Wavefront Technology Solutions Inc V.WEE.H

NEWS RELEASE DECEMBER 21/20

[pandar]

Wavefront Announces

Equipment Rental Agreement With Multinational Oilfield Services Company

 

EDMONTON, Alta., December 21, 2020 Wavefront Technology Solutions Inc. (“Wavefront” or the “Company”; TSX-V: WEE, OTCQB: WFTSF), an oil field service provider focused on offering the oil and gas industry proprietary, leading edge technology is pleased to announce that it has entered into an equipment rental agreement with a multinational oilfield services company (“Client”) for the distribution of Wavefront’s Powerwave well stimulation technology in the Kingdom of Saudi Arabia.

 

Founded in Weatherford, TX in 1941 the Client provides innovative solutions, technology, and services to the oil and gas industry from 90 global locations. Under the terms of the initial one-year agreement, commencing December 21, 2020, Wavefront will provide certain Powerwave well stimulation technology to the Client for distribution to its customers in the Kingdom.  Wavefront revenues, at various Powerwave tool rates, will be recognized over time, when the Powerwave tools are rented to underlying exploration and production (“E&P”) companies.

 

“We are very pleased to have entered into the equipment rental agreement with the multinational oilfield services provider for an additional distribution channel in the Kingdom of Saudi Arabi. The Company looks forward to working towards receiving a larger, general services agreement to provide Wavefront technology across the 90 global locations the Client serves,” said Wavefront President and CEO, Brett Davidson. “We believe that the addition of the Client as a distributor in the Kingdom will augment the efforts of Wavefront and our local agent to build on the Wavefront name brand to further commercialize Powerwave well stimulation technology with the NOC.”

 

 

About Wavefront: 

 

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 recovery. Wavefront publicly trades on the TSX Venture Exchange under the symbol WEE and on the OTCQB under the symbol WFTSF. The Company's website is www.onthewavefront.com.

 

GLTA

[gojotv!]

Ha! I was wondering whynthere was sudden volume today with a price rise in the middle of tax-loss selling season. I thought, "Somebody knows something...!" Doncha love insider trading? GLTA long-suffering longs!