EDMONTON, Alberta, Dec. 06, 2017 (GLOBE NEWSWIRE) -- Wavefront Technology Solutions Inc. (Wavefront or the Company) (TSX-V: WEE ) (OTCQX:WFTSF) a global leader in the advancement of fluid injection technology for oil and gas well stimulation and Improved/Enhanced Oil Recovery (“IOR/EOR”) is pleased to announce that the Company has entered into an exclusive, 3 year, Powerwave distribution agreement in the State of Kuwait with Gulf Drilling and Maintenance CO. (“GDMC”).
Wavefront and GDMC continue to deliver excellent operating results in both near wellbore stimulation (≤ 6”) as well as deeper formation stimulation (≥24”) through Wavefront’s Powerwave Odyssey Custom Stimulation (“POCS”) methodology. The success of Wavefront’s POCS has allowed GDMC to increase its market share of well stimulation activities over other local and international coil tubing service companies. Wavefront and GDMC have worked diligently together to build the Powerwave brand in Kuwait and have recently executed a distribution agreement (the “Agreement”) that will provide GDMC with exclusive rights to all Powerwave related technologies in Kuwait. Under the terms of the Agreement, GDMC will pay Wavefront a minimum yearly aggregate amount of US $ 1 Million for the exclusive rights to Powerwave in Kuwait. Payments will be made to Wavefront to coincide with the Company’s fiscal quarters. Wavefront will continue to provide marketing and technical support, and will dedicate one engineer for POCS modeling and programming activities.
“We are very pleased to be working with Gulf Drilling and Maintenance CO., which is locally recognised for its industry-leading capabilities and ability to deliver both quality and innovation to its customers,” said Wavefront President and CEO Brett Davidson. “This Agreement represents a culmination of a lengthy process of developing personal relationships and gaining the confidence of all stakeholders in Kuwait for Wavefront’s capabilities and for Powerwave, which is steadily receiving greater recognition in the oil and gas industry.”
“The exclusivity Agreement with GDMC represents a concurrence of the strategy established by the Board and Management to reset Wavefront’s course given oil industry volatility; moving to a strong and concentrated emphasis on Powerwave single well stimulations focused on Middle East national oil companies,” said Wavefront Board Chair Steve Percy.
“The exclusive distribution rights to Powerwave fits with our corporate mission of delivering ground-breaking technologies and outstanding service that benefits our customers,” said GDMC Operations Manager Mohammad Ali Al-Shatti. “We strongly believe in Wavefront’s leadership and technology, and, coupled with our expertise and market presence, we will be able to accelerate growth of the Powerwave product line in Kuwait.”
ON BEHALF OF THE BOARD OF DIRECTORS
WAVEFRONT TECHNOLOGY SOLUTIONS INC.
“D. Brad Paterson” (signed)
D. Brad Paterson, CFO & Director
About Wavefront:
Wavefront is a technology based world leader in fluid injection technology for improved/enhanced oil recovery and groundwater restoration. Wavefront publicly trades on the TSX Venture Exchange under the symbol WEE and on the OTCQX 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 investor.info@onthewavefront.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’’ 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.
©2017 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.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
