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

Wavefront Technology Solutions Inc.

July 12, 2010 11:00 ET

Wavefront Technology Solutions Inc. Reaches Agreement to Convert Greentree Royalty Agreement Into Working Interest Agreement

EDMONTON, ALBERTA--(Marketwire - July 12, 2010) - Wavefront Technology Solutions Inc. ("Wavefront" or the "Company"); (TSX VENTURE:WEE) (PINK SHEETS:WFTSF), a leader in technology development and implementation for improved oil recovery and optimized groundwater remediation announces that it has reached an agreement with Greentree Gas and Oil Ltd. ("Greentree") to convert the Royalty Interest Agreement entered into on January 31, 2006 into a working interest by way of quit claim and general rights conveyance of the Royalty Interest in exchange for Greentree assigning Wavefront 50% of its entire right, title and interest in the petroleum and natural gas rights, the miscellaneous interests and tangibles (the "Assets") of the Rodney South oilfield lease. 

Under the new Agreement Greentree sold, assigned, transferred, conveyed and set over to Wavefront, and Wavefront purchased and accepted directly from Greentree 50% of the entire legal and beneficial interest, right, title and estate of Greentree in and to the Assets. In exchange, Wavefront remised, released, relinquished and forever quit claim unto Greentree, its successors and assigns:

  • all of its right, title, estate and interest in the Royalty Interest; and
  • all amounts owing to Wavefront by Greentree in respect of the Royalty Interest for the period prior to April 30, 2010, which amount is $116,095.

ON BEHALF OF THE BOARD OF DIRECTORS

WAVEFRONT TECHNOLOGY SOLUTIONS INC.

D. Brad Paterson, CFO & Director

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'', ''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.

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