[ad_1]
CALGARY, Alberta, December 1, 2022 (GLOBE NEWSWIRE) — FLINT Corp. (formerly ClearStream Energi Services Inc.) (“FLINT” or the “Company”) is pleased to announce that, effective today, it has amended its articles of incorporation in accordance with Company Law (Alberta) to change its legal name from “ClearStream Energy Services Inc.” to “FLINT Corp.”. As part of the name change, the symbol for the Company’s common stock on the Toronto Stock Exchange will also change from “CSM” to “FLNT”.
The Flint brand traces its origins 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 service, the highest standards of safety and reliability in performance and value.
ClearStream assumed the legacy Flint business and brand in 2019 and certain operating divisions of the Company already use the brand. The names of the legal entities associated with each of 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 rebrand marks the next step in our transformation that began in 2019 when we took over the legacy business and the Flint brand. Aligning all of our legacy brands spanning more than 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.” Consolidating our business 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 decision authorizing amendments to the Company’s Articles of Association for the purpose of changing the name at the annual and extraordinary meeting of the Company’s shareholders held on June 10, 2022. changing the name or symbol of the label.
Awarding and renewal of new contracts
FLINT is also pleased to announce that it booked new contracts and renewals during the month of November, which are estimated to generate approximately $115 million in backlog. The work will include the following service lines: heavy equipment operators, manufacturing, facility construction, pipelines, trades and wear technologies. Approximately 50% of the works will be carried out in the period 2022-2023, and the rest is planned for 2024-2025.
“FLINT’s commitment to excellent customer service, local community engagement and predictable operational execution contributed to these awards. We are proud to do this work in a range of end markets, such as energy and mining, and appreciate the continued support of our customers and partnership with our company,” added Mr. Card.
About FLINT
With a legacy of excellence and experience spanning over 100 years, FLINT provides solutions for 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 enable our customers to thrive. For more information about FLINT, visit www.flintcorp.com or contact:
Advice 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 may be identified by terminology such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “anticipate”, “potential”, “continuation” or the negative of these terms or other similar expressions relating to matters other than historical fact. In particular, this press release contains forward-looking information relating to: our business plans, strategies and objectives; a change in the ticker symbol of the Company’s common stock on the Toronto Stock Exchange; expected benefits from unifying the Company’s operations under one brand; and new contract awards and renewals, including their estimated value and scope of work to be performed 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 global COVID-19 pandemic, compliance with debt, access to credit facilities and other sources of capital for working capital needs and capital expenditure needs, labor availability, dependence on key personnel, economic conditions, commodity prices, interest rates, regulatory changes, weather conditions and risks related to the integration of acquired companies. These factors should not be considered exhaustive. The risks and uncertainties related to FLINT’s business are discussed in more detail in FLINT’s disclosure materials, including its annual information form and management’s discussion and analysis of operating and financial results, filed with securities regulators in Canada and available at www.sedar.com. In formulating 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 the general level of economic activity, regulations, taxes and interest rates. Although forward-looking information is based on what FLINT’s management believes 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 assumptions may prove incorrect.
This forward-looking information is made as of the date of this press release and FLINT undertakes no 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 for the future. Readers are cautioned that such information may not be suitable for other purposes. Forward-looking information contained in this press release is expressly qualified by this cautionary statement.
[ad_2]
Source link
