Pink Sheets: WEESF
EDMONTON, Feb. 25 /CNW/ - Wavefront Energy and Environmental Services Inc. ("Wavefront"), a leader in technology development and implementation for improved oil recovery and optimized groundwater remediation processes is pleased to announce that Primawave was successfully implemented at an active gasoline retail outlet to optimize the injection of a remedial fluid. The gasoline retail outlet, located in Orlando, Florida is operated by a major convenience store chain having 1,623 outlets that sell gasoline. Prior to Primawave the site had been subjected to four previous attempts of limited success to inject the remedial fluid intended to neutralize methyl tert-butyl ether (MTBE) impacting groundwater quality. In the four previous injection attempts delivery of the remedial fluid met with difficulty where the fluid could not be contained in the subsurface. In the recently completed injection Primawave outperformed conventional injection approaches permitting the entire fluid volume to be injected while at the same time containing it to the subsurface.
Wavefront President and CEO Brett Davidson commented, "MTBE is a gasoline additive as well as one of the most common groundwater pollutants and is of considerable environmental concern in the approximate 200,000 gasoline retail outlets in the United States. Consider the groundwater aquifer as the patient, the contaminant the ailment, and the remedial fluid the cure. Whether it is a gas station, an oil refinery, or an industrial site being remediated through the use of 'in-ground' remedies, the ability to optimally deliver the cure is paramount for the reduction in pollutant concentration levels. If we can't deliver the remedy we can't cure the patient. Primawave achieves pin-point injection of the remedy, even under the harshest conditions, giving the environmental sector greater ability to meet the challenges of groundwater clean-up."
Wavefront also wishes to announce that it will file, in accordance with TSX Venture Exchange policy, a Summary Form disclosing the granting of an aggregate of 210,000 incentive stock options pursuant to the Wavefront's Stock Option Plan. The stock options are being issued to the six directors of the Company. The options will be exercisable at a price of $1.65 per share, for a period of five years. In accordance with Wavefront's Stock Option Plan and Exchange policy, the incentive stock options are subject to a hold period of 4 months and vesting period of 18 months.
About Wavefront Energy and Environmental Services Inc.
Wavefront is a technology-based company with a focused, strategic plan to leverage the value of our intellectual property in order to maximize oil production recovery operations, as well as provide additional solutions for environmental applications.
ON BEHALF OF THE BOARD OF DIRECTORS
WAVEFRONT ENERGY AND ENVIRONMENTAL SERVICES INC.
"D. Brad Paterson" (signed)
D. Brad Paterson, CFO & Director
Cautionary Disclaimer - Forward Looking Statements
Certain statements contained herein regarding Wavefront and its operations constitute "forward-looking statements" within the meaning of Canadian securities laws and the United States Private Securities Litigation Reform Act of 1995. All statements that are not historical facts, including without limitation statements regarding future estimates, plans, objectives, assumptions or expectations or future performance, are "forward-looking statements". In some cases, forward-looking statements can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue" or the negative of these terms or other comparable terminology. We caution that such "forward-looking statements" involve known and unknown risks and uncertainties that could cause actual results and future events to differ materially from those anticipated in such statements. Such factors include fluctuations in the acceptance rates of Wavefront's Powerwave and Primawave Processes, demand for products and services, fluctuations in the market for oil and gas related products and services, the ability of Wavefront to attract and maintain key personnel, technology changes, global political and economic conditions, and other factors that were described in further detail in Wavefront's continuous disclosure filings, available on SEDAR at www.sedar.com. Wavefront expressly disclaims any obligation to up-date any "forward-looking statements", other than as required by law.
THE TSX VENTURE EXCHANGE NEITHER APPROVES NOR DISAPPROVES THE CONTENTS OF
THIS RELEASE WHICH WAS PREPARED SOLELY AT THE DISCRETION OF MANAGEMENT