Edmonton, Alberta--(Newsfile Corp. - September 8, 2020) - Wavefront Technology Solutions Inc. (TSXV: WEE) (OTCQB: WFTSF) ("Wavefront" or the "Company"), an oil field service provider focused on offering the oil and gas industry proprietary, leading edge technology is pleased to announce that effective September 1, 2020 it has entered into a non-exclusive distribution agreement in the Kingdom of Saudi Arabia with Synergy International Energy Company ("Synergy").
Within Saudi Arabia coiled tubing companies providing well services to the National Oil Company ("NOC") are limited in their market access, i.e., no single coiled tubing company has access to all oil and gas fields or wells. Beyond the Company's control, Wavefront had seen its Powerwave technology product line activity decline under its past exclusive distributor, a coiled tubing company. In engaging Synergy as Wavefront's non-exclusive distributor, it is postulated that it will reduce reliance on any one coiled tubing company and increase market penetration of Wavefront's technology in the Kingdom by accessing all thirteen registered coiled tubing companies providing oil and gas well stimulation services to the NOC across all oil and gas field assets.
"We are very pleased to be working with Synergy who has a solid track record in representing international companies in the Kingdom," said Wavefront President and CEO Brett Davidson. "Wavefront has generated impressive results with the NOC and in many instances Powerwave is requested as the technology of choice by engineers of the NOC. We are very confident that Powerwave technology will continue to deliver outstanding results to the NOC and we will be able to more fully commercialize Powerwave in the Kingdom and grow the Company's bottom-line results."
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, 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 .
For further information please contact:
D. Brad Paterson, CFO at 780-486-2222 or write to us at .
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 . Wavefront expressly disclaims any obligation to up-date any "forward-looking statements", other than as required by law.
©2020 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.
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