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| PRESS RELEASE |
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WAVEFRONT TECHNOLOGY SOLUTIONS INC. |
For Immediate Release: |
Leading Oil-Industry Executive Joins Wavefront Board
of Directors 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 July 14, 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, is pleased to announce that
Jeff Saponja, P.Eng. has joined Wavefront’s board of directors.
Saponja brings more than 20 years experience in providing insightful
corporate leadership, developing new technologies, and growing new
companies.
Jeff currently serves as Director, President and CEO of TriAxon Oil Corp.; a
privately held light oil focused junior oil and gas producer. TriAxon raised
approximately $70 million in May of 2010, with aim to develop two Western
Canada Basin light oil resource play prospects using the horizontal
multi-stage fraccing method.
Saponja was a founder member, Director and the President/CEO of TriAxon
Resources Ltd, which formed in May of 2006 with an initial private placement
financing of $40 million. In December of 2009, Crescent Point Energy Corp.
acquired TriAxon in all share deal for approximately $250 million. TriAxon
was a unique light-oil resource play focused private junior oil and gas
producer that successfully combined proficient well engineering with
exceptional geo-science. TriAxon was an early adopter the horizontal
multi-stage fraccing method and successfully deployed it in four areas
within the Western Canada Basin.
Mr. Saponja has also served in a number of senior management positions
including executive roles at Weatherford Canada Partnership, Shell UK and
Husky Oil. He also co-chaired the IRP-22 committee, which was established to
set Canadian industry standards for application of underbalanced and managed
pressure drilling technologies.
Mr. Saponja commented, “Wavefront’s advanced technologies and associated
products possess considerable potential for cost effectively increasing
recoveries from known reservoirs. I’m excited to be part of a
forward-thinking and motivated team that I believe will have a positive and
material impact on the oil and gas business globally.”
“Wavefront’s products are rapidly becoming in demand around the world, and
Jeff’s experience will help us enormously to maximize the potential of these
opportunities,” said Wavefront chairman Steve Percy. “He has a proven track
record for growing companies successfully, and brings a highly valuable
perspective on how we can take Wavefront to the next level. Wavefront is
stronger today with the addition of Jeff Saponja to our board of directors
and we all look forward to his keen insights and knowledge of the oil
industry.”
In addition, the Company also wishes to announce that it will file, in
accordance with TSX Venture Exchange policy, a Summary Form disclosing the
granting of an aggregate of 175,000 incentive stock options pursuant to the
Wavefront's Stock Option Plan. The stock options are being issued to the
employees and a director of the Company. The options will be exercisable at
a price of $1.45 per share, or other such other price as allowed by the TSX
Venture Exchange, for a period of five years. In accordance with
Wavefront's Stock Option Plan and Exchange policy, the incentive stock
options are subject to a hold period of 4 months and vesting period of 18
months.
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.