EDMONTON, ALBERTA -- (Marketwired) -- 11/06/14 -- Wavefront Technology Solutions Inc. (Wavefront or the Company), (TSX VENTURE: WEE)(OTCQX: WFTSF) a technology provider offering fluid delivery processes to oil and gas producers for maximizing reserves in Enhanced Oil Recovery ("EOR") projects as well as substantially enhancing single well stimulation outcomes is pleased to announce that it has entered into an agreement to provide Wavefront's Powerwave technology to a top-tier service supplier for its operations in the United Arab Emirates ("UAE"). The subcontract is with a subsidiary of one of the world's largest oil and gas service companies that operates in more than 90 countries.
Under the terms of the agreement Wavefront will provide tools and training at a fixed monthly rate and will be paid 50 per cent of the total monthly revenue related to Powerwave well stimulations generated by the service supplier. Wavefront and the service supplier are in the planning stages of an initial 3 stimulations slated for near-term completion.
"We are very pleased with the opportunity to work with a world-class service supplier to introduce an effective dimension to horizontal well stimulation in the UAE," said Wavefront President and CEO Brett Davidson. "Wavefront continues to foster new relationships in many jurisdictions and based on the magnitude of positive results is now providing Powerwave stimulation processes to three leading global oil and gas service providers."
ON BEHALF OF THE BOARD OF DIRECTORS
WAVEFRONT TECHNOLOGY SOLUTIONS INC.
D. Brad Paterson, CFO & Director
About Wavefront:
Wavefront is a technology based world leader in fluid injection technology for improved/enhanced oil recovery and groundwater restoration. Wavefront publicly trades on the TSX Venture Exchange under the symbol WEE and on the OTCQX under the symbol WFTSF. The Company's website is www.onthewavefront.com.
Cautionary Disclaimer - Forward Looking Statement
Certain statements contained herein regarding Wavefront and its operations constitute "forward-looking statements" within the meaning of Canadian securities laws and the United States Private Securities Litigation Reform Act of 1995. All statements that are not historical facts, including without limitation statements regarding future estimates, plans, objectives, assumptions or expectations or future performance, are "forward-looking statements". In some cases, forward-looking statements can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "believe", "continue" or the negative of these terms or other comparable terminology. We caution that such "forward-looking statements" involve known and unknown risks and uncertainties that could cause actual results and future events to differ materially from those anticipated in such statements. Such factors include fluctuations in the acceptance rates of Wavefront's Powerwave and Primawave Processes, demand for products and services, fluctuations in the market for oil and gas related products and services, the ability of Wavefront to attract and maintain key personnel, technology changes, global political and economic conditions, and other factors that were described in further detail in Wavefront's continuous disclosure filings, available on SEDAR at www.sedar.com. Wavefront expressly disclaims any obligation to up-date any "forward-looking statements", other than as required by law.
©2014 Wavefront Technology Solutions Inc. All rights reserved. From Bit To Last Drop™, Powerwave™, Primawave™ and WaveAxe™ are registered trademarks of Wavefront Technology Solutions Inc.
NEITHER 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 RELEASE.
Contacts:
Wavefront Technology Solutions Inc.
Cora Klein
Communications Co-ordinator
780-486-2222 ext. 229
investor.info@onthewavefront.com
