CALGARY, ALBERTA–(Marketwired – June 12, 2017) – ClearStream Energy Services Inc., (“ClearStream”) (TSX:CSM) announces the resignation of its President and CEO, John Cooper. The Company’s Executive Chairman, Dean MacDonald, will assume the role of interim CEO. Mr. Cooper will remain on the Board and assist the Company in ensuring a smooth transition. The ClearStream Board will immediately initiate a process to recruit a high calibre executive to fill the position of CEO on a permanent basis.
On behalf of the Board, Mr. MacDonald commented: “The Board is very thankful for all the efforts that John has put into navigating the business and establishing ClearStream as a leading services company to energy and industrial clients across Western Canada. We believe ClearStream is now well positioned to continue to grow its business on the solid foundation built by John and the executive team. The Board, executive team and staff are excited about ClearStream’s future and its prospects for growth and value creation.”
About ClearStream Energy Services Inc.
ClearStream provides maintenance and turnarounds, facilities construction, welding and fabrication, and transportation services to customers across Western Canada. For more information about ClearStream, please visit www.clearstreamenergy.ca.
Forward Looking Statement
Certain information included in this presentation may constitute forward-looking information within the meaning of securities laws. In some cases, forward-looking information can be identified by terminology such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “continue” or the negative of these terms or other similar expressions concerning matters that are not historical facts. Forward-looking information in this press release includes the expected benefit to be derived from ClearStream from the renewal of the maintenance contract and ClearStream’s operations in the Fort McMurray region. Such forward-looking information reflects management’s current beliefs and is based on information currently available to management of ClearStream.
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 risks related to Clearstream’s ability to retain a suitable candidate as the CEO, business growth and value creation opportunities, conditions of capital markets, economic conditions, dependence on key personnel, limited customer bases, interest rates, regulatory change, ability to meet working capital requirements and capital expenditures 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 MD&A, filed with the securities regulatory authorities in Canada and available at www.sedar.com. In formulating forward-looking information herein, 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 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 statements are provided for the purpose of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes.
Dean MacDonald
Executive Chairman and Interim CEO
709-237-9225
[email protected]
www.clearstreamenergy.ca
ClearStream Energy Services Inc.
Gary Summach
Chief Financial Officer
587-318-1003
[email protected]
www.clearstreamenergy.ca
