Wavefront Technology Solutions Inc. announced that the company's USA subsidiary has agreed to modify (the "Amending Agreement") the five-year General Services Agreement (the "Agreement") with a Texas- based company (the "Client) initially announced September 9, 2019. Under the terms of the Amending Agreement, and effective June 1, 2022, Wavefront will invoice the Client USD 225,000 (the "Quarterly Guaranteed Minimum"), or any prorated portion thereof, during each of the Company's fiscal quarters over the term of the Agreement. All other terms and conditions of the Agreement remain unchanged in the Amending Agreement.

In the prior reporting periods, the Company could not recognize revenues related to the previous Agreement due to circumstances beyond the Company's control. The Company will account for revenues associated with the Amending Agreement once IFRS revenue recognition criteria are met. It is the intent of the Company, at this time, to continue, in good faith, to work with the executive management of the E&P client to collect all amounts owed but not recognized.

Once IFRS revenue recognition is met, the Company will disclose any such recognition accordingly.