Edmonton, Alberta--(Newsfile Corp. - December 7, 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 is pleased to announce that the Company, under the master equipment rental agreement originally announced September 1, 2021, has received a rental order for Powerwave®-related equipment for scheduled well stimulation work in Colombia.
The global distributor and its client, a National Oil Company ("NOC") and its subsidiaries cannot be named due to confidentiality provisions. Revenues associated with this rental order will be recognized over the time-period the stimulation or individual performance obligation(s) occur. The Company continues to market Powerwave with the global distributor in multiple jurisdictions and expects to receive similar rental orders in the near term as projects are solidified.
"Wavefront has a positive track record with various facets of Powerwave in Colombia and we look forward to building on those successes and expanding Powerwave use in the country with the global distributor," said Wavefront President and CEO Brett Davidson.
Wavefront also announces the resignation of Mr. Roger Kazanowski from the Company's Board of Directors to pursue other interests.
"I would like to thank Mr. Kazanowski for his contributions over the past 20 years, Mr. Kazanowski provided critical guidance throughout his tenure on the Board and continues to be a strong supporter of the Company as it develops its global footprint."
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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