EDMONTON, ALBERTA — (Marketwire) — 02/21/12 — Wavefront Technology Solutions Inc. (“Wavefront” or the “Corporation”) (TSX VENTURE: WEE) (OTCQX: WFTSF), the leader in fluid injection optimization for improved performance and profitability in the oil and environmental sectors, announces its financial results for the first quarter ending November 30, 2011.
Financial results include:
The basic and diluted net and comprehensive loss for the period ended November 30, 2011 decreased by $478,437 to $991,160 ($0.01 per share), compared to $1,469,590 ($0.02 per share) in 2010 representing a 32.6% decrease in net losses.
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 following non-financial highlights and initiatives occurred during and subsequent to the fiscal first quarter 2012:
The Corporation believes that based on Wavefront–s suite of technologies, patents, know-how, the Powerwave brand name, and the recently acquired Vortech patents and brand name, we are well-positioned to take advantage of vast market opportunities related to well stimulation and enhanced oil recovery. With increased credibility associated with positive production and financial results at multiple client locations we anticipate the sales cycle for the Powerwave enhanced oil recovery market to decrease with time.
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