ClearStream increases credit facility to $50 million

CALGARY, Alberta, Oct. 06, 2022 (GLOBE NEWSWIRE) — ClearStream Energy Services Inc. (“ClearStream“or the”Company”) (TSX: CSM) today announced that it has amended its asset-based revolving credit facility (the “ABL installation”) with The Toronto-Dominion Bank to increase the borrowing limit available under this agreement to $50 million. The amount available under the ABL Facility will vary from time to time depending on the borrowing base determined by reference to the accounts receivable of ClearStream and certain of its subsidiaries. The maturity date of the ABL facility is April 14, 2025.

“The higher activity levels recorded in the second and third quarters increased our working capital requirement. We are very pleased with the support TD has provided us since we established the ABL facility with them in April of this year. The ABL facility is an important source of working capital for our growing business,” said Barry Card, President and CEO.

About ClearStream Energy Services Inc.

With a heritage of excellence and over 50 years of experience, ClearStream provides solutions to the energy and industrial markets including: oil and gas, petrochemicals, 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 customers moving forward. . For more information on ClearStream, please visit www.clearstreamenergy.ca or contact:

Notice Regarding Forward-Looking Information

Certain information contained in this press release may constitute “forward-looking information” within the meaning of Canadian securities laws. In some instances, forward-looking information may be identified by terms such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “continue” or the negative form of these terms or other similar expressions relating to matters that are not historical facts. Specifically, this press release contains forward-looking information relating to: our business plans, strategies and objectives; the need for additional working capital to support our business; and the sufficiency of the ABL facility to meet our working capital needs.

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 pandemic. -19, compliance with debt covenants, access to credit facilities and other sources of capital for working capital requirements and capital expenditure requirements, availability of labor, dependence on key personnel, economic conditions, commodity prices, interest rates, regulatory changes, weather conditions and risks related to the integration of acquired businesses. These factors should not be considered exhaustive. Risks and uncertainties regarding ClearStream’s business are further discussed in ClearStream’s disclosure documents, including its Annual Information Form and MD&A and Discussion of Operating and Financial Results, filed with regulatory authorities. securities regulations in Canada and available at www.sedar.com. In making this forward-looking information, management has assumed that business and economic conditions affecting ClearStream will continue materially in the normal course, including, without limitation, with respect to general levels of economic activity, regulatory , taxes and interest rates. Although the forward-looking information is based on what management of ClearStream 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 such forward-looking information, and the assumptions of direction may turn out to be incorrect.

This forward-looking information is made as of the date of this press release, and ClearStream 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 regarding the future. Readers are cautioned that this information may not be suitable for other purposes.

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