Edmonton, Alberta--(Newsfile Corp. - September 10, 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 further to the Company's July 3, 2020 news release that it has renegotiated and entered into a new two-year, exclusive distribution agreement (the, "Agreement") in the State of Kuwait with Gulf Drilling and Maintenance Co. ("GDMC").
Under the terms of the Agreement, GDMC will pay Wavefront a minimum yearly aggregate amount of US $900,000, paid monthly, in arrears for the exclusive rights to the Company's suite of well stimulation technologies for use in the State of Kuwait including the Al Khafji Joint Operations region. Revenues will be recognized proportionately over the annual exclusivity period. Wavefront will continue to provide marketing and technical support.
"We are very pleased to continue working with GDMC, a well-established Kuwaiti oil field services provider," said Wavefront President and CEO Brett Davidson. "Powerwave has a strong and recognizable brand name with engineers of the National Oil Company ("NOC") and we look forward to building on GDMC's and Wavefront's reputation for delivering outstanding 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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