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| PRESS RELEASE |
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WAVEFRONT TECHNOLOGY SOLUTIONS INC. |
For Immediate Release: |
Wavefront Reaches Agreement To Convert 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
Greentree Royalty Agreement Into Working Interest Agreement
EDMONTON, Alta July 12, 2010 – Wavefront Technology Solutions Inc.
(“Wavefront” or the “Company”; TSX-V: WEE), a leader in technology
development and implementation for improved oil recovery and optimized
groundwater remediation announces that it has reached an agreement with
Greentree Gas and Oil Ltd. (“Greentree”) to convert the Royalty Interest
Agreement entered into on January 31, 2006 into a working interest by way of
quit claim and general rights conveyance of the Royalty Interest in exchange
for Greentree assigning Wavefront 50% of its entire right, title and
interest in the petroleum and natural gas rights, the miscellaneous
interests and tangibles (the “Assets”) of the Rodney South oilfield lease.
Under the new Agreement Greentree sold, assigned, transferred, conveyed and
set over to Wavefront, and Wavefront purchased and accepted directly from
Greentree 50% of the entire legal and beneficial interest, right, title and
estate of Greentree in and to the Assets. In exchange, Wavefront remised,
released, relinquished and forever quit claim unto Greentree, its successors
and assigns:
* all of its right, title, estate and interest in the Royalty Interest; and
* all amounts owing to Wavefront by Greentree in respect of the Royalty
Interest for the period prior to April 30, 2010, which amount is $116,095.
For further information please contact:
D.
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.