EDMONTON, ALBERTA — (Marketwire) — 04/30/12 — Wavefront Technology Solutions Inc. (“Wavefront” or the “Corporation”) (TSX VENTURE: WEE) (OTCQX: WFTSF), a pioneer in fluid injection optimization for improved performance and profitability in the oil and environmental sectors, announces its financial results for the second quarter ending February 29, 2012.
Financial results include:
The basic and diluted net and comprehensive loss for the three months ended February 29, 2012 increased by $367,445 to $1,232,371 ($0.01 per share), compared to $864,9262 ($0.01 per share) in 2011. The increase in losses during the second quarter principally related to the one time increases in professional fees associated with the Vortech acquisition and OTCQX registration, the increased amortization of the Vortech patents, and the increase in wage, general and administrative and sales and marketing expenses associated with the expansion of our capabilities in the US to capitalize on the Vortech patent acquisitions.
The above financial highlights should be read in conjunction with the unaudited consolidated financial statements and management discussion and analysis of results which have been filed on SEDAR.
The Corporation maintains that based on Wavefront–s suite of technologies, patents, know-how, and the Powerwave brand name we are well-positioned to take advantage of vast market opportunities related to oil well stimulation and EOR.
The following key highlights and initiatives occurred during and subsequent to the second quarter 2012:
The Acquisition has expanded the Powerwave “tool set” for well stimulations. As all well stimulations generate the same revenue stream, there is no differentiation in revenue types by tool as multiple tools may carry out the same operation.
ON BEHALF OF THE BOARD OF DIRECTORS
WAVEFRONT TECHNOLOGY SOLUTIONS INC.
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 the Company–s website is .
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.
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.
Contacts:
Wavefront Technology Solutions Inc.
Brett Davidson
President and CEO
780-486-2222
Wavefront Technology Solutions Inc.
D. Brad Paterson
CFO
780-486-2222