EDMONTON, Alta. - Wavefront Technology Solutions Inc. (Wavefront or the Company, TSX-V: WEE; OTCQB: WFTSF), is a technology service provider to the energy, environmental, and renewables sectors. Wavefront offers these industries revolutionary fluid-flow technologies that optimizes oil and gas recovery while minimizing the environmental impact of operations, expedites groundwater remediation, and enhances both CO2 sequestration rates and geothermal well operations. Wavefront wishes to announce its financial results for the first quarter ending November 30, 2021.

An overview of the financial results for the reporting period includes: * Total recorded revenues for the first quarter 2022 (i.e., three months ended November 30, 2021) were $427,631, a marginal decrease of $18,129 from the comparative quarter (i.e., three months ended November 30, 2020) revenues of $445,760. * Of the revenues for the reporting quarter, $400,448 relates to Powerwave stimulations, with $305,553 of those revenues being derived from the Middle East. The decrease in Powerwave revenue in the Middle East is related to lower numbers of Powerwave stimulations occurring because of limited oil field access and marketing abilities related to coronavirus ('COVID-19') and related variants in various geographic regions, and the change of distributors in the Kingdom of Saudi Arabia. * The net loss for the first quarter 2022 ended November 30, 2021 increased by $225,766 to $573,286 (or basic and diluted net loss of $0.006 per share), compared to the net loss of $347,520 (or basic and diluted net loss of $0.004 per share) for comparative quarter ended November 30, 2020. Net losses were also impacted by increases in general and administrative expenses related to changing Distributors and the recognition of bad debt expense in Saudi Arabia and increase in sales and marketing expenses related to participation in an oil industry trade show and marketing in the United Arab Emirates. * Total assets increased by $380,529 from the prior year end to $2,801,019, the changes of which principally relates to the increase of $266,970 in cash and cash equivalents. Cash and cash equivalents increased due to the exercise of 3,437,592 common share purchase warrants. The exercise of the common share warrants resulted in net proceeds of $684,454, which was offset by $393,698 of cash used from operations, and $23,864 relates to the principal repayment of the lease liability.

About Wavefront:

Wavefront is a technology based, oil field service provider, focused on offering the oil and gas industry proprietary, leading-edge technology primarily for oil and gas well stimulation and applications related to IOR/EOR recovery. Wavefront publicly trades on the TSX Venture Exchange under the symbol WEE and on the OTCQB under the symbol WFTSF. The Company's website is www.onthewavefront.com.

Contact:

D. Brad Paterson

CFO

T: 780-486-2222

E: investor.info@onthewavefront.com

(C) 2022 Electronic News Publishing, source ENP Newswire