Forward Water Technologies Corp. Partners with Fraser Mackenzie Accelerator Corp. in Strategic Business Combination

TORONTO, ON / ACCESSWIRE / May 14, 2024 – Forward Water Technologies Corp. (TSXV: FWTC) and Fraser Mackenzie Accelerator Corp. (TSXV: FMAC.P) have announced a significant business combination set to redefine both companies. Under the terms of the letter of intent signed on May 13, 2024, FMAC will amalgamate into FWTC, creating a unified entity focused on enhancing water filtration technology.

This collaboration marries FMAC's robust financial resources and capital market access with FWTC's innovative Forward Osmosis technology, which is pivotal for water conservation and waste reduction in various industrial sectors. The merged entity promises accelerated growth and innovation in their domain.

Equity exchange terms dictate that all FMAC shares will convert into FWTC shares, with preliminary figures showing FMAC owners controlling approximately 48.54% of the merged company post-transaction, while existing FWTC shareholders will hold around 26.91%. Additionally, the transaction includes a concurrent financing strategy aiming to raise a minimum of $1.5 million to fuel the combined operations.

FMAC, initially a capital pool company with no prior commercial endeavors beyond cash assets, will undergo this merger as its qualifying transaction under TSX Venture Exchange policies, subject to shareholder and regulatory approval. The forthcoming corporate union is hailed by both parties as a strategic move towards redefining industry standards in water treatment solutions.