ClearStream Energy Services Inc. (“ClearStream”, or the “Company”,
TSX: CSM and CSM.DB.A) is pleased to announce the addition of a new
Board member, effective immediately:
- Karl Johannson has been appointed
as a new Member of the Board of Directors of ClearStream and brings
with him extensive operational experience in the Upstream and
Midstream market segments, including Natural Gas and Energy
Pipelines as well as in the Electricity sector.
- As previously announced with the
appointment of Sean McMaster as independent, non-executive Chairman
of the Board of Directors, ClearStream continues to enhance its
governance structure and reinforce its competence at the Board
level with the appointment of another independent Board member,
based in Calgary and very familiar with ClearStream’s Oil & Gas
market dynamics and blue chip client base.
Mr. McMaster, Chairman of the Board of Directors
of ClearStream commented: “We are pleased to welcome Karl as a
valued addition to the Board, as the Company continues on its path
of strategic growth initiatives, in order to establish ClearStream
as the most trusted provider of industrial and asset integrity
services.”
Mr. Johannson commented: “I am excited for the
opportunity to join the Board as ClearStream is now well positioned
to expand further its scope of services and geographical footprint
with more value-added solutions and technologies.”
Since joining TransCanada in 1994, he held
various leadership roles, including Senior Vice President, Power
Commercial; Senior Vice President, Canadian Power; Senior Vice
President, Canada and US Northeast Pipeline; President, Natural Gas
Pipelines; and most recently as Executive Vice President &
President, Canadian and Mexico Gas Pipelines and Energy. Until
2018, Mr. Johannson was the Chairman of TC Pipelines L.P., a NYSE
listed Limited Partnership.
Prior to joining TransCanada, Mr. Johannson held
several marketing and management roles at Northridge Petroleum
Marketing Inc., and through 2010, he served as Chairman of Cancarb
Limited, a specialty chemical company producing primarily thermal
carbon black. Mr. Johannson has also at various times been a
Director of the Canadian Energy Pipeline Association (CEPA),
Canadian Gas Association (CGA), and the Canadian Electric
Association (CEA).
Mr. Johannson holds a Bachelor of Arts degree in
Economics and a Master of Business Administration in Finance from
the University of Calgary. He is also a graduate from Harvard
Business School’s General Management program (2002).
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 over 3,000 employees, we provide maintenance,
construction and environmental services that keep our clients
moving forward. For more information about ClearStream, please
visit www.ClearStreamEnergy.ca.
For further information, please
contact: Randy WattChief Financial
Officer rwatt@clearstreamenergy.ca
Forward-looking informationThis
report contains certain forward-looking information. Certain
information included in this report 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 may relate to management’s future outlook and
anticipated events or results and may include statements or
information regarding the future plans or prospects of ClearStream
and reflects management’s expectations and assumptions regarding
the growth, results of operations, performance and business
prospects and opportunities of ClearStream. Without
limitation, information regarding the future operating results and
economic performance of ClearStream constitute forward-looking
information. 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 investments,
conditions of capital markets, economic conditions, commodity
prices, dependence on key personnel, limited customer bases,
interest rates, regulatory change, ability to meet working capital
requirements and capital expenditures needs of the Company, factors
relating to the weather and availability of labour. These factors
should not be considered exhaustive. In addition, in
evaluating this information, investors should specifically consider
various factors, including the risks outlined under “Risk Factors,”
in the company’s 2017 Annual Information Form dated February 28,
2018, which may cause actual events or results to differ materially
from any forward-looking statement. 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 considers 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 report, 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.
ClearStream is providing the forward-looking financial information
set out in this report for the purpose of providing investors with
some context for the outlook presented. Readers are cautioned that
this information may not be appropriate for any other purpose.
Non-standard measuresThe terms
‘‘EBITDAS’’ and “Adjusted EBITDAS” (collectively the ‘‘Non-GAAP
measures’’) are financial measures used in this report that are not
standard measures under IFRS. ClearStream’s method of
calculating Non-GAAP measures may differ from the methods used by
other issuers. Therefore, ClearStream’s Non-GAAP measures, as
presented may not be comparable to similar measures presented by
other issuers.
EBITDAS refers to net earnings
determined in accordance with IFRS, before depreciation and
amortization, interest expense, income tax expense (recovery) and
stock based compensation. EBITDAS is used by management and the
directors of ClearStream (the “Directors”) as well as many
investors to determine the ability of an issuer to generate cash
from operations. Management also uses EBITDAS to monitor the
performance of ClearStream’s reportable segments and believes that
in addition to net income or loss and cash provided by operating
activities, EBITDAS is a useful supplemental measure from which to
determine ClearStream’s ability to generate cash available for debt
service, working capital, capital expenditures and income taxes.
ClearStream has provided a reconciliation of income (loss) from
continuing operations to EBITDAS in its consolidated financial
statements and MD&A.
Adjusted EBITDAS refers to
EBITDAS excluding income from equity investments, the gain on sale
of assets held for sale, impairment of goodwill and intangible
assets, restructuring costs, one-time non-recurring costs as
identified by management, and gain on sale of property plant and
equipment. ClearStream has used Adjusted EBITDAS as the basis for
the analysis of its past operating financial performance. Adjusted
EBITDAS is used by ClearStream and management believes it is a
useful supplemental measure from which to determine ClearStream’s
ability to generate cash available for debt service, working
capital, capital expenditures, and income taxes. Adjusted
EBITDAS is a measure that management believes facilitates the
comparability of the results of historical periods and the analysis
of its operating financial performance which may be useful to
investors. ClearStream has provided a reconciliation of income
(loss) from continuing operations to Adjusted EBITDAS in its
MD&A.
Investors are cautioned that the Non-GAAP
Measures are not alternatives to measures under IFRS and should
not, on their own, be construed as an indicator of performance or
cash flows, a measure of liquidity or as a measure of actual return
on the shares. These Non-GAAP measures should only be used
with reference to ClearStream’s Interim Financial Statements and
Annual Financial Statements available on SEDAR at www.sedar.com or
www.clearstreamenergy.ca.
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