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WEE Wavefront Technology Solutions Inc

0.02
0.00 (0.00%)
14 Jun 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Wavefront Technology Solutions Inc TSXV:WEE TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.02 0.02 0.025 0 01:00:00

Wavefront Seeks TSX Exchange Approval on Warrant Terms

08/04/2011 10:35pm

Marketwired Canada


NOT FOR DISSEMINATION IN THE UNITED STATES OR DISTRIBUTION TO UNITED STATES NEWS
WIRE SERVICES


Wavefront Technology Solutions Inc. ("Wavefront" or the "Corporation") (TSX
VENTURE:WEE) (PINK SHEETS:WFTSF), a leader in fluid injection optimization for
improved performance and profitability in the oil and environmental sectors,
announces that it will be seeking the approval of the TSX Ventures Exchange (the
"Exchange") to the extension of the term of certain share purchase warrants
("Warrants") issued on April 26, 2010. Wavefront will be seeking an extension
from the current expiry date of April 26, 2011 to April 26, 2012 (subject to
early expiry). The Warrants are subject to an early expiry if the volume
weighted average trading price of the Company's shares equals or exceeds $3.15
per share for a period of 20 consecutive trading days. In the event that should
occur, then Wavefront will have the right to accelerate the expiry date of the
Warrants by giving 30 days written notice to the warrant holders.


The extension sought will, if approved, apply to all 5,219,085 Warrants issued
on April 26, 2010 to investors, other than Warrants exercised to date. As
originally issued, each one whole Warrant entitles the holder to purchase one
common share of the Company at a price of $2.75 per Warrant share at any time up
to 4:00 pm. (Pacific Standard Time) on April 26, 2011.


In addition, Wavefront will also be seeking Exchange approval to amend the
exercise price of the Warrants issued on April 26, 2010 from $2.75 per Warrant
share to $1.75 per Warrant share, or such other price as is acceptable to the
Exchange, calculated in accordance with the applicable Policies of the Exchange.


Wavefront is also pleased to announce that the Eastern Alberta client has
provided an initial 31 well locations for the additional Powerwave deployment
previously announced in a January 4, 2011 news release. In that release the
Eastern Alberta client indicated it would expand by up to 45 additional
Powerwave systems coinciding with permitting and well workovers. Deployment of
the 31 Powerwave tools will commence after spring break-up when road bans are
lifted. Under a confidentiality agreement, Wavefront is prohibited from
releasing the client name, field location, and financial terms.


"At multiple locations Powerwave continues to mobilize stranded oil, improve oil
recovery, slow production decline rates, extend field life, and give rise to
greater ultimate oil recovery from a producing field. Wavefront continues to
place strong emphasis on the Western Canadian Sedimentary Basin, Texas and
California as well as aggressively pursuing high-profile opportunity in the
international marketplace. On the strength of results Wavefront anticipates
adding further Powerwave client's in the near term," said Wavefront President
and CEO Brett Davidson.


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 www.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.


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