Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Canada
  4. Bourse de Toronto
  5. Wavefront Technology Solutions Inc.
  6. News
  7. Summary
    WEE   CA94354B1004

WAVEFRONT TECHNOLOGY SOLUTIONS INC.

(WEE)
SummaryQuotesChartsNewsCalendarCompanyFinancials 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

Wavefront Technology : General Services Agreement

10/13/2021 | 09:02pm EST

Press Release October 13, 2021

WAVEFRONT ENTERS INTO A NEW GURANTEED US $10 MILLION

GENERAL SERVICES AGREEMENT

EDMONTON, Alta., Oct 13, 2021. Wavefront Technology Solutions Inc. (Wavefront or the Company, TSX-V: WEE;

OTCQB: WFTSF), a technology service provider offering the oil and gas industry revolutionary technology that optimizes oil and gas recovery while minimizing the environmental impact of operations wishes to announce that the Company's USA subsidiary today executed a General Services Agreement (the "Agreement") with a Texas-based company (the "Client").

Under the terms of the Agreement, effective November 1, 2021, the Client and Wavefront have agreed to a minimum guaranteed aggregate amount of US $10 Million over a five-year term where the Company will, upon request from the Client, provide certain well stimulation tools and field services (the "Services") at various oil and gas production locations throughout the intercontinental United States of America.

Wavefront will invoice the Client US $500,000 ("Quarterly Guaranteed Minimum"), or any prorated portion thereof, during each of the Company's fiscal quarters over the term of the Agreement. Any Services work more than the Quarterly Guaranteed Minimum would be invoiced above the Quarterly Guaranteed Minimum and recognized as revenue using the percentage of completion method, which is based on the term of the tool rental and Services. In the prior reporting fiscal year, the Company entered into a similar agreement with the same Client. Due to unforeseen circumstances beyond the Company's control Wavefront, to this point in time, has not been able to recognize any revenues related to that prior agreement. As a result, the Company will account for revenues related to the new Agreement on a cash basis.

"Wavefront Management and its Permian Basin team have worked diligently to build and maintain strong relationships with mid and executive level management of the Client, and we are very happy to see those efforts rewarded through this new Agreement. Because of these strong relationships the Client provided exceptional references on behalf of Wavefront to other oil and gas producers which have contributed to the Company securing recently announced new clients and purchase orders," said Wavefront President and CEO Brett Davidson.

"We are excited to commence full-scale activities with all existing US-based clients as well as other oil and gas producers currently assessing or adding Wavefront as a new vendor. When fully initiated the sum of these new activities have the potential to strengthen Wavefront's bottom-line results," added Davidson.

ON BEHALF OF THE BOARD OF DIRECTORS

WAVEFRONT TECHNOLOGY SOLUTIONS INC.

"D. Brad Paterson" (signed)

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 on the OTCQX under the symbol WFTSF. The Company's website is www.onthewavefront.com.

For further information please contact:

D. Brad Paterson, CFO at 780-486-2222 or write to us at investor.info@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.

©2021 Wavefront Technology Solutions Inc. All rights reserved.

From Bit To Last Drop™, WaveAxe™, Powerwave™ and Primawave™ are registered trademarks of Wavefront Technology Solutions Inc., or its subsidiaries, or affiliates.

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.

Disclaimer

Wavefront Technology Solutions Inc. published this content on 13 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 October 2021 01:01:02 UTC.


ę Publicnow 2021
All news about WAVEFRONT TECHNOLOGY SOLUTIONS INC.
11/16Wavefront Technology Solutions Inc. Receives Well Stimulation Package from Texas Client
CI
11/16WAVEFRONT TECHNOLOGY : Texas Client Issues Additional Stimulation Order
PU
11/04$12 Million Equity Facility
PU
11/04Powerwave Aids in CO2 Reduction During Well Stimulations
PU
11/03Wavefront Technology Solutions Inc. announced that it expects to receive CAD 12 million..
CI
10/19WAVEFRONT TECHNOLOGY : Customer List Continues to Grow
AQ
10/18WAVEFRONT TECHNOLOGY : Adds New Client
PU
10/18Wavefront Technology Solutions Inc. Receives Initial Purchase Order
CI
10/13WAVEFRONT TECHNOLOGY : General Services Agreement
PU
10/13WAVEFRONT TECHNOLOGY : at 52-Week High as Enters into a New Guaranteed US$10 Million Gener..
MT
More news
Financials
Sales 2020 2,80 M 2,19 M 2,19 M
Net income 2020 -0,66 M -0,52 M -0,52 M
Net cash 2020 1,75 M 1,37 M 1,37 M
P/E ratio 2020 -7,30x
Yield 2020 -
Capitalization 29,8 M 23,3 M 23,3 M
EV / Sales 2019 1,94x
EV / Sales 2020 1,09x
Nbr of Employees 23
Free-Float 70,4%
Chart WAVEFRONT TECHNOLOGY SOLUTIONS INC.
Duration : Period :
Wavefront Technology Solutions Inc. Technical Analysis Chart | MarketScreener
Full-screen chart
Income Statement Evolution
Managers and Directors
Brett C. Davidson Chairman, President & Chief Executive Officer
D. Bradley Paterson CFO, Secretary, Treasurer & Director
Dennis R. Minano Independent Director
Mark Bernard Independent Director
James A. Smith Independent Director
Sector and Competitors