EDMONTON, Alberta, Feb. 13, 2019 (GLOBE NEWSWIRE) -- Wavefront Technology Solutions Inc. (“Wavefront” or the “Company”, TSX-V: WEE; OTCQX: WFTSF) a global leader in the advancement of dynamic fluid injection technology for oil and gas well stimulation and Improved/Enhanced Oil Recovery (“IOR/EOR”) announces its intention to explore and evaluate potential strategic alternatives to maximize shareholder value which may result in, among other things, a merger, acquisition, or divestiture of the Company.
Wavefront’s Board of Directors (the “Board”) is in the early review process and has not made a decision to pursue any specific strategic alternative. This review process will proceed in parallel with the Board’s examination of a Senior Management succession plan. No timetable has been set for the completion of this process and there can be no assurance that this course of action will result in a specific transaction. The Company does not intend to disclose developments or comment further regarding this review until such time as the Board has determined the outcome of the process or otherwise has determined that further disclosure is appropriate or required.
“All of us at Wavefront are extremely proud of the considerable progress we have made in commercializing Powerwave dynamic fluid pulse technology and establishing an impressive track record of success in the international marketplace, particularly the emerging developments in the Middle East,” said Wavefront’s President and CEO Brett Davidson. “As we look to the future and consider our opportunities for maximizing shareholder value and capitalizing on the growing importance of Powerwave, all options must be identified, reviewed and considered.”
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 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 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.