ClearStream Announces Management Changes

CALGARY, Alberta, Oct. 03, 2018 (GLOBE NEWSWIRE) -- ClearStream Energy Services Inc. ("ClearStream", the "Company" TSX: CSM) announces the following changes to its management team: 

ClearStream's Chief Financial Officer, Gary Summach has resigned from the Company but will remain in his position until the release of ClearStream's third quarter financial results on November 6, 2018. On behalf of the Board, ClearStream's Chairman Dean MacDonald commented: "The Board is grateful for all the efforts that Gary has put into leading ClearStream through a period of market volatility and helping to establish ClearStream as a leading services company to clients across Canada. The Board, Executive Leadership Team and staff remain excited about ClearStream's growth opportunities, and ClearStream will immediately initiate a process to recruit a growth-oriented financial executive to fill the position of CFO. " 

ClearStream is pleased to announce the promotion of Barry Card to Chief Commercial Officer, effective immediately. Barry joined ClearStream in 2016 as Vice President - Market Development, and was promoted to Senior Vice President - Business Development, in 2017. Barry has over 18 years of experience in the Oil and Gas industry, where he has extensive experience in business development, market growth and strategy development. 

Alec Silenzi has joined ClearStream as General Counsel and Corporate Secretary. Alec has over 22 years of professional experience including 11 years in a General Counsel role with both oilfield services and exploration and production organizations. Alec brings a broad and diverse skillset to ClearStream that includes corporate, commercial, transactional, governance and compliance experience. 

ClearStream's CEO Yves Paletta commented: "ClearStream remains focused on strategic growth initiatives that will progress the Company to the next level. Having completed a major refinancing transaction earlier this year to strengthen its balance sheet, and with the recently announced acquisition to add manufacturing capacity for our Wear Technology business, ClearStream will actively seek to expand its scope of services and geographical footprint with more value-added solutions and technologies.  We are confident in the ability of our experienced management team to execute our growth strategy and are very pleased to have Barry in his new role and welcome Alec to the ClearStream team."

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.

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 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 integration risk, conditions of capital markets, economic conditions, dependence of key personnel, interest rates, regulatory change, ability to meet working capital requirements and capital expenditure 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 as 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.

For further information, please contact:

Yves Paletta
Chief Executive Officer
ClearStream Energy Services Inc.
[email protected]