Wavefront Technology Solutions Inc. Closes $21.9 Million Private Placement
In accordance with securities legislation currently in effect, the securities issued will be subject to a "hold period" of four months plus one day from the date of closing, expiring August 27, 2010.
The proceeds of the private placement will be used to increase Powerwave and Primawave tool inventory, to finance an expansion plan, and for general working capital.
Wavefront President, Brett Davidson stated, "These are very exciting times at Wavefront as many significant opportunities lay ahead. The funds raised in the Private Placement ensure a healthy balance sheet as we move forward with a strategic plan to advance both North American and International expansion plans. We appreciate the confidence the investment community has placed in Management and the Board of Directors to bring these plans to fruition."
The offered securities will not be registered under the United States Security Act of 1933, as amended, and may not be offered or sold in the
On Behalf of the Board of Directors
Wavefront Technologies Solutions Inc.
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.
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General Disclosure:
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
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