EDMONTON, ALBERTA--(Marketwire - Nov 14, 2012) - Wavefront Technology Solutions Inc. (Wavefront or the Corporation) (TSX VENTURE:WEE) (WFTSF) wishes to announce that it has completed the installation Powerwave waterflood tools with Pan American Energy (PAE) in PAE''s Cerro Dragon field, in Argentina. PAE is the second largest oil producer in Argentina and is jointly owned by BP and Bridas Corporation.
The Corporation also announces that it will file, in accordance with TSX Venture Exchange policy, a Summary Form disclosing the granting of an aggregate of 75,000 incentive stock options pursuant to the Wavefront''s Stock Option Plan. The stock options are being issued to a new director of the Company. The options will be exercisable at $0.41 per share, or other such other price as allowed by the TSX Venture Exchange, for a period of five years. In accordance with Wavefront''s Stock Option Plan and Exchange policy, the incentive stock options are subject to a hold period of 4 months and vesting period of 18 months.
Continuous innovation is at the core of Wavefront''s technology offerings in the oil and gas and environmental sectors. The Corporation is pleased to announce that Alberta Venture Magazine recently named Wavefront one of the 25 Most Innovative Organizations.
ON BEHALF OF THE BOARD OF DIRECTORS
WAVEFRONT TECHNOLOGY SOLUTIONS INC.
D. Brad Paterson, CFO & Director
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.
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.