This news is classified in: Traditional Energy Oil and Gas
Mar 17, 2015
Wavefront Technology Solutions is a technology provider offering fluid delivery processes to oil and gas producers that are widely effective methods for maximizing reserves in Enhanced Oil Recovery ("EOR") as well as increasing single well productivity through more effective well stimulation. The Company is very pleased to announce that installations of the Powerwave systems related to the approximate US $1.25 million Petrobras contract in Brazil have been completed. With the completion of the installations, Wavefront will commence recognizing revenue for this project over the term of the contract.
"These installations represent another significant development in the commercialization of Powerwave in South America and we are very confident that the Powerwave systems will generate the anticipated results for Petrobras leading to wide spread use," said Wavefront President and CEO Brett Davidson.
The Company also announces that it has granted, pursuant to the Company's Stock Option Plan, 900,000 incentive stock options to directors of the Company. The options will be exercisable at $0.12 per share, valid for a period of five years and subject to vesting and a 4 month plus one day hold period.
