• Hope Well Capital (HOPE.P) and Forward Water Technologies (FWT) are entering into a reverse takeover arrangement
  • A subsidiary of HWCC will amalgamate with Forward Water Technologies. FWT will then become a wholly-owned subsidiary of HWCC
  • Hope Well Capital will change its name to Forward Water Technologies Corp.
  • The transaction is pending shareholder approval and regulatory approval
  • Upon completion of the transaction, FWT will pay a finder 220,640 FWT shares and a $220,640 cash finder’s fee
  • Forward Water Technologies is a Canadian corporation dedicated to the commercialization of its proprietary forward osmosis technology
  • Hope Well Capital’s principal business is the identification, evaluation and acquisition of assets or businesses
  • Hope Well Capital Corp. (HOPE.P) opened trading at C$0.25 per share

Hope Well Capital (HOPE.P) and Forward Water Technologies (FWT) are entering into a reverse takeover arrangement.

The transaction will be completed by way of a three-cornered amalgamation, whereby 2644246 Ontario Limited, a wholly-owned subsidiary of HWCC, will amalgamate with Forward Water Technologies. FWT will then become a wholly-owned subsidiary of HWCC.

Hope Well Capital will change its name to Forward Water Technologies Corp.

The agreement includes a number of conditions, including completion or waiver of sponsorship, requisite shareholder approvals including the approval of the shareholders of FWT and HWCC (with respect to the Name Change), the completion of previously announced subscription receipt financing, approvals of all regulatory bodies including the TSX Venture Exchange.

The Combination Agreement is subject to certain conditions and applicable shareholder, director and TSXV approval. On closing of the transaction, FWT will pay a finder 220,640 FWT shares and a $220,640 cash finder’s fee.

FWT Financial Information

The following table contains selected financial information in respect of FWT.

Year ended
March 31,
2020(audited)
Year ended
March 31,
2019(audited)
Assets$2,082,537$2,197,119
Liabilities$2,365,830$1,515,010
Revenues$449,131$327,252
Net profit (losses)$(965,402)$(61,695)

Proposed Board of Directors and Senior Management Team

Subject to applicable shareholder and TSXV approval, the board of directors will include of the following individuals:

C. Howie Honeyman , Chief Executive Officer, President and Director

Mr. Honeyman has served as CEO of FWT since 2015 and President since 2016. Mr. Honeyman has over 20 years of experience commercializing new technologies, having worked in senior or executive positions for both large multi-national companies including Cabot Corporation and more recently several innovation-based start-ups, such as E Ink and Natrix Separations Inc. Mr. Honeyman holds a Ph.D. in Chemistry from the University of Toronto.

Wayne Maddever , Chief Operating Officer and Director

Dr. Maddever has served as a Director of FWT since 2018 and Chief Operating Officer of FWT since 2019. Dr. Maddever has over 35 years of experience working in senior executive management positions with technology-based businesses in start-up, turnaround or acquisition situations where his skills at change management have aided in the commercialization of new technologies. Dr. Maddever holds a Ph.D. in Materials Science Engineering from the University of Toronto.

Andrew Pasternak , Director and Chair

Dr. Pasternak has served as a Director of FWT since 2020. Dr. Pasternak has over 24 years of experience directing early-stage companies with technology commercialization and product development activities in a wide variety of fields including chemistry, biotechnology, medical devices, drug discovery and instrumentation. Dr. Pasternak holds a Ph.D. in Bio-Chemical Engineering from Northwestern University as well as an MBA from the Rotman School of Business ( University of Toronto ). Dr. Pasternak is an accredited Professional Director and serves as a Board member in several early-stage and volunteer organizations.

John Koehle , Director

Mr. Koehle has served as a Director of FWT since 2019. Mr. Koehle has over 8 years of experience supporting the commercialization of early-stage companies. Mr. Koehle’s experience includes working in industries such as environmental, transportation, information technology, food, and medical. Mr. Koehle holds a B.A.Sc. in Mechanical Engineering from the University of Waterloo.

Sheldon Kales , Director

Mr. Kales has served as a Director of HWCC since 2017 and the CEO, CFO and Secretary of HWCC since 2021. Mr. Kales is an established entrepreneur with extensive leadership experience in companies in the United States and Canada in a range of industries, including mining, technology, and pharmaceuticals. Mr. Kales holds a BA from the University of Toronto .

Leonard Seed , Director of Engineering and Operations

Mr. Seed has worked at FWT since 2016. Mr. Seed has over 18 years of experience developing and commercializing new water and wastewater treatment technologies. Mr. Seed holds an MSc in Environmental Engineering from the University of Guelph.

Dr. Philip Jessop , Executive Research Director

Dr. Jessop was appointed to the role of Executive Research Director of FWT in 2018. Dr. Jessop has over 20 years of experience working in the field of green chemistry. Dr. Jessop holds a Ph.D. in Chemistry from the University of British Columbia.

Forward Water Technologies is a Canadian corporation dedicated to the commercialization of its proprietary forward osmosis technology. The technology enables the reclamation of up to 90% of the waste as clean water and the return of this valuable resource to the environment.

Hope Well Capital’s principal business is the identification, evaluation and acquisition of assets or businesses.

Hope Well Capital Corp. (HOPE.P) opened trading at C$0.25 per share.

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