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    CSM   CA18506V1022

CLEARSTREAM ENERGY SERVICES INC.

(CSM)
Delayed Toronto Stock Exchange  -  01:40 2022-11-29 pm EST
0.0450 CAD   +12.50%
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11/03ClearStream Energy Services Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2022
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11/03Earnings Flash (CSM.TO) CLEARSTREAM ENERGY SERVICES Reports Q3 EPS $0.01
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ClearStream Announces Appointment of Barry Card as Chief Executive Officer

07/28/2022 | 05:00pm EST

CALGARY, Alberta, July 28, 2022 (GLOBE NEWSWIRE) -- ClearStream Energy Services Inc. ("ClearStream") (TSX: CSM) today announced that it has appointed Barry Card as Chief Executive Officer. Mr. Card joined ClearStream in 2016 and previously served as ClearStream's Chief Commercial Officer for approximately four years before his appointment as interim Chief Executive Officer in March 2022.

"The Board of Directors is excited to have Barry take on the CEO role permanently and lead ClearStream into the future. ClearStream has great momentum and significant opportunities. Barry brings extensive leadership experience and is well-positioned to progress the company's strategic objectives and business," said Sean McMaster, Chairman of the Board of Directors.

"I want to thank the Board for this opportunity to lead ClearStream at an important and dynamic time for our company. The continued recovery in energy markets following the global pandemic is providing strong fundamentals for ClearStream’s served markets. I look forward to delivering on our goals for the benefit of our shareholders, customers and employees," said Barry Card.

About Barry Card

Barry Card has over 20 years of experience in the provision of maintenance and construction services to the energy and industrial markets. Barry joined ClearStream in 2016 as Vice President, Market Development and was promoted to Senior Vice President, Business Development in 2017 and Chief Commercial Officer in 2018. As Chief Commercial Officer, he oversaw ClearStream’s business and community development, and market strategies. In late 2021, his responsibilities were expanded to included environmental and project services. Since March 2022, Barry served as interim Chief Executive Officer.

Prior to joining ClearStream, Barry spent 14 years at a Fortune 200 company in various global leadership and executive roles responsible for enterprise portfolios, strategy and development of integrated environmental, engineering, procurement, construction, maintenance and reclamation service offerings.

Mr. Card holds an Advanced Executive Management Certificate from Queen’s University, and an Advanced Bachelor of Management degree from the University of Lethbridge.

About ClearStream Energy Services Inc.

With a legacy of excellence and experience stretching back more than 50 years, ClearStream provides solutions to the Energy and Industrial markets including: Oil & Gas, Petrochemical, Mining, Power, Agriculture, Forestry, Infrastructure and Water Treatment. With offices strategically located across Canada and a dedicated workforce, we provide maintenance, construction, wear technology and environmental services that keep our clients moving forward. For more information about ClearStream, please visit www.clearstreamenergy.ca or contact:

Randy WattBarry Card
Chief Financial OfficerChief Executive Officer
ClearStream Energy Services Inc.ClearStream Energy Services Inc.
(587) 318-0997(587) 318-0997
rwatt@clearstreamenergy.cabcard@clearstreamenergy.ca


Advisory Regarding Forward-Looking Information

Certain information included in this press release may constitute "forward-looking information" within the meaning of Canadian securities laws. In some cases, forward-looking information can be identified by terminology such as "will", "believe", "potential", "continue" or the negative of these terms or other similar expressions concerning matters that are not historical facts. Specifically, this press release contains forward-looking information relating to: our business plans, strategies and objectives; and expectations about industry activities and development opportunities.

Forward-looking information involves significant risks and uncertainties. A number of factors could cause actual events or results to differ materially from the events and results discussed in the forward-looking information including, but not limited to, the success of our response to the COVID-19 global pandemic, risks related to the integration of acquired businesses, conditions of capital markets, economic conditions, commodity prices, dependence on key personnel, interest rates, regulatory change, ability to meet working capital requirements and capital expenditure needs, factors relating to the weather and availability of labour. These factors should not be considered exhaustive. Risks and uncertainties about ClearStream's business are more fully discussed in ClearStream's disclosure materials, including its annual information form and management's discussion and analysis of the operating and financial results, filed with the securities regulatory authorities in Canada and available at www.sedar.com. In formulating the forward-looking information, management has assumed that business and economic conditions affecting ClearStream will continue substantially in the ordinary course, including, without limitation, with respect to general levels of economic activity, regulations, taxes and interest rates. Although the forward-looking information is based on what management of ClearStream consider to be reasonable assumptions based on information currently available to it, there can be no assurance that actual events or results will be consistent with this forward-looking information, and management's assumptions may prove to be incorrect.

This forward-looking information is made as of the date of this press release, and ClearStream does not assume any obligation to update or revise it to reflect new events or circumstances except as required by law. Undue reliance should not be placed on forward-looking information. Forward-looking information is provided for the purpose of providing information about managements current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes.


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Source: ClearStream Energy Services Inc.

2022 GlobeNewswire, Inc., source Press Releases

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Financials
Sales 2021 389 M 286 M 286 M
Net income 2021 -9,31 M -6,83 M -6,83 M
Net Debt 2021 175 M 129 M 129 M
P/E ratio 2021 -0,65x
Yield 2021 -
Capitalization 4,95 M 3,63 M 3,63 M
EV / Sales 2020 0,44x
EV / Sales 2021 0,47x
Nbr of Employees 3 300
Free-Float 93,1%
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Managers and Directors
Barry Card Chief Executive Officer
Randy Watt Chief Financial Officer
Sean David McMaster Independent Non-Executive Chairman
Neil Wotton Chief Operating Officer
Jordan L. Bitove Independent Director
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