ClearStream Increases Credit Facility to $50 Million, Canadian Business Journal

CALGARY, ALBERTA, OCTOBER 6, 2022 (GLOBE NEWSWIRE) — ClearStream Energy Services Inc. (“clear stream” or “Company) (TSX: CSM) today announced that it has amended its asset-based revolving credit facility (“ABL facilities) working with the Toronto-Dominion Bank to increase the maximum available borrowing amount to $50 million. Amounts available under the ABL Facility vary from time to time based on a borrowing basis determined by reference to accounts receivable of ClearStream and certain of its subsidiaries. The ABL facility will expire on April 14, 2025.

“The higher activity levels we experienced in the second and third quarters have increased the need for working capital. The ABL facility is an important source of working capital for our growing business,” said Barry Card, Chief Executive Officer.

About ClearStream Energy Services Inc.

With a legacy of excellence and experience spanning more than 50 years, ClearStream provides solutions for 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 to keep you moving forward. For more information about ClearStream, please visit www.clearstreamenergy.ca or contact us at:

Recommendations 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 cases, forward-looking information is “may,” “will,” “should,” “expect,” “plan,” “expect,” “believe,” It can be identified by terms such as “estimate” and “predict”. , “may,” “continue,” or any other similar expression that denies these terms or refers to matters that are not historical facts. Specifically, this press release contains the following forward-looking information: A need for additional working capital to support our business. and that the ABL facility is sufficient to meet 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 those described in the forward-looking information. This includes, but is not limited to, our successful response to the COVID-19 global pandemic and our compliance with debt covenants. , working capital requirements and capital investment needs, labor availability, dependence on key personnel, economic conditions, commodity prices, interest rates, regulatory changes, weather and risks associated with the integration of acquired businesses. access to credit lines and other sources of capital for .These factors should not be considered exhaustive. The risks and uncertainties regarding ClearStream’s business are more fully described in ClearStream’s disclosure materials. It includes an annual information form, management’s discussion and analysis of operational and financial results, filed with the Canadian securities regulators and available at www.sedar.com. In preparing forward-looking information herein, management assumes that business and economic conditions affecting ClearStream, including, but not limited to, general levels of economic activity, regulation, taxes and interest rates, are unavoidable. It is assumed to continue substantially in the course. Forward-looking information is based on what ClearStream’s management believes to be reasonable assumptions based on currently available information, but it is not possible that actual events or results will match this forward-looking information. No warranty. Prove you wrong.

This forward-looking information is made as of the date of this press release and ClearStream will not update or revise the information to reflect new events or circumstances, except as required by law. does not assume any obligation to do so. You should not place undue reliance on forward-looking information. Forward-looking information is provided for the purpose of providing information regarding management’s current expectations and plans regarding the future. Readers are cautioned that such information may not be suitable for other purposes.

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