Wavefront Technology Solutions Inc.: Eastern Alberta Client Expanding Its Powerwave Program
January 04 2011 - 4:40PM
Marketwired
Wavefront Technology Solutions Inc. ("Wavefront" or the "Company")
(TSX VENTURE: WEE) (PINK SHEETS: WFTSF), a world leader in
providing innovative solutions for increasing oil field production
and enhancing the treatment of contaminated groundwater is pleased
to announce that the Eastern Alberta Powerwave client has advised
Wavefront of plans to expand the current program by up to 45
additional Powerwave systems. The new Powerwave installations are
expected to commence during the second quarter of calendar
2011coinciding with permitting and well workovers. Wavefront
currently has 63 Powerwave systems installed with the Eastern
Alberta client in two oil producing operations. Under a
confidentiality agreement, Wavefront is prohibited from releasing
the client name, field location, and financial terms.
"We are very pleased to see the continued expansion of the
Powerwave program in Eastern Alberta and the strong signal it sends
to oil producers of all sizes that Powerwave can get more oil out
of their existing operations," said Wavefront President and CEO,
Brett Davidson.
"All of us at Wavefront would like to extend our appreciation to
the client for their continued confidence in Powerwave to improve
oil production rates, slow the rate of production decline, extend
field economic life, and maximize asset value," said Wavefront
President and CEO Brett Davidson. "We are confident that Wavefront
is moving beyond the stage of early Powerwave adopters and onto the
early industry majority stage in the Powerwave adoption life cycle
which will be a key business driver for substantial growth and
profitability."
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 the Company's website is
www.onthewavefront.com.
Cautionary Disclaimer - Forward Looking Statements
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.
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. Brett Davidson
President and CEO 780-486-2222 Wavefront Technology Solutions Inc.
D. Brad Paterson CFO 780-486-2222 investor.info@onthewavefront.com
www.onthewavefront.com
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