SOURCE: Frac Water Systems, Inc.

Frac Water Systems, Inc.

October 29, 2013 09:00 ET

Frac Water Systems Trades as FWSI and Enters JV Agreement to Commence Operations on Up to Three Near-Term Projects

Announcement of Energy Industry Veteran Nadine C. Smith as CEO Coincides With Conference at Produced Water Reuse Initiative 2013 Event in Denver

SARASOTA, FL--(Marketwired - Oct 29, 2013) - Frac Water Systems, Inc. (OTCQB: FWSI) ("FWSI" or the "Company"), a water and energy services company focused on delivering superior water management solutions to the US Oil & Gas Industry, is pleased to advise that its common shares are traded on the public markets under the symbol "FWSI," and further advises of its entry into a joint venture agreement that will initiate commercial activities in the industrial water treatment sector.

On October 10, 2013, FWSI entered into a Joint Venture Agreement with Colorado based Produced Water Solutions, Inc ("PWS") for the purposes of furthering the business of providing economically and environmentally sound solutions for the treatment and recycling of wastewater resulting principally from oil and gas exploration and production activities.

As part of the agreement, the Company acquired a guaranteed participatory interest in an initial project, plus first rights of refusal on two additional projects. The target projects are all large scale, and are located in the productive Eagleford, Bakken and DJ hydrocarbon basins located respectively in Texas, North Dakota and Colorado. Under the terms of the agreement, FWSI will determine the initial project selection by December 9, 2013 with a further decision on the option projects shortly thereafter. PWS will assist FWSI with technology and equipment selection in a consulting capacity and will provide FWSI with a Project Manager on the near-term projects. PWS may act as a consultant on future projects developed jointly or separately under the auspices of FWSI.

In related news, the Company is pleased to announce the appointment, effective October 10, 2013, of Ms. Nadine C. Smith as its Chief Executive Officer, President and Board Chair. In her new role as CEO, Ms. Smith will be attending the Produced Water Reuse Initiative 2013 Conference on Oct 29-30 in Denver. She intends to meet with industry leaders, colleagues and consultants in order to achieve a strategic understanding of the various water related issues and initiatives relative to the Bakken, DJ, Unita, and Powder River basins. For more information regarding the conference, please visit: www.tight-oil-produced-water-2013.com.

Ms. Smith has been actively engaged in the energy sector for more than thirty years and has served in a variety of executive, managerial and Board capacities with several early stage public and private companies that have become industry leaders with market capitalizations exceeding $2 billion each. These companies include Patterson-UTI Energy, Inc., American Retirement Corp (now Brookdale Senior Living Inc.) and Gran Tierra Energy Inc. Ms. Smith began her career on Wall Street, working in the energy group of Warburg Paribas Becker Inc. and after completing her graduate education she joined McKinsey & Co. in their Texas practice. She was subsequently recruited to join the Merger and Acquisition Group of The First Boston Corporation in Houston. Ms. Smith currently serves as a director and Chairman of the Audit Committee of Aly Energy Services, a development stage oil service company located in Houston. She also serves as Chairman of the Board and President of La Cortez Energy, Inc an oil and gas exploration and production company headquartered in Bogota Colombia. Ms. Smith received a Bachelor of Science degree in economics from Smith College and a Master of Business Administration degree from Yale University.

Additional details regarding Frac Water Systems, Inc., its business, agreements and related matters are filed as part of the Company's continuous public disclosure as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission ("SEC"), and are available at the SEC's website at www.sec.gov. For more information, visit www.fracwatersystems.com.

About Frac Water Systems, Inc. (OTCQB: FWSI)
Frac Water Systems Inc. (FWSI) is an oilfield service company focused on delivering innovative and environmentally responsible water treatment services to energy companies who are daily confronting the challenge of how to cost effectively manage water issues related to their oil & gas exploration and production activities. Operators within the USA and around the globe are experiencing a relentless need to responsibly manage the generation of large quantities of wastewater from activities in environments and water conditions that may differ dramatically across producing basins. FWSI has identified that the conscientious handling of flowback water generated from fracing, together with the longer term separation and disposal needs of produced water generated throughout the entire life of a well, presents an immediate and compelling business opportunity with long term upside potential. FWSI aims to offer Exploration & Production companies flexibly tailored, efficient, economical and scalable end-to-end wastewater treatment solutions designed to meet or exceed the environmental concerns of government, industry and the public alike. For more information visit: www.fracwatersystems.com

Cautionary Language Concerning Forward-Looking Statements:
Information set forth in this press release contains forward-looking statements that are subject to risks and uncertainties, and actual results might differ materially. A discussion of factors that may affect future results is contained in Frac Water System Inc.'s filings with the Securities and Exchange Commission available at: www.sec.gov. Frac Water Systems Inc. disclaims any obligation to update and revise statements contained in this news release and is current only to the date indicated in the particular press release. To the extent permitted by law, FWSI and its employees, agents and consultants exclude all liability for any loss or damage arising from the use of, or reliance on, any such information, whether or not caused by any negligent act or omission.

On Behalf of the Board,
Nadine C. Smith, CEO
Frac Water Systems, Inc.

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