Wavefront Technology Solutions Inc V.WEE.H

News

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WAVEFRONT ENTERS INTO NEW TWO YEAR GENERAL SERVICES AGREEMENT WITH A HOUSTON-BASED OIL AND GAS PRODUCER US $4 MILLION BASE COMPENSATION GUARANTEED OVER TWO YEAR TERM OF THE AGREEMENT EDMONTON, Alta., Sept 9, 2019. Wavefront Technology Solutions Inc. (Wavefront or the Company, TSX-V: WEE; OTCQX: WFTSF) a global leader in the advancement of fluid injection technology for oil and gas well stimulation and Improved/Enhanced Oil Recovery (IOR/EOR) is pleased to announce that the Companys USA subsidiary has entered into a two (2) year General Services Agreement (the Agreement) with a Houston based oil and gas producer (the Client). Under the terms of the Agreement, the Client and Wavefront have agreed to a minimum guaranteed aggregate amount of US $4 Million over the two (2) year period where the Company will provide Powerwave tools and field services (the Services) to the Client at its request in various locations throughout the intercontinental United States of America. The Company accounts for its revenue contracts using the percentage of completion method, which is based on the time of the tool rental and the underlying technologys licensing term. Wavefront will invoice US $500,000 and revenues will be recognized during each of the Companys quarters over the term of the Agreement. Any Powerwave Services in excess of the quarterly guaranteed minimum would be recognized when that Powerwave Services job is known. In providing its tools and technology directly to the oil and gas producer, Wavefront will recognize revenue in the gross amount to be received. Wavefront has earned a solid reputation for generating outstanding results for clients throughout the globe, and this new agreement is a welcomed addition to our growing of the Companys North American operations, says Wavefront President and CEO Brett Davidson. We are confident that our game-changing Powerwave technology will continue to deliver the results our customers need to contribute to their production, and their bottom-line results. GLTA