Mr. D. Brad Paterson reports

WAVEFRONT ANNOUNCES THIRD QUARTER 2015 FINANCIAL RESULTS

Wavefront Technology Solutions Inc. has released its financial results for the third quarter ending May 31, 2015.

The financial highlights for the reporting period are as follows:

Total revenues for the nine months ended May 31, 2015, amounted to $3,766,363, which was a decrease of $626,381 compared with the comparative period that reported total revenues of $4,392,744. During this period the company however, was able to increase international Powerwave IOR/EOR revenues by $353,502 and Powerwave stimulation and workover revenues in the United States by $34,020 over the comparative period in 2014.

Total revenues declined by $285,838 for the third quarter (that is, three months ended May 31, 2015) over the comparative period in 2014. The decline in quarterly revenues from the comparative was largest in the Powerwave workovers and stimulation (that is, $521,166), whereas Powerwave IOR/EOR increased by $207,757 and tubing pumps and bailers increased by $47,053. The largest revenue gains were in international Powerwave IOR/EOR where revenues increased by $452,962 for the three months ended May 31, 2015, over the comparative period of 2014.

Throughout the fiscal year management has focused on reducing operating expenditures dollar-for-dollar to any reductions in revenue and manage capital expenditures to those that are absolutely necessary and/or linked to near-term revenue generation. To this end management was able to reduce nine-month (ended May 31, 2015) expenses, excluding non-cash impairment charges, by $960,485, a 53.3-per-cent increase over the revenue reduction of $626,381. In addition, for the third quarter (that is, three months ended May 31, 2015), management was able to reduce expenses, excluding non-cash impairment charges, by $457,838, a 60.2-per-cent increase over the revenue reduction of $285,838.

The basic and diluted net loss for the third quarter ended May 31, 2015, decreased by $1,511,226 to $765,016 (0.9 cent per share), compared with $2,276,240 (2.7 cents per share) for the comparative quarter ended May 31, 2014.

For the third quarter ended May 31, 2015 (that is, three months ended May 31, 2015), cash used in operating activities decreased by $514,564 or 84.5 per cent to $94,666 from the comparative quarter of $609,230.

The above financial highlights should be read in conjunction with the audited consolidated financial statements and management discussion and analysis of results for Wavefront for the third quarter ended May 31, 2015, which were filed on SEDAR on July 29, 2015.

We seek Safe Harbor.