Wavefront Announces Pre-Qualification of Powerwave Product Line in Malaysia
Edmonton, Alberta--(Newsfile Corp. - December 14, 2020) - Wavefront Technology Solutions Inc. (TSXV: WEE) (OTCQB: WFTSF) ("Wavefront" or the "Company"), an oil field service provider focused on offering the oil and gas industry proprietary, leading edge technology is pleased to announce that through a recent tendering process Wavefront's complete Powerwave product line associated with secondary oil recovery (waterflooding) and well stimulation has been pre-qualified for use and the Company's Malaysian representative appointed as a key contractor for the provision of new technology equipment and services by Malaysia's National Oil Company ("NOC").
Producing over 1.5 million barrels of oil equivalent per day, Malaysia is an important oil and gas producer in the Asia-Pacific region. While the appointment as a key contractor does not represent immediate work for Wavefront's local representative, it allows engineers from the NOC and its twenty-three associated operating companies to draw on the Company's Powerwave suite of technology without the long and arduous and often unsuccessful approvals process for implementing non-qualified technologies.
"We are very pleased that Wavefront's Powerwave suite of technology has been pre-qualified with Malaysia's NOC and the Company's local representative appointed as a key contractor for the provision of new technology equipment and services," said Wavefront President and CEO, Brett Davidson. "Wavefront has worked at length to secure pre-qualification with the NOC and this recent decision was strongly based on the impressive track record Powerwave has generated globally and more specifically in the Middle East. The Company will continue to remotely support our local Malaysian representative in promoting Powerwave and once COVID-19 travel restrictions are lifted Wavefront will place a strong emphasis on direct marketing with the NOC and its twenty-three associated operating companies."
ON BEHALF OF THE BOARD OF DIRECTORS
WAVEFRONT TECHNOLOGY SOLUTIONS INC.
"D. Brad Paterson" (signed)
D. Brad Paterson, CFO & Director
Wavefront is a technology based oil field service provider, focused on offering 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 the symbol WEE and on the OTCQB 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 firstname.lastname@example.org
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.
©2020 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.
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