Other Events.

Team Industrial Services, Inc. (the 'Company') is a defendant in a lawsuit styledKelli Most v. Team Industrial Services, Inc.filed on November 13, 2018 in Fort Bend County, Texas. The complaint asserted claims against the Company for negligence resulting in the wrongful death of the plaintiff. The jury rendered a verdict against the Company for $222 million in compensatory damages on June 1, 2021.

The Company strongly disagrees with the jury's verdict, believes the verdict is not supported by the facts of the case or applicable law and was the result of significant trial error. The Company plans to pursue its post-trial remedies to have the verdict set aside and, if necessary, to vigorously pursue review of the liability findings and damages award to overturn the jury verdict on appeal. The Company does not expect the final outcome of this matter to have a materially adverse effect on its consolidated financial statements.

Cautionary Statement Regarding Forward-Looking Statements

This Current Report on Form 8-K contains 'forward-looking statements' within the meaning of federal securities laws. Words such as 'expect' and 'intend' and similar expressions identify forward-looking statements, which include but are not limited to statements related to the Company's expectations regarding the ultimate outcome of the referenced lawsuit. This information is qualified in its entirety by cautionary statements and risk factor disclosures contained in the Company's Securities and Exchange Commission ('SEC') filings, including Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2020 filed with the SEC on March 12, 2021. And its subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The Company wishes to caution readers that certain important factors may have affected and could in the future affect the Company's actual results and could cause the Company's actual results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of the Company. The Company undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date hereof.


Exhibit number Description
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)


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Team Inc. published this content on 22 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 June 2021 10:06:06 UTC.