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Forward Water Technologies and a Leading Lithium Resource Developer Sign Heads of Agreement
TORONTO, ON / ACCESSWIRE / July 25, 2023 / Forward Water Technologies Corp. (TSXV:FWTC) (the "Co...
About this update from Forward Water Technologies Corp
[{"type":"text","content":"Forward Water Technologies and a Leading Lithium Resource Developer Sign Heads of AgreementTORONTO, ON / ACCESSWIRE / July 25, 2023 / Forward Water Technologies Corp. (TSXV:FWTC) (the \"Company\") is pleased to announce it has signed a Heads of Agreement with a leading developer of battery grade lithium sourced from aquifers using direct lithium extraction (DLE) technology (the \"Lithium Developer\"). This is a clear milestone towards completing a definitive agreement for the utilization of on-site forward osmosis equipment via a lease-to-own model.The Heads of Agreement outlines the key terms and conditions of the proposed transaction between Forward Water and the Lithium Developer and forms the framework needed to complete the definitive agreement. The Heads of Agreement sets out the specific commercial terms that aim to achieve mutual growth and success in the sustainable aquafer-based lithium sector. The proposed lease-to-own model presents an innovative solution designed to address water reusability, foster long-term sustainability and value for all stakeholders.\"We are delighted to have received approval for the Heads of Agreement with the Lithium Developer,\" comments, Forward Water's CEO and President, C. Howie Honeyman. \"Reaching a mutually acceptable set of commercial terms represents a strategic step forward for both organizations and potentially opens up new opportunities for us to expand our market presence and deliver enhanced value to our stakeholders.\"By formalizing the Heads of Agreement, both parties express their commitment to furthering the collaborative efforts, engaging in comprehensive discussions, and conducting due diligence to shape the forthcoming definitive agreement. This definitive agreement will define the complete and binding terms, responsibilities, and benefits of leveraging the lease-to-own delivery model.The proposed definitive agreement will be subject to receipt of all necessary approvals, completion of due diligence, and agreement on definitive terms. Forward Water and the Lithium Developer are determined to undertake these processes with diligence, aiming for a swift finalization in the near future..About Forward Water Technologies Corp.Forward Water Technologies Corp. is a publicly traded Canadian company dedicated to saving the earth's water supply using its patented Forward Osmosis t...