unit will be comprised of one common share of FWTC and one common share purchase warrant ("Warrant") entitling the holder to purchase one common share of FWTC (a "Warrant Share") at a post-Consolidation exercise price of $0.1579 at any time prior to August 19, 2027. All interest will be paid in cash only

In connection with the transaction a finder was paid an 8% finders fee and was issued 142,096 finder warrants that entitle the finder to acquire one common share of FWTC and one half of one Warrant (with the same terms as the Warrants described above) at a price of $0.1126 at any time on or before August 19, 2026.

All securities issued pursuant to the financing are subject to a hold period of four months and one day expiring on December 20, 2024.

About Forward Water Technologies Corp.

Forward Water Technologies Corp. (TSX.V:FWTC) 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 re-use or surface release. The Company's mandate is to focus on the large-scale implementation of its technology in multiple sectors, including industrial wastewater, oil and gas, DLE, mining, agriculture and ultimately municipal water supply and re-use market sectors.

FWTC has immediate plans to treat brine from the direct lithium extraction (DLE) sector using is mobile pilot equipment this summer in conjunction with its partners. This project will establish FWTC's iFOTM technology as a valuable component in producing lithium carbonate from aquifer sourced brines for use in applications such as electric vehicle (EV) battery production.

In addition, the Company has initiated early-stage R&D for the treatment of food and beverage process streams.

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Contact Information:

Forward Water Technologies Corp.
C. Howie Honeyman, Chief Executive Officer
E-mail: howie.honeyman@forwardwater.com
Telephone: (519) 333-5888

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Caution Concerning Forward Looking Information

This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities laws. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "will", "estimates", "believes", "intends" "expects" and similar expressions which are intended to identify forward-looking statements. More particularly and without limitation, this press release contains forward looking statements concerning the proposed transaction with FMAC, the Consolidation, the ability of FWTC and FMAC to meet the conditions of the proposed transaction in the required timeframes, obtaining the necessary exemptions and approvals from the TSX Venture Exchange or other regulatory bodies, including the business, name and function of the resulting issuer and certain financial information and forecasts. FWTC cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, assumptions and expectations, many of which are beyond the control of FWTC, including expectations and assumptions concerning FWTC, FMAC, the resulting issuer, the proposed transaction, the timely receipt of all required shareholder and regulatory approvals (as applicable), including the acceptance of the TSX Venture Exchange, the satisfaction of other closing conditions in accordance with the terms of the definitive agreement for the proposed transaction, as well as other risks and uncertainties, including those described in FWTC and FMAC's respective disclosure documents available on SEDAR+ at . The reader is cautioned that assumptions used in the preparation of any forward-looking statements may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of FWTC. The reader is cautioned not to place undue reliance on any forward-looking statements. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

The forward-looking statements contained in this press release are made as of the date of this press release, and FWTC does not undertake to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.

SOURCE: Forward Water Technologies Inc.