CALGARY, Alberta, Feb. 22, 2019 (GLOBE NEWSWIRE) -- 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 Watt
Chief Financial Officer
rwatt@clearstreamenergy.ca
Forward-looking information
This 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 measures
The 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.
