www.onthewavefront.com   

For Immediate Release

TSX-V: WEE    


WAVEFRONT ENERGY & ENVIRONMENTAL SERVICES INC.
Closes $450,600 Private Placement

 

EDMONTON, Alta. September 1, 2005/ Wavefront Energy and Environmental Services Inc., a provider of innovative technologies for fluid flow optimization and monitoring processes, is pleased to announce that it is closing a non-brokered private placement (the “Private Placement”) for gross proceeds of $450,600.

The Private Placement consisted of 1,959,161 units (“Units”), each unit consisting of one common share (“Shares”) and one share purchase warrant (“Warrant”). The Shares were issued at a price of $0.23 per share and each Warrant is exercisable at $0.40 for a period of one year from the date of closing, expiring September 1, 2006. All securities issued under the Private Placement will have a four-month hold period expiring January 1, 2006. Insiders of the Company acquired 276,767 Units of the Private Placement. A finder’s fee of 128,696 Shares will be paid to two arms length individuals on a portion of the Private Placement.

The proceeds from the Private Placement will be used to manufacture additional DeepWave systems and for unallocated working capital.

Wavefront also wishes to announce that the Company will file, in accordance with TSX Venture Exchange policy, a Summary Form disclosing the granting of an aggregate of 240,000 incentive stock options pursuant to the Company's Stock Option Plan.  The stock options will be granted to the three independent directors of the Company.  The options will be exercisable at a price of $0.40 per share, for a period of five years.  The options are subject to a hold period of 4 months and vesting period of 18 months, in accordance with the Company's Stock Option Plan and Exchange policy.

 
About Wavefront Energy and Environmental Services Inc.
 
Wavefront develops, markets, and licenses proprietary technologies in the energy and environmental sectors. The Company’s DeepWave technology for fluid flow optimization has been demonstrated to increase oil recovery. Within the environmental sector, DeepWave accelerates contaminant recovery and improves in-ground treatment of groundwater contaminants thereby reducing liabilities and restoring the site to its natural state more rapidly.
 

For further information please contact:
 

D. Brad Paterson, CFO
780-486-2222 x224 Tel
investor.info@onthewavefront.com

 

 

ON BEHALF OF THE BOARD OF DIRECTORS

 

WAVEFRONT ENERGY AND ENVIRONMENTAL SERVICES INC.

 

 

 “D. Brad Paterson” (signed)

 

D. Brad Paterson, CFO & Director

 

 

THE TSX VENTURE EXCHANGE NEITHER APPROVES NOR DISAPPROVES THE CONTENTS OF THIS NEWS RELEASE WHICH WAS PREPARED SOLELY AT THE DISCRETION OF MANAGEMENT.