 |
 |
| PRESS RELEASE |
|
WAVEFRONT ENERGY & ENVIRONMENTAL SERVICES
INC. |
For Immediate Release: |
Acquisition Of Predator Pumps Ltd. Cautionary Disclaimer –
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
EDMONTON, Alta Feb 02, 2009/ Wavefront Energy and Environmental Services
Inc. (“Wavefront”), a world leader in fluid injection technology for
improved/enhanced oil recovery and groundwater restoration is pleased to
announce that it has completed the acquisition (the “Acquisition”) of all of
the issued and outstanding shares of Predator Pumps Ltd. (“Predator”), an
arms length, privately held Alberta company.
Predator has been in operation since 2008 as an oil service company in the
heavy oil industry, operating in western Canada. Predator offers
complementary products to Wavefront Sand Pumps and Rentals Ltd., more
specifically; sand pumps and wellbore cleaning equipment.
Predator’s management reported, unaudited, consolidated revenue of $522,221
with net income (before taxes) of $103,480 for the twelve months ending
October 31, 2008.
Total consideration (the “Purchase Price”) for the Acquisition was $750,000.
Of the Purchase Price, Wavefront paid $600,000 in cash and held back
$150,000 to be paid to Predator, in full or in-part, with respect to
maintaining current sales levels. No finders’ or similar fees were paid in
connection with the transaction.
Wavefront President and CEO Brett Davidson stated, “We are pleased to have
Predator join the Wavefront brand. In a brief period Predator has built a
sound reputation with a noteworthy client base. Management believes the
integration of Predator into Wavefront Sand Pumps will better serve current
clients and create new opportunities for growth as we position the combined
companies to be a premier supplier for sand pumps, wellbore cleaning
equipment, and wellbore stimulation using Powerwave.”
“Joining the Wavefront brand will allow the combined companies of Wavefront
Sand Pumps and Predator to capture further market share and open new
opportunity beyond the heavy oil market”, commented Predator President,
Duwayne Springer. “We are very pleased and excited to work with the
Wavefront team to advance its innovative oil production technologies.”
Wavefront also announces that Wavefront will file, in accordance with TSX
Venture Exchange policy, a Summary Form disclosing the granting of an
aggregate of 150,000 incentive stock options pursuant to the Company's Stock
Option Plan. The 150,000 incentive stock options being granted are to
a continuing employee and consultant of Predator. The options will be
exercisable at a price of $0.60 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 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
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 of Wavefront and Predator,
as described in the comments by Wavefront’s President and CEO and Predator’s
President above, 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 material 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. In addition, we have assumed that the business of
Wavefront Sand Pumps and Predator will be successfully integrated, and
Wavefront expressly disclaims any obligation to up-date any “forward-looking
statements”, other than as required by law.