Wavefront Announces Third Quarter 2014 Financial Results

EDMONTON, ALBERTA--(Marketwired - July 29, 2014) - Wavefront Technology Solutions Inc. (Wavefront or the Corporation) (TSX VENTURE:WEE)(OTCQX:WFTSF) a technology provider offering fluid delivery processes to oil and gas producers that are widely effective methods for maximizing reserves in mature field revitalization (enhanced oil recovery or "EOR") as well as increasing single well productivity through more effective well stimulation announces its financial results for the third quarter ending May 31, 2014.

Wavefront's business operates in a market where there is increasing demand to bring economically beneficial solutions to exploration and production companies (or "E&P" companies) to maximize oil and gas productivity. Central to Wavefront's broad portfolio of technologies is the fluid delivery process, Powerwave.

Wavefront is uniquely positioned to capitalize on significant growth opportunities. By leveraging Powerwave across multiple oil industry applications including EOR; well stimulation; and, drilling among other applications, Wavefront is seeking to minimize technology risk and accelerate commercialization timelines. Alberta Energy's recently announced reduce royalty program aimed at boosting oil production from enhanced oil recovery projects is expected to encourage producers to re-enter previously produced fields to draw out more of the original oil in place(1) and may enhance producer economics, and thus have a positive impact of Powerwave demand.

Third quarter revenues were affected by the client timing for the installation of international Powerwave mature field revitalization projects, which include: an approximate US $1.25 million contract with Petrobras; an approximate US $353,500 contract with Pan American Energy; and an approximate US $1,337,700 contract with EcoPetrol. It is anticipated that commencement of these international Powerwave mature field revitalization projects worth US $2,941,200 in contracts will commence in late summer 2014.

The basic and diluted net loss, before the non-cash impairment loss, for the nine months ended May 31, 2014 was $2,866,714 ($0.035 per share), a decrease of $466,787 from the comparative period in 2013 of $3,333,501 ($0.040). The basic and diluted net loss, including the non-cash impairment loss, for the nine months ended May 31, 2014 was $4,205,298 ($0.051 per share) compared to $3,333,502 ($0.040 per share) in 2013.