Leading business executive re-joins
Wavefront Board of Directors
EDMONTON, Alta., Nov 07/2012
Wavefront Technology Solutions Inc. (Wavefront or the Corporation,
TSX-V: WEE; OTCQX: WFTSF) the global leader in fluid injection
optimization for improved performance and profitability in the oil
and gas and environmental sectors is pleased to announce that Roger
Kazanowski has re-joined Wavefront’s Board of Directors.
Mr. Kazanowski brings a
unique skill set to the Wavefront Board with a proven track record
for building companies from product infancy to corporate
divestiture, marketing as well as operations.
Mr.
Kazanowski is a well-established businessman with an extensive
background in business entrepreneurship. He began his career as an
Automotive Designer at the Ford Motor Company but quickly chose a
path of developing his own companies. He is the founder of
Cambridge Products, Village Art Studios, Business Television Video,
Burka Operating Companies and Airman Pneumatic
Controls. Mr.
Kazanowski has also been actively involved in the development of
companies such as Triant Technologies, Integrated Business Systems,
Buz.Fm, Premier Exhibitions and Wavefront. Mr. Kazanowski is
actively involved in the Angel Investing Network, supports numerous
non-profit organizations, and is currently an advisor to the
University of Arizona Surgical Department and Research
Center.
“I
am very happy to re-join the Wavefront Board of Directors. The
Gaffney-Cline report, as announced July 31, 2012, clearly
demonstrates that the Corporation’s Powerwave technology
successfully increased Estimated Ultimate Recovery of 5 Canadian
oil fields and established Wavefront as a key player in the
Enhanced Oil Recovery (“EOR”) sector,” said Mr.
Kazanowski. “A strong
presence in EOR combined with Management’s prudent undertaking to
expand Wavefront’s product portfolio to establish a global presence
in the oil well stimulation and drilling markets presents
significant opportunity for Wavefront to grow revenue and
shareholder value. I welcome the opportunity to assist Management
as they continue to grow the Corporation in the years
ahead.”
Wavefront Chairman Steve Percy commented, "We welcome
Roger back to our Board of Directors. He has had a long
involvement with the Corporation including a previous directorship
as well as a more recent consulting relationship. Roger has a
proven track record of helping companies grow from idea to success,
and as Wavefront is in the stages advancing its strategy and moving
to profitability, his guidance will be invaluable."
Wavefront also wishes to provide guidance related to
Corporation’s strategy to leverage its extensive, wholly owned,
intellectual property holdings based on dynamic fluid pulsing and
offered to the user community under license/rental agreements. The
strategy encompasses the life cycle of a client’s post exploration
operations and consists of three primary focus areas: (1) EOR; (2)
Performance Drilling (“PD”); and, (3) Well Stimulation.
1. EOR – Wavefront was founded on the premise that fluid
pulsing would be a game changing technology for the oil industry to
maximize overall recovery. An independent report by Gaffney-Cline
and Associates as announced July 31, 2012 confirmed that the
average increase in Estimated Ultimate Recovery to the time of the
report averaged 2.56% for 5 Canadian projects (range from 0.7% to
7.4%). To place this
current result into context, a BP report noted that worldwide, a 5% increase in oil
recovery would yield an additional 300-600 billion barrels. The
Corporation continues to place considerable resources on expanding the global use of
Powerwave for EOR projects. Such resources and marketing efforts
resulted in the Powerwave-driven EOR project with Petrobras Brazil
announced July 30, 2012 in the approximate amount of $1.25 Million
(compare this to the revenues of $2,086,296 recognized for the
9-months ending May 31, 2012). Wavefront anticipates further
expansion of current projects as well as the addition of new
projects throughout the fiscal year.
2. Performance Drilling – a recent addition to Wavefront’s product offering,
this line of pulsed fluid vibration induction leverages the Bit Sub
patent acquired in the Vortech intellectual property acquisition
announced January 3, 2012. PD will initially focus on two
main areas: (1) Thru Tubing (coil tubing) applications to aid in
the rate of penetration of drilling out of cement plugs, milling
out fracture plugs and balls from the hydraulic fracturing process,
and the drilling out of precipitates such as barium sulphide, etc.
and, (2) Vibration induction of the drill sting and bottom hole
assembly. With the growing number of extended reach horizontal
wells, vibration induction has become widely used as a result of
its proven ability to dramatically reduce friction between the
drill sting and rock face. This leads to overall improvements in
weight transfer to the bit and improves rates of penetration and
reduces non-productive time. Wavefront’s PD tool is differentiated
from competitive approaches in that the size of the pulsing tool
allows for the retrieval of downhole guidance systems without
pulling the drill string. Wavefront believes this will make our PD
tool the tool of choice in drilling extended reach horizontal
wells.
3. Well Stimulation – well stimulation has seen an approximate 10-fold
growth for the 9-month period ended May 31, 2012 compared to the
comparative period in 2011 (i.e., May 2011 - $65,632 in revenues
compared to May 2012 - $646,907 revenues). This includes the
Corporations integration of the Vortech intellectual property
acquisition combined with the introduction of new Powerwave well
stimulation tools such as the modular rotary stimulation tool.
Globally, well stimulation is a billion dollar per year industry as
virtually all oil wells or injection wells require some form of
stimulation in its lifecycle. Wavefront has, and will continue to
work with producers, chemical, and service providers such as
Weatherford, Schlumberger, and others to globally expand the use of
Powerwave tools for well stimulation.
“Through this strategy to leverage Wavefront’s
extensive intellectual property holdings we are well positioned for
more growth as we demonstrate our ability to help clients increase
revenues by enhancing production throughout the entire life cycle
of their operations,” said Wavefront President and CEO Brett
Davidson. “As we
continue to expand in key markets around the globe we are confident
that consistently generating positive results will further
establish Powerwave and our other technologies as essential tools
for oil producers
of all sizes.”
ON BEHALF OF THE BOARD OF
DIRECTORS
WAVEFRONT TECHNOLOGY SOLUTIONS
INC.
“D. Brad Paterson” (signed)
D. Brad Paterson, CFO & Director
About Wavefront:
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:
Brett Davidson, President and CEO or D. Brad Paterson, CFO
at 780-486-2222 or write to us at investor.info@onthewavefront.com
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.