ClearStream announces Name Change to FLINT and $115 million in New Contract Awards and Renewals

CALGARY, Alberta, Dec. 01, 2022 (GLOBE NEWSWIRE) -- FLINT Corp. (formerly ClearStream Energy Services Inc.) ("FLINT" or the "Company") is pleased to announce it has, effective today, amended its articles in accordance with the Business Corporations Act (Alberta) to change its legal name from "ClearStream Energy Services Inc." to "FLINT Corp.".   As part of the name change, the ticker symbol of the Company's common shares on the Toronto Stock Exchange will also change from "CSM" to "FLNT".

The Flint brand traces its origin back to 1911 in Tulsa, Oklahoma. Flint entered Canada in 1949, opening an office in Edmonton and working in the Stettler area of central Alberta. Over the next several decades, acquisitions and organic growth resulted in a company fully integrated with clients in the energy and industrial markets and known for quality of service, the highest standards of safety, and reliability in performance and value.  

ClearStream acquired the legacy Flint business and brand in 2019 and certain of the Company’s operating divisions have already been using the brand. The names of the legal entities associated with of each ClearStream’s operating divisions have also been changed to reflect the FLINT brand.

“This is an exciting time for our company and our employees. The rebranding marks the next step in our transformation that began in 2019 when we acquired the legacy Flint business and brand. Aligning all of our legacy brands that stretch back over a century under the FLINT brand will provide clarity to our customers, employees and our stakeholders,” said Barry Card, Chief Executive Officer.

“FLINT represents a legacy, and we intend to build on this as we pursue our purpose to help our customers bring their resources to our world and our mission to be the service company of choice. The unification of our businesses under one brand will also advance our organic growth strategy to diversify the industrial markets we serve and expand geographically,” added Mr. Card.

The Company's shareholders previously passed a special resolution authorizing an amendment to the Company's articles to effect the name change at the annual and special meeting of the Company's shareholders held on June 10, 2022. No action will be required by existing shareholders with respect to the Company's name or ticker symbol change.

New Contract Awards and Renewals

FLINT is also pleased to announce that, during the month of November, it has booked new contract awards and renewals that are estimated to generate approximately $115 million in backlog. The work will encompass the following services lines: Heavy Equipment Operators, Fabrication, Facility Construction, Pipelines, Turnarounds and Wear Technologies. Approximately 50% of the work will be executed in 2022-2023 with the balance scheduled for 2024-2025.

“FLINT’s commitment to customer service excellence, local community engagement and predictable operational execution all contributed to these awards. We are proud to execute this work across a range of end markets, such as Energy and Mining, and appreciate our customers' on-going support and partnership with our company,” added Mr. Card.

About FLINT

With a legacy of excellence and experience stretching back more than 100 years, FLINT provides solutions to Industrial markets including: Energy, 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 FLINT, please visit www.flintcorp.com or contact:

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 “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. Specifically, this press release contains forward-looking information relating to: our business plans, strategies and objectives; the change to the ticker symbol of the Company’s common shares on the Toronto Stock Exchange; the anticipated benefits of the unification of the Company’s business under one brand; and new contract awards and renewals, including the estimated value thereof and the volume of work to be executed in 2022-2023 and 2024-2025.

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, compliance with debt covenants, access to credit facilities and other sources of capital for working capital requirements and capital expenditure needs, availability of labour, dependence on key personnel, economic conditions, commodity prices, interest rates, regulatory change, weather and risks related to the integration of acquired businesses. These factors should not be considered exhaustive. Risks and uncertainties about FLINT’s business are more fully discussed in FLINT’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 FLINT 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 FLINT 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 FLINT 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 management's current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. The forward-looking information contained in this press release is expressly qualified by this cautionary statement.