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For Immediate Release |
TSX-V: WEE |
EDMONTON, Alta Dec 4, 2006/ Wavefront Energy and Environmental Services Inc., a
provider and licensor of its proprietary fluid flow process for improved oil
recovery (Powerwave™) and groundwater remediation (Primawave™) is pleased to
announce that it has entered into a non-exclusive agreement to license the
Company’s Primawave™ Process and associated ‘Hornet’ tool with AIM Environmental
Group Inc. of Hamilton, Ontario.
AIM Environmental Group Inc. (www.aimgroup.ca)
is a well respected full service environmental contractor, proven nationally,
with offices across Canada providing site decommissioning, demolition, hazardous
waste handling, and site remediation services.
“In order to meet and exceed our client expectations, AIM strive to stay in the
forefront of remediation services continually seeking out new technologies,” JP
Marini, Manager of Aims’ Environmental Services Division, said. “In our
endeavor to remain as a leading edge environmental contractor, AIM has entered
into a licensing agreement with Wavefront to add their injection tool, Hornet,
to our array of remediation capabilities. It is our goal to facilitate
successful and cost effective in-situ chemical oxidation remedial efforts
utilizing the Hornet to enhance the injection process”.
Wavefront President and CEO Brett Davidson stated, “We are pleased to be
licensing Primawave™ to another progressive company such as AIM and we will
aggressively work with them to expand the market for our technology. The Company
has worked diligently to develop a cost effective and reliable tool, such as the
Hornet, to deliver the Primawave™ Process for environmental applications. With
the recent successful application of the Hornet by ERM, a number of
environmental service companies who want to differentiate themselves from their
competitors are looking at licensing opportunities from the Company. We will
continue to evaluate the granting of licenses in a sector where $US 4.5 Billion
per year is spent on the injection of chemicals into the ground to treat
contaminants.1”
The Company would also like to update the market on activities at Rodney South,
Ontario. The first phase of the project involving the drilling of eight water
injection and two horizontal production wells as well as the construction of
facilities and infrastructure is progressing. The sixth injection well is
currently being drilled with the remaining two injectors slated to be completed
by the end of December 2006. The drilling of the horizontal wells is planned for
January 2007 with full-scale production to follow. A further update will be
provided when production operations are initiated.
Wavefront is providing up to $C 2.25 million for initial capital expenditures
and working capital requirements. Until payout of Wavefront’s initial investment
cash flow from operating activities will be allocated 70% and 30% to Wavefront
and Greentree, respectively. Subsequent to payout, cash flow from operating
activities will be allotted 50% and 50% to Wavefront and Greentree.
About Wavefront Energy and Environmental Services Inc.
Wavefront develops, markets, and licenses proprietary technologies in the energy
and environmental sectors. The Company’s patented fluid flow Powerwave™ and
Primawave™ process is a proven and verified optimization technique. Within the
energy sector the Company’s strategy is to license the technology to service
providers, provide site licenses to oil producers, and to acquire or earn
working interests in mature oilfields. In the environmental sector, the
technology is licensed to service providers who implement the technology to
reduce long-term liabilities associated with contaminated sites.
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Investor Contact: |
Brad Paterson, CFO and
Director 780-486-2222 ext. 224 Tel investor.info@onthewavefront.com |
ON BEHALF OF THE BOARD OF DIRECTORS
WAVEFRONT ENERGY AND ENVIRONMENTAL SERVICES INC.
“D.
D.
1
http://www.epa.gov/ada/download/reports/600R03143/600R03143.pdf
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Cautionary Disclaimer – Forward Looking Statements |
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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 known 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 RELEASE WHICH WAS PREPARED SOLELY AT THE DISCRETION OF MANAGEMENT.