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Wavefront gets rental order for Powerwave-related tools
2021-12-07 17:39 ET - News Release
Mr. Brett Davidson reports
WAVEFRONT RECEIVES RENTAL ORDER FOR COLOMBIA FROM GLOBAL DISTRIBUTOR
Wavefront Technology Solutions Inc., under the master equipment rental agreement originally announced Sept. 1, 2021, has received a rental order for Powerwave-related equipment for scheduled well stimulation work in Colombia.
The global distributor and its client, a national oil company (NOC) and its subsidiaries, cannot be named due to confidentiality provisions. Revenues associated with this rental order will be recognized over the time period the stimulation or individual performance obligation(s) occur. The company continues to market Powerwave with the global distributor in multiple jurisdictions and expects to receive similar rental orders in the near term as projects are solidified.
"Wavefront has a positive track record with various facets of Powerwave in Colombia, and we look forward to building on those successes and expanding Powerwave use in the country with the global distributor," said Wavefront president and chief executive officer Brett Davidson.
Wavefront also announces the resignation of Roger Kazanowski from the company's board of directors to pursue other interests.
"I would like to thank Mr. Kazanowski for his contributions over the past 20 years. Mr. Kazanowski provided critical guidance throughout his tenure on the board and continues to be a strong supporter of the company as it develops its global footprint."
About Wavefront Technology Solutions Inc.
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 (improved/enhanced oil recovery). Wavefront publicly trades on the TSX Venture Exchange under the symbol WEE and on the OTCQB under the symbol WFTSF.
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