ClearStar,Inc. AGM Statement (5368C)
June 18 2019 - 1:00AM
UK Regulatory
TIDMCLSU TIDMTTM
RNS Number : 5368C
ClearStar,Inc.
18 June 2019
18 June 2019
ClearStar, Inc.
("ClearStar" or the "Company")
AGM Statement
ClearStar (AIM: CLSU), a provider of Human Capital IntegritySM
technology-based services specialising in background and medical
screening, will be holding its Annual General Meeting ("AGM") today
at 11.00am EDT at the Company's headquarters located at 6250 Shiloh
Road, Suite 300, Alpharetta, GA 30005, USA. At the AGM, the
Chairman of the Board, Barney Quinn, will make the following
statement:
"2018 was a period of sustained delivery for ClearStar as we
continued to grow our sales, achieved positive adjusted EBITDA and
met our operational targets. In particular, through enhancing our
salesforce, increasing our brand recognition and securing key
integrations with leading applicant tracking systems, we have
transitioned to be able to successfully target larger,
higher-volume customers.
"As noted at the time of our full year results, this momentum
has continued into 2019. With the onboarding of previously-won
customers, as well as additional contracts that we've been awarded
since establishing our new sales team towards the end of last year,
our revenue for the first five months of 2019 increased by 14% over
the same period in 2018. This includes achieving our highest ever
monthly revenue in May 2019.
"Our growth continues to be driven by direct sales and revenue
from Medical Information Services ("MIS"). We are increasing our
direct tier 1 client base, including strengthening our position in
our key target segments as well as expanding into new markets:
-- We have been appointed to provide background screening by a
major shipyard specialising in the design, building and support of
vessels for the U.S. Navy. Accordingly, they are required to ensure
particularly stringent background verification. Our contract with
this customer also includes minimum annual volumes over a
three-year period, which adds to our revenue visibility. This
represents the strengthening of our customer base in our target
growth market of transportation & logistics.
-- A leading animal health and mineral nutrition company with
over 1,400 employees has appointed ClearStar to provide background
and medical screening - specifically, drug testing and occupational
health. The superior applicant experience and reduced recruiter
touch points were key considerations in the customer choosing
ClearStar, which we were able to deliver through our
mobile-friendly applications, ClearMD and SAP(R) SuccessFactors(R)
Recruiting integration. This is further vindication of the
investment that we have made in building our platform.
-- As noted previously, this year we gained our first direct
client in the petrochemical industry with the appointment by
Milestone Environmental Services, a leading provider of oilfield
waste disposal services that is currently operating seven locations
in Texas, US, to provide a combination of drug and background
screening services.
"Looking ahead, we continue to focus our sales efforts on
business sectors with a transient workforce - or the 'gig economy';
where there is a high demand for screening to meet industry
regulations; or where a worker is entering the home, such as home
healthcare. Through sustained sales & marketing efforts, we are
receiving greater interest from potential customers than ever
before, which we are increasingly converting to sales. At the same
time, we are growing our business with our existing customers
through upselling further services and being appointed to provide
screening for more parts of their organisation. This is serving to
strengthen our pipeline, particularly in the direct channel and for
MIS, which we expect will continue to be the main drivers of
growth.
"As a result, we are on track to achieve strong growth for full
year 2019, in line with market expectations. We remain committed to
growing our business and delivering value for our shareholders, who
we thank for their ongoing support. The Board remains excited for
our future prospects and I look forward to reporting on our
progress."
Enquiries:
ClearStar, Inc. +1 877 796 2559
Robert Vale, Chief Executive Officer
Jennifer Balleza, Chief Financial Officer
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finnCap Ltd. +44 20 7220 0500
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Jonny Franklin-Adams, Marc Milmo, Simon Hicks
- Corporate Finance
Andrew Burdis - ECM
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Luther Pendragon Ltd. +44 20 7618 9100
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Harry Chathli, Claire Norbury, Joe Quinlan
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inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
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END
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