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Wavefront Technology Solutions, Inc. (WFTSF: OTCQX International) | WAVEFRONT ANNOUNCES THIRD QUARTER 2016 FINANCIAL RESULTS

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
quarter.

 

·        
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

 

WAVEFRONT TECHNOLOGY
SOLUTIONS INC.

 

“D. Brad Paterson” (signed)

 

D.
Brad Paterson, CFO Director

 

 

About Wavefront:

 

Wavefront
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
at
investor.info@onthewavefront.com

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cautionary
Disclaimer – Forward Looking Statement

 

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’’, “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.


 

NEITHER
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.

 

©2016
Wavefront Technology Solutions Inc. All rights reserved. From Bit To Last
Drop™, Powerwave™ and Primawave™ are registered trademarks of Wavefront
Technology Solutions Inc.

Copyright © 2016 OTC Markets. All Rights Reserved

The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.

Article source: http://www.otcmarkets.com/stock/WFTSF/news?id=136983

CIBT Education Group, Inc. (MBAIF: OTCQX International) | CIBT Reports Change of Chairman

CIBT Reports Change of Chairman

Jul 29, 2016

OTC Disclosure News Service

Vancouver, BC, Canada

This release includes additional documents. Select the link(s) below to view.

CIBT Reports Change of Chairman.pdf

Copyright © 2016 OTC Markets. All Rights Reserved

The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.

Article source: http://www.otcmarkets.com/stock/MBAIF/news?id=136988

Athens Bancshares Corp. (AFCB: OTCQX U.S. Premier) | Athens Bancshares Corporation Reports Financial Results For The Quarter Ended June 30, 2016

ATHENS, Tenn., July 29, 2016 /PRNewswire/ — Athens Bancshares Corporation (OTC QX: AFCB – news) (the “Company”), the holding company for Athens Federal Community Bank, National Association (the “Bank”), today announced its results of operations for the three months and the six months ended June 30, 2016. 

The Company’s net income for the three months ended June 30, 2016 was $591,000 or $0.33 per diluted share, compared to net income of $749,000 or $0.42 per diluted share for the same period in 2015.  For the six months ended June 30, 2016 net income was $1.4 million or $0.77 per diluted shares, compared to net income of $1.3 million or $0.75 per diluted share for the six months ended June 30, 2015

The Bank completed its acquisition of four branches from Atlantic Capital Bank, N.A. on April 1, 2016.  In addition to the increases from assumed customer deposits of approximately $89 million and the $13.9 million in loans and other assets, one-time and continuing non-interest expenses increased.   The Bank’s existing Sweetwater, Tennessee branch was combined with the acquired Sweetwater, Tennessee branch in late June, 2016.  While we anticipate this combination will reduce operating expenses over time, it will take some time for full utilization of the acquired assets and liabilities from the acquisition.

Total assets increased $89.0 million to $412.8 million at June 30, 2016, compared to $323.8 million at December 31, 2015.  The Bank was considered well-capitalized under applicable federal regulatory capital guidelines at June 30, 2016.

This release may contain forward-looking statements within the meaning of the federal securities laws.  These statements are not historical facts; rather, they are statements based on the Company’s current expectations regarding its business strategies and their intended results and its future performance.  Forward-looking statements are preceded by terms such as “expects”, “believes”, “anticipates”, “intends” and similar expressions.

Forward-looking statements are not guarantees of future performance.  Numerous risks and uncertainties could cause or contribute to the Company’s actual results, performance and achievements to be materially different from those expressed or implied by the forward-looking statements.  Factors that may cause or contribute to these differences include, without limitation, general economic conditions, including changes in market interest rates and changes in monetary and fiscal policies of the federal government; legislative and regulatory changes.

Because of the risks and uncertainties inherent in forward-looking statements, readers are cautioned not to place undue reliance on them, whether included in this report or made elsewhere from time to time by the Company or on its behalf.  Except as may be required by applicable law or regulation, the Company assumes no obligation to update any forward-looking statements.

 


 

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/athens-bancshares-corporation-reports-financial-results-for-the-quarter-ended-june-30-2016-300306511.html

SOURCE Athens Bancshares Corporation

Article source: http://www.otcmarkets.com/stock/AFCB/news?id=136989

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