Wavefront Technology Solutions Inc.
TSX VENTURE : WEE
PINK SHEETS : WFTSF

Wavefront Technology Solutions Inc.

April 08, 2011 17:36 ET

Wavefront Seeks TSX Exchange Approval on Warrant Terms

EDMONTON, ALBERTA--(Marketwire - April 8, 2011) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES

Wavefront Technology Solutions Inc. ("Wavefront" or the "Corporation") (TSX VENTURE:WEE) (PINK SHEETS:WFTSF), a leader in fluid injection optimization for improved performance and profitability in the oil and environmental sectors, announces that it will be seeking the approval of the TSX Ventures Exchange (the "Exchange") to the extension of the term of certain share purchase warrants ("Warrants") issued on April 26, 2010. Wavefront will be seeking an extension from the current expiry date of April 26, 2011 to April 26, 2012 (subject to early expiry). The Warrants are subject to an early expiry if the volume weighted average trading price of the Company's shares equals or exceeds $3.15 per share for a period of 20 consecutive trading days. In the event that should occur, then Wavefront will have the right to accelerate the expiry date of the Warrants by giving 30 days written notice to the warrant holders.

The extension sought will, if approved, apply to all 5,219,085 Warrants issued on April 26, 2010 to investors, other than Warrants exercised to date. As originally issued, each one whole Warrant entitles the holder to purchase one common share of the Company at a price of $2.75 per Warrant share at any time up to 4:00 pm. (Pacific Standard Time) on April 26, 2011.

In addition, Wavefront will also be seeking Exchange approval to amend the exercise price of the Warrants issued on April 26, 2010 from $2.75 per Warrant share to $1.75 per Warrant share, or such other price as is acceptable to the Exchange, calculated in accordance with the applicable Policies of the Exchange.

Wavefront is also pleased to announce that the Eastern Alberta client has provided an initial 31 well locations for the additional Powerwave deployment previously announced in a January 4, 2011 news release. In that release the Eastern Alberta client indicated it would expand by up to 45 additional Powerwave systems coinciding with permitting and well workovers. Deployment of the 31 Powerwave tools will commence after spring break-up when road bans are lifted. Under a confidentiality agreement, Wavefront is prohibited from releasing the client name, field location, and financial terms.

"At multiple locations Powerwave continues to mobilize stranded oil, improve oil recovery, slow production decline rates, extend field life, and give rise to greater ultimate oil recovery from a producing field. Wavefront continues to place strong emphasis on the Western Canadian Sedimentary Basin, Texas and California as well as aggressively pursuing high-profile opportunity in the international marketplace. On the strength of results Wavefront anticipates adding further Powerwave client's in the near term," said Wavefront President and CEO Brett Davidson.

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 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" 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.

Contact Information

  • 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