Forward Water Technologies Announces Letter of Intent with Membracon UK
TORONTO, ON/ACCESSWIRE/February 5, 2022/ Forward Water Technologies Corp. (“In front of the water” or the “Society“) (TSXV: FWTC) is pleased to announce that it has entered into a non-binding letter of intent dated February 3, 2022 with Membracon (UK) Ltd. (“Membrane“) which outlines the terms of a proposed joint venture.
The proposed joint venture will be funded by Membracon and Forward Water and will be responsible for delivering Forward Water’s proprietary forward osmosis processes and solutions in the UK and Ireland. Forward Water will provide laboratory, engineering and system support while Membracon will develop various customer opportunities using its extensive network 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.
The two companies have worked closely over the past 12 months, developing an application in the UK for a sewage landfill solution with promising results. Forward Water’s low cost forward osmosis system extracts pure water and reduces the overall volume of wastewater. 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 delighted with the agreement between Forward Water and Membracon, as it allows us to extend our unique solutions 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 the preservation of our environment for generations to come.”
This use of the company’s patented forward osmosis solution can significantly reduce the volume of leachate, which will result in landfills using significantly less energy and, at the same time, the resulting clean water will contribute to a brighter future. sustainable and with a reduced carbon footprint. The low power requirements and extraordinary capabilities of Forward Water’s technology make it a natural complementary technology to the industrial processing platforms already in place for this application.
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.
For more information, please contact:
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 www.sedar.com. The Company undertakes no obligation to update these forward-looking statements, except as required by applicable law.
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.)
THE SOURCE: Forward Water Technologies Corp.
See the source version on accesswire.com: