EDMONTON, ALBERTA — (Marketwire) — 01/29/13 — Wavefront Technology Solutions Inc. (Wavefront or the Corporation) (TSX VENTURE: WEE) (OTCQX: WFTSF) a developer of leading-edge technology for fluid injection optimization for improved performance and profitability in the oil and gas and environmental sectors announces its financial results for the first quarter ending November 30, 2012.
Wavefront is a technology company with a reputation among its clients for quality, innovation and creativity. Focused on global markets, Wavefront utilizes its patented technology to provide measureable solutions when exploration and production companies (or “E&P” companies) are faced with the challenges of optimizing oil production, well intervention and performance drilling.
Wavefront–s strategic value proposition is underpinned with 20 granted and 29 patents pending based on differentiated fluid flow technology. Marketed under the brand names, “Powerwave” and “Primawave”, the injection methodologies improve distribution of liquids in the ground.
Wavefront–s business plan for enhancing shareholder value includes:
With the Company–s new marketing initiative entitled “From Bit to Last Drop”, our product portfolio now encompasses an and leverages an E&P clients through their entire life cycle post exploration operations.
The financial highlights for the three months ended November 30, 2012 include:
The above financial highlights should be read in conjunction with the audited consolidated financial statements and management discussion and analysis of results for Wavefront for the first quarter ended November 30, 2012, which were filed on SEDAR on January 29, 2013.
Since the official November 2012 roll-out of the Corporation–s line of performance drilling tools Wavefront has continued to pilot test the tools in Canada and the United States as part of drilling the horizontal section of wells. With our marketing partners we have now moved into phase II piloting testing and are scheduled to run two, “thru-tubing” applications on coil tubing this week in Pennsylvania. This will be the first such tests of Wavefront–s performance drilling tools employed to increase the rate of penetration of the bit (or mill) while drilling out frac plugs and balls in horizontal well completions.
“We are pleased to see continued positive results and increased customer interest in Wavefront–s performance drilling tools and have increased the number of tools available for use in Canada and the United States to 20”, said Wavefront President and CEO Brett Davidson. “Wavefront remains on track with initiatives to refocus its marketing strategy and anticipates sales to grow across all focus areas.”
ON BEHALF OF THE BOARD OF DIRECTORS
WAVEFRONT TECHNOLOGY SOLUTIONS INC.
D. Brad Paterson, CFO & Director
About Wavefront:
“From Bit to Last Drop” Wavefront endeavors to be recognized as a global leader of fluid injection technologies that maximize reservoir recovery, drilling efficiency, 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 .
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.
(1) The Company uses both IFRS and non-generally accepted accounting principles (“GAAP”) measure under International Reporting Standards (“IFRS”) to make strategic decisions and set targets and believes that these non-GAAP measures under IFRS provide useful supplemental information to investors. “Gross profit margin” is a measure used by the Company that does not have a standard meaning prescribed by IFRS and may not be comparable under GAAP under IFRS or to similar measures used by other companies. Gross profit is calculated by deducting cost of sales which includes direct costs, such as direct materials, direct labour, travel related expenditures, sub-contractors, shipping, duties and taxes, from gross revenue. Gross profit margin is calculated by dividing the gross profit by gross revenue.
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