Edmonton, Alberta--(Newsfile Corp. - September 27, 2021) - Wavefront Technology Solutions Inc. (TSXV: WEE) (OTCQB: WFTSF)(Wavefront or the Company), a technology service provider offering the oil and gas industry revolutionary technology that optimizes oil and gas recovery while minimizing the environmental impact of operations wishes to announce that the Company received an initial well stimulation package from another new Texas-based client for Powerwave-related wellbore stimulations. The awarded stimulation package consists of multiple purchase orders with an approximate value of US$250,000.
The client, who cannot be named due to confidentiality provisions, is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas. Revenues will be recognized over the time-period the stimulations or individual performance obligation(s) occur. The client has a continuous well production optimization program and are repeatedly developing well stimulation packages for future execution. Wavefront believes that from a service quality and value perspective it is well positioned to be awarded such future work.
"We are very happy to add another new client in the Permian Basin where there is considerable growth potential for the Company's Powerwave-related technologies," said Wavefront President and CEO Brett Davidson. "Wavefront has made significant progress in positioning Powerwave with leading oil and gas producers in the Permian Basin and we are confident that these advancements will enhance both Powerwave recognition and revenue potential associated with Powerwave utilization for the foreseeable future."
The Company also announces that it will file, pursuant to Wavefront's Stock Option Plan and in accordance with TSX Venture Exchange policy, a Summary Form disclosing the granting of an aggregate of 1,800,000 incentive stock options to the Company's two Executive Officers, who are also Directors, and to the Company's employees. Options issued to the Executive Officers and employees were last granted in August 2016. The options will be exercisable at $0.17 per share, or other such price as allowed by the TSX Venture Exchange, for a period of ten years. In accordance with Wavefront's Stock Option Plan and Exchange policy, the incentive stock options are subject to a hold period of 4-months and a vesting period of 18-months.
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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