| EDMONTON, Alta., September 1, 2021, Wavefront Technology Solutions Inc. (“Wavefront” or the “Company”; TSX-V: WEE, OTCQB: WFTSF), a technology services provider offering the oil and gas industry proprietary, leading edge technology is pleased to announce in connection with the Company’s December 21, 2020 news release, effective September 1, 2021, that it has entered into a global equipment rental agreement with a multi-national oilfield services company (“Distributor”) for the global distribution of Wavefront’s Powerwave® branded well stimulation technology. Powerwave® stimulations and initial work with the Distributor commenced in the Kingdom of Saudi Arabia during the Company’s fiscal 2021 and based on well stimulation successes and the high interest levels of Powerwave® stimulations elsewhere, the Distributor and Wavefront entered the multi-year, global agreement. Founded in Weatherford, TX in 1941 the Distributor provides innovative solutions, technology, and services to the oil and gas industry in 90 countries. Under the terms of the agreement Wavefront will provide certain Powerwave® branded well stimulation technologies and/or tools to the Distributor exclusively in 11 countries and non-exclusively across the Distributor’s remaining 79 global locations. Revenues will be dependant on tool and well specifics and will be recognized over the time-period if, and when the Powerwave® tools are rented, or individual performance obligation(s) occur. The Company believes that given the Distributor’s reputation and established network of exploration and production customers, local knowledge of pricing structures/hurdles, economies of scale and local market presence, as well as the Distributor’s ability to bundle Powerwave with its other tools and services, may accelerate the uptake of Wavefront Powerwave® branded technologies. Powerwave® has repeatedly shown to provide environmental benefits to well stimulation without compromising results by reducing chemical consumption, reducing chemical handling, reducing job time and costs, while increasing both the magnitude and sustainability of post-stimulation outcomes. These benefits have quickly become positive marketing features for Powerwave®. As such, Wavefront and its marketing partners are positioning Powerwave® as a next-generation technology in the “greening” of oil and gas well stimulation. “This new agreement with the multi-national oilfield services provider represents another important marketing development for the Company,” said Wavefront President and CEO, Brett Davidson. “We are pleased in the confidence this Distributor and our overall customer base continues to place in Wavefront and the Company looks forward to increased market penetration of our Powerwave® branded technologies in the global well stimulation market.” |