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| PRESS RELEASE |
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WAVEFRONT ENERGY & ENVIRONMENTAL SERVICES
INC. |
For Immediate Release: |
WEE Closes $9.150 Million Private Placement
EDMONTON, Alta Feb 1, 2008/ Wavefront Energy and Environmental Services Inc.
(“Wavefront”), a leader in technology development and implementation for
improved oil recovery and optimized groundwater remediation is pleased to
announce the completion of its sale of 9,641,052 units (“Units”) of the
Company at a price of $0.95 per Unit for gross proceeds of $9,158,999. Each
Unit consists of one common share (a “Common Share”) and one half of one
common share purchase warrant (“Warrant”), with each full Warrant entitling
the holder to acquire a Common Share priced at $1.25 for period of twelve
months ending January 31, 2009.
The Units were sold, through its agent, M Partners LLC (“M Partners”), by
way of a brokered and concurrent non-brokered private placement (“Private
Placement”). M Partners, as Agent for the brokered portion of the Private
Placement, will receive a 6% cash commission of $534,891, plus the
reimbursement of their expenses including legal fees. All Units issued under
the Private Placement are subject to a four-month hold period expiring on
June 1, 2008.
Net proceeds of the Private Placement are estimated to approximate
$8,555,108 and will be used to fabricate of Powerwave™ and Primawave™
systems, with the remainder to be set aside for unallocated working capital.
Passport Energy Master Fund SPC Ltd. and Passport Global Master Fund SPC Ltd
together own or control 13.3% of the issued share capital of the Company and
warrants which, if exercised, together with their shares, would be 18.5% of
the issued capital of the Company on a partially diluted basis.
Wavefront Chairman Steve Percy stated, "The Board and Management remain very
confident in our strategic plan and the industry altering benefits that our
technology provides the energy and environmental sectors. We appreciate the
trust and support the investment community has placed in the Company to
bring this plan to fruition. Wavefront continues to see positive uptake in
the use of Powerwave and Primawave and expects greater advancements moving
forward as the marketplace comes to understand the technical and financial
impacts these products bear on oil recovery and groundwater cleanup and
remediation."
About Wavefront Energy and Environmental Services Inc.
Wavefront is a technology-based company with a focused, strategic plan to
leverage the value of our intellectual property in order to maximize oil
production recovery operations, as well as provide additional solutions for
environmental applications.
For further information please contact:
Brad Paterson, CFO
780-486-2222 ext. 224 Tel
investor.info@onthewavefront.com
On behalf of the Board Of Directors, Wavefront Energy & Environmental
Services Inc.
“D. Brad Paterson” (signed)
D. Brad Paterson, CFO and 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.
THE TSX VENTURE EXCHANGE NEITHER APPROVES NOR DISAPPROVES THE CONTENTS OF THIS RELEASE WHICH WAS PREPARED SOLELY AT THE DISCRETION OF MANAGEMENT
| © 2008 Wavefront Energy & Environmental Services Inc. All
rights reserved. Powerwave™ and Primawave™ are registered trademarks of
Wavefront Energy and Environmental Services, Inc. |
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