Wavefront Energy & Environmental Services (fka WEESF)

[Golden Cross]

Wavefront Energy & Environmental Services Inc. - Letter of Intent to Acquire Top Gun Sand Pumps and Rentals
Tuesday June 6, 11:58 am ET
www.onthewavefront.com
TSX-V: WEE Pink Sheets: WEESF


EDMONTON, June 6 /PRNewswire-FirstCall/ - Wavefront Energy and Environmental Services Inc., a provider and licensor of its proprietary DeepWave(SM) Technology (http://onthewavefront.com/dw_what-is-deep-wave.htm) for improved oil recovery and groundwater remediation is pleased to announce that is has entered into a Letter of Intent to acquire a 100% undivided interest (the "Acquisition") in Top Gun Sand Pumps and Rentals ("Top Gun"), an arms length privately held Saskatchewan company.
ADVERTISEMENT


Top Gun has been in operation since 1995 as an oil service company in the heavy oil industry, operating in western Canada. Top Gun offers rentals and sales of sand pumps and associated well bore pumping and cleaning equipment. Top Gun also possesses patents (and has patents pending) related to its Continuous Sand Extraction with Surge ("CSES") tools that permit large volumes of sand to be produced from heavy oil production wells where in many instances conventional pumping equipment fail. During the pumping process the CSES tools can, on the down stroke, inject liquids into the perforations by incorporating the Company's DeepWave(SM) technology, thereby allowing for longer-term sustainable production.

Total consideration for the Acquisition will not exceed One Million Two Hundred Thousand Dollars (Cdn $1,200,000) (the "Purchase Price"). Of the total Purchase Price, the Corporation will issue common shares in its capital, such value equal to fifty percent (50%) of the Purchase Price (i.e., up to CDN$600,000), based on the closing share price of Wavefront Energy's listed common shares on the TSX Venture Exchange on the trading day prior to the execution date of the Purchase Agreement(s). In addition, Top Gun's principals have agreed to have all shareholder advances, loans, debts, interest, etc. to be restructured as unsecured and non-interest bearing, to be repaid over three (3) years.

The Shares to be issued by Wavefront will be subject to the required hold periods, escrow restrictions, earn-out profits or other restriction that the TSX Venture Exchange may impose; however, at a minimum, the principals of Top Gun have agreed that all shares issued in connection with the Acquisition will be subject to a three year time release escrow, commencing from the date of final approval by the Exchange. No finders' fee will be paid in connection with this transaction.

Wavefront President and CEO Brett Davidson commented, "We are opening another chapter in our business plan to grow the Company and expand its technology offering. The acquisition of Top Gun fits well within the overall strategy of adding intellectual property that augments the Company's DeepWave(SM) process. Top Gun's CSES technology has been demonstrated to increase production in heavy oil wells producing large volumes of sand.

Mr. Davidson further commented, "Management has been following Top Gun's progress and is impressed with the penetration rate of their technology in the Canadian Heavy Oil Market. With an established track record of performance, management believes Top Gun is poised for considerable growth and the Company will look to expand operations as well as pursue licensing opportunities to gain royalty revenue. As the Company progresses in its business plan, we continue to evaluate the acquisition of oil field, production technologies, and companies that present opportunity to build shareholder value."

Top Gun President Tyler Scott stated, "We are very excited to become a member of the Wavefront group of companies. As an agent representing the Company over the past two years, we have seen first hand the results the DeepWave(SM) process has offered our customer. In our opinion, DeepWave(SM) is extremely valuable to the world energy markets. We recognize the technological strengths of the Company and maintain that working within the organization is the most effective approach to further Top Gun's technology offering and market potential."

Completion of the Acquisition is subject to a number of conditions, including but not limited to, Exchange acceptance, further due diligence by Wavefront, a definitive purchase agreement and Wavefront board approval. There can be no assurances that the transaction will be completed as proposed or at all.

About Wavefront Energy and Environmental Services Inc.

Wavefront develops, markets, and licenses proprietary technologies in the energy and environmental sectors. The Company's DeepWave(SM) Technology for fluid flow optimization has been demonstrated to increase oil recovery. Within the environmental sector, DeepWave(SM) Technology accelerates contaminant recovery and improves in-ground treatment of groundwater contaminants thereby reducing liabilities and restoring the site to its natural state more rapidly.



ON BEHALF OF THE BOARD OF DIRECTORS

WAVEFRONT ENERGY AND ENVIRONMENTAL SERVICES INC.

"D. Brad Paterson" (signed)

D. Brad Paterson, CFO & Director