Wavefront Technology Solutions Inc.: Primawave Facilitates Clean-Up Efforts At A Former Hydrocarbon Bulk Storage Facility
Edmonton, AB (Marketwire) - Wavefront Technology Solutions Inc. ("Wavefront" or the "Company") (TSX VENTURE:WEE) (PINK SHEETS:WFTSF), a leader in technology development and implementation for improved oil recovery and optimized groundwater remediation, is pleased to announce that Primawave has entered a second phase of use in an 18-acre area of a former hydrocarbon bulk storage facility in New York State. Five Primawave tools will be used during a waterflood application to facilitate hydrocarbon recovery in the 18-acre study area.
"The first pilot program in the summer of 2008 produced very positive results, and we are pleased to have another opportunity to demonstrate Primawave's strengths in this expanded program," said Wavefront President and CEO Brett Davidson. "Wavefront's continued success in accelerating these clean-up efforts builds on our already impressive past successes, and will attract additional clients who are using similar remedial approaches."
Wavefront would also like to update the market on Powerwave tool developments. In its news release dated July 28, 2010, the Company announced that modifications were required to a flow-driven mechanical tool to address a design issue on a limited number of Powerwave installations at one of its client's sites. Wavefront has multiple tool designs, which allow it to carry out Powerwave across a wide and varied range of reservoir conditions. Although additional tool designs were available during the period, certain installations were deferred pending modification to this particular model. An updated design is now complete and tools have now started to be reinstalled. Wavefront will carefully monitor the performance of these tools to ensure they meet Wavefront's high standard of performance. Concurrently, Wavefront will move forward with installations of this particular model with other clients.
"Wavefront is committed to providing excellent service to our clients, and ensuring they are satisfied with our tools," said Davidson. "We have a history of helping to deliver consistently positive results, and we will continue to work with our clients to ensure their expectations are met."
ON BEHALF OF THE BOARD OF DIRECTORS
WAVEFRONT TECHNOLOGY SOLUTIONS INC.
D. Brad Paterson, CFO & Director
Cautionary Disclaimer – Forward Looking Statements
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'', ''continue'', "believed" 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.
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.
SOURCE: Wavefront Technology Solutions Inc.