www.onthewavefront.com   

For Immediate Release

TSX-V: WEE
Pink Sheets: WEESF


WAVEFRONT ENERGY & ENVIRONMENTAL SERVICES INC.

$9.5 Million Private Placement

 

EDMONTON, Alta December 22, 2005/ Wavefront Energy and Environmental Services Inc., a provider and licensor of its proprietary DeepWaveSM (http://onthewavefront.com/dw_what-is-deep-wave.htm) technology for improved oil recovery and groundwater remediation is pleased to announce, subject to regulatory approval, that the Company, through its agent, Pritchard Capital Partners LLC (“Pritchard”), has agreed to a brokered and concurrent non-brokered private placement (the “Private Placement”) for gross proceeds of CDN $9,501,311.  The Private Placement is being subscribed by two institutional placees as portfolio managers and will consist of 7,038,008 Common Shares (“Shares”) priced at $1.35 per share.  The Shares issued under the Private Placement will be subject to a four-month hold period from the date of closing. 

 

Pritchard, as Agent for the brokered portion of the Private Placement, will be paid a cash commission of 6% on the gross proceeds or $450,079, plus the reimbursement of their expenses, including legal fees.

 

The net proceeds of the Private Placement is estimated to be approximately $9,051,232, and will be used to support Halliburton Energy Services Inc.’s (“Halliburton”) marketing efforts, Wavefront’s collaboration efforts with Halliburton for new DeepWaveSM systems development, the development of mineral right properties to showcase DeepWaveSM and to initiate the manufacturing of an inventory of DeepWaveSM systems for a field wide implementation, with the remainder to be set aside for unallocated working capital.
 
 
About Wavefront Energy and Environmental Services Inc.
 
 Wavefront develops, markets, and licenses proprietary technologies in the energy and environmental sectors. The Company’s DeepWaveSM Technology for fluid flow optimization has been demonstrated to increase oil recovery. Within the environmental sector, DeepWaveSM Technology 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
 

 

Cautionary Disclaimer – Forward Looking Statements
Certain statements contained herein regarding the Company and its operations constitute “forward-looking statements” within the meaning of the United Sates Private Securities Litigation Reform Act of 1995. All statements that are not historical facts, including without limitation statements regarding future estimates, plan, objectives, assumptions or expectations or future performance, are “forward-looking statements”. We caution that such “forward-looking statements” involve know and unknown risks and uncertainties that could cause actual results and future events to differ materially from those anticipated in such statements. The Company expressly disclaims any obligation to up-date any “forward-looking statements”.

 

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