Wavefront Adds Leading Calgary Oil-Industry Executive to Board of Directors
14 Marzo 2011 - 3:09PM
Marketwired
Wavefront Technology Solutions Inc. ("Wavefront" or the
"Corporation") (TSX VENTURE: WEE) (PINK SHEETS: WFTSF), a leader in
fluid injection optimization for improved performance and
profitability in the oil and environmental sectors is pleased to
announce that John Zahary has joined Wavefront's Board of
Directors. Mr. Zahary holds a B.Sc. in Mechanical Engineering from
the University of Calgary and a Masters of Philosophy in Management
from the University of Oxford.
Mr. Zahary brings extensive senior management experience in the
upstream and integrated oil and natural gas industry to Wavefront.
He is currently the President and Chief Executive Officer of
Harvest Operations Corp., a subsidiary of the Korean National Oil
Corporation.
Mr. Zahary has served in a number of senior management
positions, including executive roles as President & Chief
Executive Officer of Viking Energy, prior to its merger with
Harvest Energy Trust, and President of Petrovera Resources prior to
a takeover by Canadian Natural Resources Ltd. and Penn West
Petroleum Ltd. Mr. Zahary has also held senior positions at
PanCanadian Petroleum Limited, Canadian Oil Sands Trust, Gulf
Canada Resources Ltd., Imperial Oil Limited and Texaco Canada
Resources. Mr. Zahary is a member of the Alberta Energy Minister's
Oil and Gas Economics Advisory Council, a member of the Alberta
Securities Commission Petroleum Advisory Committee, the Chairman of
the Western Canada Rhodes Scholarship Selection Committee, and a
member of the Miller Thomson Foundation National Scholarship Board
of Governors as well as other business and volunteer involvements.
He has also served as a Director and President of the Alberta
Chamber of Resources, a Governor and Officer of the Canadian
Association of Petroleum Producers, Chairman of the Petroleum
Technology Research Centre, and a Director of the Canadian Heavy
Oil Association.
Mr. Zahary commented, "Wavefront's technologies have
successfully demonstrated their capability to enhance recovery from
oilfields and accelerate remediation from contaminated sites. I
look forward to assisting the Management team as it moves forward
in disseminating the technology more broadly and growing the
Corporation in the years ahead."
"Interest and demand for Wavefront's technology continues to
grow around the world, and John's extensive strategic and
operational experience will help us maximize the potential of these
exciting opportunities," said Wavefront Chairman Steve Percy. "He
is joining the Wavefront Board at a pivotal time, and his insights
and advice will be extremely valuable in shaping our path forward
and guiding our growth."
In addition, the Company 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 75,000 incentive
stock options pursuant to the Wavefront's Stock Option Plan. The
stock options are being issued to a director of the Company. The
options will be exercisable at a price of $0.94 per share, or other
such other price as allowed by the TSX Venture Exchange, 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.
ON BEHALF OF THE BOARD OF DIRECTORS
WAVEFRONT TECHNOLOGY SOLUTIONS INC.
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 the Company's website is
www.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.
Contacts: Wavefront Technology Solutions Inc. Brett Davidson
President and CEO 780-486-2222 Wavefront Technology Solutions Inc.
D. Brad Paterson CFO 780-486-2222 investor.info@onthewavefront.com
www.onthewavefront.com
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