EDMONTON, Alberta, March 28, 2018 (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 (“IOR/EOR”) recovery is pleased to announce it has entered into a Distribution Agreement with Smape SRL (“Smape”) of Italy to market and implement the full Powerwave product line.
Smape is a privately owned partnership founded in 1989 with 200 employees and specializing in an array of oilfield services. Focused on the Italian and continental European markets, Smape also has established bases in Egypt, Albania, and Azerbaijan. Smape key clients include ENI, Total, Apache, BP, and ConocoPhillips.
“We are extremely pleased to add Smape to the growing list of top oilfield service providers choosing to align with Wavefront,” said Wavefront President and CEO, Brett Davidson. “We look forward to working closely with Smape management to promote Powerwave to Smape’s key clients and continuing to increase the adoption rate of Powerwave globally.”
Wavefront is also pleased to announce that it has sent additional equipment to the Kingdom of Saudi Arabia to allow its local marketing partner to equip an additional coiled tubing unit to execute further Powerwave Odyssey Custom Stimulations (POCS).
“We continue to be very pleased with the positive progress we are making with POCS in the Kingdom of Saudi Arabia and across the Middle East market,” said Davidson. “The addition of another coiled tubing unit allows for an increased number of POCS to be carried out, which will further solidify Wavefront’s dynamic fluid delivery process, Powerwave as the dominate technology for optimized fluid placement during well stimulation.”
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.
©2018 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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