WAVEFRONT ANNOUNCES THIRD QUARTER 2016 FINANCIAL RESULTS
Jul 29, 2016
OTC Disclosure News Service
Edmonton, ALB, Canada
EDMONTON, Alta., July 29, 2016 Wavefront
Technology Solutions Inc. (Wavefront or the Company, TSX-V: WEE; OTCQX: WFTSF)
a global leader in the advancement of fluid injection technology for oil and
gas well stimulation and improved/enhanced oil recovery (“IOR/EOR”) announces
its financial results for the third quarter ending May 31, 2016.
The financial highlights for the reporting period are as follows:
Revenues for the nine months ended May 31, 2016
totalled $2,240,682, of which $1,523,764 relates to international Powerwave
EOR/IOR projects and Powerwave workover and stimulation work.
Revenues in the third quarter ended May 31, 2016,
totalled $794,138. Although revenues declined by $419,080 from the comparative
quarter, the Company
was able to increase revenues by $262,225 over the prior quarter (i.e., three
months ended February 29, 2016).
Of the $794,138 of total revenues recognized for the
third quarter ended May 31, 2016, the Company recognized $397,784 in Powerwave
EOR/IOR revenues and $302,847 in Powerwave stimulation revenues for the
As a result of Management’s continued
focus on managing operating expenditures, the Company was able to decrease expenses for the nine months ended
May 31, 2016 by $6,973,796 over the comparative period. Excluding non-cash
impairment charges in the comparative quarter of $5,023,475, the Company was still able to reduce expenses by $1,950,321 over the comparative period.
For the quarter ended May
31, 2016, the Company managed its expenditures, decreasing expenses by $549,633
over the comparative quarter. Of
the quarterly expense reductions, $312,754 and $139,338 relate to reductions in
costs of goods sold and general and administrative expensive.
In the face of the current economic environment, the
Company was able to reduce the basic and diluted net loss for the third quarter
ended May 31, 2016 to $662,637 ($0.008 per share), the lowest level in
the past eight quarters. The basic and diluted net loss for the comparative
quarter ended May 31, 2015 was $765,016 ($0.009 per share).
As at May 31, 2016 total current assets totalled
$6,934,062, with cash on hand of $5,817,448, a decrease of only $889,143 from
that reported at year end, August 31, 2015.
The above financial highlights
should be read in conjunction with the unaudited condensed consolidated interim
financial statements and management discussion and analysis of results for
Wavefront for the third quarter ended May 31, 2016, which were filed on SEDAR
on July 29, 2016.
ON BEHALF OF THE
BOARD OF DIRECTORS
“D. Brad Paterson” (signed)
Brad Paterson, CFO Director
is a technology based world leader in fluid injection technology for
improved/enhanced oil recovery and groundwater restoration. Wavefront publicly
trades on the TSX Venture Exchange under the symbol WEE and on the OTCQX under
the symbol WFTSF. The Company’s website is www.onthewavefront.com.
For further information please contact:
D. Brad Paterson, CFO at 780-486-2222 or write to us
Disclaimer – Forward Looking Statement
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’’, “believe”, ‘‘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.
TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS
DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR
THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Wavefront Technology Solutions Inc. All rights reserved. From Bit To Last
Drop™, Powerwave™ and Primawave™ are registered trademarks of Wavefront
Technology Solutions Inc.
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Article source: http://www.otcmarkets.com/stock/WFTSF/news?id=136983