EDMONTON, ALBERTA--(Marketwire - Feb. 22, 2013) - Wavefront Technology Solutions Inc. ("Wavefront" or the "Company")(TSX VENTURE:WEE) (OTCQX:WFTSF) a developer of leading-edge technology for fluid injection optimization for improved performance and profitability in the oil and gas and environmental sectors is pleased to announce the re-election of Brett Davidson, D. Brad Paterson, Dennis Minano, Steven Percy and Roger Kazanowski as directors and the election of Mark Bernard as a new member of the board of directors. Wavefront would like to thank two former directors, Jeff Saponja and John Zahary, who did not stand for re-election for their contributions to the Company.
Wavefront would also like to announce that all resolutions put forward in the proxy at the annual and special shareholder meeting of Wavefront were passed by shareholders, including confirmation of Wavefront's existing shareholder rights plan, first approved by shareholders in 2010 and the amendment of Wavefront's by-laws to include advance notice provisions, all as described in Wavefront's information circular available on SEDAR at www.sedar.com.
The Company also announces that it will file, in accordance with TSX Venture Exchange policy, a Summary Form disclosing the granting of an aggregate of 675,000 incentive stock options to employees and directors of the Company pursuant to the Wavefront's Stock Option Plan. Of the 675,000 incentive stock options being issued, 310,000 are being issued to directors of the Company. The options will be exercisable at $0.38 per share, or other such other price as allowed by the TSX Venture Exchange, for a period of five 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 vesting period of 18 months.
ON BEHALF OF THE BOARD OF DIRECTORS
WAVEFRONT TECHNOLOGY SOLUTIONS INC.
D. Brad Paterson, CFO & Director
"From Bit to Last Drop" Wavefront endeavors to be recognized as a global leader of fluid injection technologies that maximize reservoir recovery, drilling efficiency, and groundwater restoration. 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.
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.