EDMONTON, ALBERA -- (Marketwired) -- 07/02/15 -- Wavefront Technology Solutions Inc. (Wavefront or the Company) (TSX VENTURE: WEE)(OTCQX: WFTSF) a technology provider offering dynamic fluid delivery processes to oil and gas producers that are widely effective methods for maximizing reserves in Improved/Enhanced Oil Recovery ("IOR" or "EOR") projects as well as increasing single well productivity through more effective well stimulation is pleased to announce that it has entered into a Commercial Agreement with NPS Energy DMCC ("NPS"), a United Arab Emirates headquarter company for the provision of Wavefront's Powerwave Technology in the Middle East, North Africa and Far East Asia.
NPS is the largest regionally-owned oil, gas and petrochemical services provider in the Middle East delivering drilling, customized well services and support to customers in the Middle East, North Africa and Far East Asia. NPS provides its distinctive customer solutions through 20 subsidiaries and branches. Service lines include well services, electric line logging, well testing, and integrated drilling and work over operations. NPS is recognized for both product quality and service deliverability, and is widely engaged by leading operators around the world.
"We are very pleased to have entered into this agreement with a well established and growing service provider in a region where there is considerable growth potential for Powerwave," said Wavefront President and CEO Brett Davidson. "Wavefront has made important inroads in positioning Powerwave with key clients in the region and we believe that through its distribution channels and market presence NPS will further advance both Powerwave and the revenue associated with Powerwave utilization."
Wavefront also wishes to announce the completion of dual Powerwave Dragonfly tool installation to enhance water injection in a multi-zone injection well completion. This installation for Ecopetrol in Colombia is the first such installation globally for Wavefront and forms part of the approximate US $1.3 million Ecopetrol contract previously announced which also included twenty-two Powerwave pulsating selective waterflood injection regulator valves installed in seven wells, and three Powerwave well stimulations.
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.
©2013 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:
Cora Klein
Communications Co-ordinator
780-486-2222
D. Brad Paterson
CFO
780-486-2222
investor.info@onthewavefront.com
www.onthewavefront.com
