EDMONTON, ALBERTA--(Marketwired - June 28, 2016) - Wavefront Technology Solutions Inc. (Wavefront or the Company) (TSX VENTURE:WEE)(OTCQX:WFTSF) a global leader in the advancement of fluid injection technology for oil and gas well stimulation and improved/enhanced oil recovery is pleased to provide an update on the Company's Middle East Powerwave initiatives.
The Company has been executing a strategy in the Middle East to position Powerwave, and more specifically, Wavefront's Powerwave custom stimulation methodology as a technique of choice for oil and gas well stimulation. The targets of this strategy have been sovereign and private oil companies.
Unique to the industry, Wavefront's custom stimulation methodology provides a model of Powerwave pulsing efficiency verses conventional injection; a detailed stimulation program based on the model; and the downhole proprietary tools to execute the work. Oil producer financial benefits of the Powerwave custom stimulation methodology include: (1) Potential for significant cost savings due to reduced or eliminated volumes of specialty chemicals used to control conventional injection; (2) Because more volume of the reservoir is being treated the time between stimulations may be increased thereby reducing on-going stimulation costs. (3) Better overall post-stimulation performance.
The Company's focused strategy in the Middle East coupled with positive Powerwave outcomes has recently resulted in Powerwave being approved for commercial use in the State of Kuwait and Kingdom of Saudi Arabia. The Company may recognize revenues year-to-date for fiscal 2016 related to 21 well stimulations in the Middle East market.
"We are very pleased with developments in the Middle East and remain very optimistic about the Company's long-term growth potential in the region," said Wavefront President and CEO Brett Davidson.
"Continuing the Company's strategy of opening markets in the Middle East, we are currently working towards finalizing contractual terms for Powerwave trials in the Kingdom of Bahrain; Egypt; and United Arab Emirates," said Davidson.
ON BEHALF OF THE BOARD OF DIRECTORS
WAVEFRONT TECHNOLOGY SOLUTIONS INC.
D. Brad Paterson, CFO & Director
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.
Wavefront publicly trades on the TSX Venture Exchange under the symbol WEE and on the OTCQX under the symbol WFTSF. The Company's website is www.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", "will have" "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.
©2016 Wavefront Technology Solutions Inc. All rights reserved. From Bit To Last Drop™, Powerwave™ and Primawave™ are registered trademarks of Wavefront Technology Solutions Inc.