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| PRESS RELEASE |
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WAVEFRONT TECHNOLOGY SOLUTIONS INC. |
For Immediate Release: |
Leading Privately-Held Oil Production Company
Selects Powerwave To Unlock Stranded Oil In Wyoming Waterflood 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 Oct. 1, 2009/ Wavefront Technology Solutions Inc.
(“Wavefront”), a world leader in providing innovative solutions for
increasing oil field production and enhancing the treatment of contaminated
groundwater, is pleased to announce that a new Houston, Texas-based operator
will deploy three Powerwave systems to increase oil recovery and reserves in
an active waterflood in Wyoming.
The operator is one of the largest privately-held exploration and
development companies in the United States. It has continually looked to use
proven technology to unlock the value of assets trapped in the nooks and
crannies of mature fields that have been abandoned.
“International interest in Powerwave continues to increase as the technology
generates impressive results and gains more recognition within the user
community,” said Wavefront President and CEO Brett Davidson. “Wavefront has
been presented with a number of opportunities involving complex rock
formations where Powerwave may provide access to tens of millions of barrels
of trapped oil. Many of these projects involve very long well lengths and
will require multiple Powerwave systems installed.”
Wavefront is aware of certain statements reportedly to have been made by a
person with apparent authority to speak on behalf of Wavefront regarding the
profitability and expectations of large Powerwave orders over the coming
months, without a forward looking caution. The fundamental business
objectives of Wavefront remain as described in Wavefront’s news releases,
Management Discussion and Analysis and other filings. Wavefront continues to
work towards profitability and securing additional Powerwave contracts and
project expansions, as well as bolstering sales along all product lines.
Wavefront did not authorize the statements in question and there are no
undisclosed material corporate developments. Further, any statements
regarding the future of Wavefront are forward-looking statements and
therefore Wavefront cautions that actual results and future events may
differ from those anticipated, as further discussed below in Wavefront's
cautionary disclaimer.
About Wavefront Technology Solutions Inc.
Wavefront specializes in designing and developing leading-edge techniques
for oil well stimulation, improved oil recovery, and environmental
groundwater remediation.
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, 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.