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Edmonton, Alberta--(Newsfile Corp. - October 26, 2021) - Wavefront Technology Solutions Inc. (TSXV: WEE) (OTCQB: WFTSF) (Wavefront or the Company), a technology service provider offering the oil and gas industry revolutionary technology that optimizes oil and gas recovery while minimizing the environmental impact of operations, wishes to announce that a common share purchase warrant Triggering Event has occurred in relation to the 3,712,592 common share purchase warrants exercisable at $0.20 issued by the Company on July 17, 2018 (collectively the "Warrants").
The Triggering Event, resulting from the 10-day closing price of the common shares of the Company, as traded on the TSX Venture Exchange exceeding $0.20 per common share has been amended to 30 days from the date of this news release. The expiry date is no longer July 17, 2021. The expiry date of the Warrants is now November 25, 2021. Warrants not exercised before November 25, 2021, will expire. The Warrants affected by the Triggering Event relate to the Private Placement which originally closed on July 17, 2018.
The Company would also like to announce that it has completed Powerwave® modeling and programming for introductory stimulation work to be executed in Brunei by Wavefront's global distribution partner. The proprietary model, founded on the ground-breaking theoretical works of one of Wavefront's founders, Dr. Tim Spanos (Ph.D. Physicist), predicts both fluid penetration depth and distribution associated with Powerwave® at discrete points in the well completion. From the model output, a precise Powerwave® execution program is created for Wavefront's distributors or end users to follow. The strength of the physics behind the Powerwave® stimulation modeling and programming combined with the Company's leading-edge tools distinguishes Powerwave® in the marketplace over all other stimulation approaches.
"Exploration and production companies need innovative technologies to maximize resource recovery from their oil and gas fields. As an advanced technology, Powerwave® has shown to play a pivotal role in maximizing well stimulation outcomes with a smaller environmental footprint, optimized chemical usage, and lower operational time - all accomplished while improving post-stimulation outcomes over industry established fluid injection methods," said Wavefront President and CEO Brett Davidson. "There is no industry comparable technology to that of Wavefront's Powerwave® process."
ON BEHALF OF THE BOARD OF DIRECTORS
WAVEFRONT TECHNOLOGY SOLUTIONS INC.
"D. Brad Paterson" (signed)
D. Brad Paterson, CFO & Director
Wavefront is a technology based, oil field service provider, focused on offering the oil and gas industry proprietary, leading edge technology primarily for oil and gas well stimulation and applications related to IOR/EOR recovery. Wavefront publicly trades on the TSX Venture Exchange under the symbol WEE and on the OTCQB under the symbol WFTSF. The Company's website is www.onthewavefront.com.
For further information please contact:
D. Brad Paterson, CFO at 780-486-2222 or write to us at email@example.com
Cautionary Disclaimer - Forward Looking Statement
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'', "believe", ''continue'', "working towards" 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.
©2021 Wavefront Technology Solutions Inc. All rights reserved.
From Bit To Last Drop™, WaveAxe™, Powerwave™ and Primawave™ are registered trademarks of Wavefront Technology Solutions Inc., or its subsidiaries, or affiliates.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/100952