| EDMONTON, Alta., October 26, 2021, Wavefront Technology Solutions Inc. (Wavefront or the Company, TSX-V: WEE; OTCQB: WFTSF), ), a technology service provider offering the oil and gas industry revolutionary technology that optimizes oil and gas recovery while minimizing the environmental impact of operations wishes to announce that a common share purchase warrant Triggering Event has occurred in relation to the 3,712,592 common share purchase warrants exercisable at $0.20 issued by the Company on July 17, 2018 (collectively the “Warrants”). The Triggering Event, resulting from the 10-day closing price of the common shares of the Company, as traded on the TSX Venture Exchange exceeding $0.20 per common share has been amended to 30 days from the date of this news release. The expiry date is no longer July 17, 2021. The expiry date of the Warrants is now November 25, 2021. Warrants not exercised before November 25, 2021, will expire. The Warrants affected by the Triggering Event relate to the Private Placement which originally closed on July 17, 2018. The Company would also like to announce that it has completed Powerwave® modeling and programming for introductory stimulation work to be executed in Brunei by Wavefront’s global distribution partner. The proprietary model, founded on the ground-breaking theoretical works of one of Wavefront’s founders, Dr. Tim Spanos (Ph.D. Physicist), predicts both fluid penetration depth and distribution associated with Powerwave® at discrete points in the well completion. From the model output, a precise Powerwave® execution program is created for Wavefront’s distributors or end users to follow. The strength of the physics behind the Powerwave® stimulation modeling and programming combined with the Company’s leading-edge tools distinguishes Powerwave® in the marketplace over all other stimulation approaches. “Exploration and production companies need innovative technologies to maximize resource recovery from their oil and gas fields. As an advanced technology, Powerwave® has shown to play a pivotal role in maximizing well stimulation outcomes with a smaller environmental footprint, optimized chemical usage, and lower operational time – all accomplished while improving post-stimulation outcomes over industry established fluid injection methods,” said Wavefront President and CEO Brett Davidson. “There is no industry comparable technology to that of Wavefront’s Powerwave® process.” |