Edmonton, Alberta – (Newsfile Corp. – September 1, 2021) – Wavefront Technology Solutions Inc. (TSXV: WEE) (OTCQB: WFTSF) (“Wavefront” or the “Company”), a technology services provider offering petroleum and state-of-the-art technology exclusive to the gas industry, is pleased to announce in the Company’s press release dated December 21, 2020, effective September 1, 2021, that it has entered into a global rental agreement for equipment with a multinational oil services company (“Distributor”) for the worldwide distribution of Wavefront Powerwave® branded well stimulation technology.
Surge of power® stimulation and initial work with the distributor began in the Kingdom of Saudi Arabia during the Company’s 2021 fiscal year and based on the well stimulation successes and high interest levels of Powerwave® stimulated elsewhere, the Distributor and Wavefront have entered into the multi-year global agreement. Founded in Weatherford, Texas in 1941, the distributor provides innovative solutions, technologies and services to the oil and gas industry in 90 countries.
Under the terms of the agreement, Wavefront will supply certain Powerwave® Distributor-branded well stimulation technologies and / or tools exclusively in 11 countries and not exclusively at the Distributor’s remaining 79 global sites. The revenues will depend on the specifics of the tool and the well and will be recognized over the period if and when the Powerwave® tools are rented or one or more individual performance obligations are imposed.
The Company believes that given the reputation of the Distributor and its established network of exploration and production customers, local knowledge of price / barrier structures, economies of scale and presence in the local market, as well as the Distributor’s ability to bundle Powerwave with its other tools and services, can accelerate Wavefront Powerwave adoption® branded technologies.
Surge of power® has repeatedly demonstrated that it provides environmental benefits to well stimulation without compromising results by reducing chemical consumption, chemical handling, labor time and costs, while increasing both magnitude and durability of post-stimulation results. These benefits quickly became positive marketing characteristics for Powerwave.®. As such, Wavefront and its marketing partners position Powerwave® as a new generation technology in the “greening” of the stimulation of oil and gas wells.
“This new agreement with the multinational oil services provider represents another important marketing development for the company,” said Brett Davidson, President and CEO of Wavefront. “We are delighted with the confidence that this distributor and our global customers continue to place in Wavefront and the company looks forward to further market penetration of our Powerwave.® branded technologies in the global well stimulation market. “
ON BEHALF OF THE BOARD OF DIRECTORS
WAVEFRONT TECHNOLOGICAL SOLUTIONS INC.
“D. Brad Paterson” (signed)
D. Brad Paterson, Chief Financial Officer and Director
Wavefront is a technology-based petroleum services provider focused on providing the oil and gas industry with proprietary cutting-edge technology, primarily for oil and gas well stimulation and recovery-related applications. IOR / EOR. Wavefront is listed on the TSX Venture Exchange under the symbol WEE and on the OTCQB under the symbol WFTSF. The Company’s website is www.onthewavefront.com.
For more information, please contact:
D. Brad Paterson, CFO at 780-486-2222 or email us at [email protected]
Disclaimer – Forward-looking statement
Certain statements contained in this document 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 fact , 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 may be identified by words such as “”, “,,, ” believe ”, ” estimate ”, ” predict ”, ” potential ”,” believe “, ” continue ”, “work towards” or the negative of these terms or other comparable terminology. We caution that these “forward-looking statements” involve known and unknown risks and uncertainties which could cause actual results and future events to differ materially from those anticipated in such statements. These factors include fluctuations in 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, Wavefront’s ability to attract and retain key personnel, technological changes, global politics and economic conditions, and other factors which have been described in more detail in Wavefront’s continuous disclosure documents, available on SEDAR at www.sedar.com. Wavefront expressly disclaims any obligation to update any “forward-looking statement” other than as required by law.
© 2021 Wavefront Technology Solutions Inc. All rights reserved.
From Bit To Last Drop ™, WaveAxe ™, Powerwave ™ and Primawave ™ are registered trademarks of Wavefront Technology Solutions Inc., or its subsidiaries or affiliates.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATORY SERVICE PROVIDER (AS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS COMMUNICATION.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/95226