Corporate Update

Edmonton, Alberta--(Newsfile Corp. - January 10, 2023) - Wavefront Technology Solutions Inc. (TSXV: WEE) (OTCQB: WFTSF) (Wavefront or the Company), a service provider offering advanced fluid-flow technologies that optimize oil and gas recovery, improve carbon sequestration injection rates, and expedites groundwater remediation. The Company announces that effective January 5, 2023, the TSX Venture Exchange (the "Exchange") suspended trading in the Company's securities as a result of a Cease Trade Order ("CTO") issued by the Alberta Securities Commission. A copy of the Exchange bulletin can be obtained from tmx.com. Resumption to trading can occur only when the CTO is revoked and the Exchange has concluded its reinstatement review to ensure Wavefront has suitably complied with all Exchange conditions.

"Wavefront continues to work with representatives of a number of clients for the collection of all outstanding amounts owing to Wavefront, which, if all collected, would put the Company in a positive working capital position," said President and CEO Brett Davidson. "A positive working capital position will permit Wavefront to seek to commence its audit (subject to auditor availability) and complete as soon as practical the annual audited financial statements, annual management's discussion and analysis, and certification of the annual filings for the fiscal year ended August 31, 2022," added Davidson.

The Company also announces that Mr. Stewart Lockwood has resigned from Wavefront's Board of Directors. As he has done since its inception, Mr. Lockwood will continue advising the Company on securities matters as a paid legal advisor.

"On behalf of the Company, I would like to thank Stewart for his guidance, dedication, and continued support. We look forward to continuing our long and trusted relationship," said Davidson.

The Board will continue to provide further disclosures as appropriate or required.

ON BEHALF OF THE BOARD OF DIRECTORS

WAVEFRONT TECHNOLOGY SOLUTIONS INC.

"Brett Davidson" (signed)

Brett Davidson, President, CEO & Director

About Wavefront:

Wavefront is a technology-based oil field service provider that offers the oil and gas industry proprietary, leading-edge technology primarily for oil and gas well stimulation and applications related to IOR/EOR recovery. Wavefront publicly trades on the TSX Venture Exchange under WEE and the OTCQB under WFTSF. The Company's website is www.onthewavefront.com.

For further information, contact us at investor@onthewavefront.com or call 780 486 2222.

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 statements regarding future estimates, plans, objectives, assumptions or expectations or future performance, are "forward-looking". 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'', "working towards" 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 disclaims any obligation to update any "forward-looking statements" other than as required by law.

©2023 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/150889