Edmonton, Alberta--(Newsfile Corp. - August 16, 2021) - Wavefront Technology Solutions Inc. (TSXV: WEE) (OTCQB: WFTSF) (Wavefront or the Company), an oil field service provider focused on offering the oil and gas industry proprietary, leading edge technology wishes to announce that the Company received an initial well stimulation package from a new, Texas-based client for twenty-five (25) individual well stimulations using a Powerwave-related cleaning tool with an approximate aggregate value of US $85,000.
The client, who cannot be named due to confidentiality provisions, is one of the largest oil and gas production companies in the United States with proved reserves in the United States, Trinidad, and China. The well stimulations will be completed in Bexar County, Texas and are anticipated to occur back-to-back until completion of the initial grouping of wells. Revenues will be recognized over the time period the stimulations or individual performance obligation(s) occur. The Texas-based client has indicated that it has an extensive backlog of well stimulations.
"We are very pleased with the opportunity to work with this new client and to provide best-in-class well stimulation technology as a solution to their well issues," said Wavefront President and CEO Brett Davidson. "With the challenges presented to oil companies over the past months there are numerous oil and gas producers with a back-log of well stimulations. Wavefront has fostered new relationships in the Texas and New Mexico regions."
ON BEHALF OF THE BOARD OF DIRECTORS
WAVEFRONT TECHNOLOGY SOLUTIONS INC.
"D. Brad Paterson" (signed)
D. Brad Paterson, CFO & Director
About Wavefront:
Wavefront is a technology based, oil field service provider, focused on offering the oil and gas industry proprietary, leading edge technology primarily for oil and gas well stimulation and applications related to IOR/EOR recovery. Wavefront publicly trades on the TSX Venture Exchange under the symbol WEE and on the OTCQB under the symbol WFTSF. The Company's website is www.onthewavefront.com.
For further information please contact:
D. Brad Paterson, CFO at 780-486-2222 or write to us at investor.info@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', "working towards" 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.
©2021 Wavefront Technology Solutions Inc. All rights reserved.
From Bit To Last Drop, WaveAxe, Powerwave and Primawave are registered trademarks of Wavefront Technology Solutions Inc., or its subsidiaries, or affiliates.
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