CORRECTION: Forward Water Technologies announces definitive agreement with Membracon UK

This press release replaces the press release issued on February 5, 2022 at 11:15 a.m. ET. Forward Water Technologies announces that the previously announced Letter of Intent has been developed for a definitive agreement.

TORONTO, ON/ACCESSWIRE/February 5, 2022/ Forward Water Technologies Corp. (" In front of the water" or the " Society") (TSXV: FWTC) is pleased to announce an amendment to the execution of a non-binding letter of intent and to announce that the Company has signed and entered into a definitive agreement dated February 3^rd2022 with Membracon (UK) Ltd. (" Membrane ") which outlines the terms of their joint venture.

The joint venture will be funded by both Membracon and Forward Water and will be responsible for delivering Forward Water's proprietary forward osmosis processes and solutions in the UK and Ireland. Matt Williams, Managing Director of Membracon, said, "Adding Forward Water's FO technology to Membracon's water treatment portfolio allows us to better serve our customers and provide unique and highly effective solutions for their complex water management needs.

This technology is a breakthrough that has the potential to provide new economic and environmental solutions for the treatment of municipal leachate in the UK and beyond. Forward Water's Vice President of Engineering Sales, Grant Thornley, comments: "We are excited about the agreement between Forward Water and Membracon, as it allows us to extend our unique solution offerings to the UK for the treatment of difficult and complex wastewater, using our advanced forward osmosis (FO) technologies. Advances in FO technology offer new opportunities for sustainability, water reuse, and preserving our environment for generations to come."

About Forward Water Technologies Corp.

Forward Water Technologies Corp. is a publicly traded Canadian company dedicated to preserving the planet's water supply through its patented forward osmosis technology. The company was founded by GreenCentre Canada, a leading technology innovation center supported by the Government of Canada. The company's technology helps reduce difficult waste streams that simultaneously return fresh water for reuse or surface discharge. The Company's 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 reuse market sectors. For more information, please visit www.forwardwater.com.

About Membracon (UK)

Membracon is a global provider of wastewater treatment solutions, focused on water reuse and recycling, and net-zero carbon neutrality. The company is a global leader in the industrial water treatment sector, providing solutions and technologies to world-class manufacturing companies on every continent. With Membracon's systems, wastewater treatment plants can adopt state-of-the-art systems without the high carbon penalty. The low power consumption requirements and capabilities of Membracon's systems are best in class, specifically designed for each application. For more information, please visit https://www.membracon.co.uk.

Mr. Howie Honeyman, Ph.D., President and CEO
Forward Water Technologies Corp.
[email protected]

For more information, please contact:Forward-looking statements Certain statements contained in this press release constitute "forward-looking information" as that term is used in applicable Canadian securities laws. Forward-looking information is based on management's plans, expectations and estimates as of the date the information is provided and is subject to certain factors and assumptions, including that the Company's financial condition and development plans do not change. not as a result of unforeseen events and that the Company obtains all required regulatory approvals. Forward-looking statements in this press release include statements regarding the joint venture's plans and the technology's ability to provide new economic and environmental solutions for municipal leachate treatment. Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause actual plans, estimates and results to differ materially from those projected in such forward-looking information. Some of the risks and other factors that could cause actual results to differ materially from those expressed in the forward-looking statements include, but are not limited to: the ability of the Company and Membracon to reach a definitive agreement to govern the joint venture ; the Company's and Membracon's ability to successfully deploy the technology in the UK at municipal wastewater treatment plants; the impacts of the coronavirus or other epidemics, general economic conditions in Canada, the United States and around the world; unforeseen operating events; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility and other risks and uncertainties applicable to the Company, as disclosed in the Company's continuous disclosure documents filed under the Company's profile at 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 press release). www.sedar.com. The Company undertakes no obligation to update these forward-looking statements, except as required by applicable law.
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THE SOURCE: Forward Water Technologies Corp.

See the source version on accesswire.com:
https://www.accesswire.com/687432/CORRECTION-Forward-Water-Technologies-Announces-Definitive-Agreement-with-Membracon-UK