FLINT Corp. (formerly ClearStream Energy Services Inc.) ("FLINT" or the "Company") is pleased to announce it has, effective today, amended its articles in accordance with the Business Corporations Act (Alberta) to change its legal name from "ClearStream Energy Services Inc." to "FLINT Corp.". As part of the name change, the ticker symbol of the Company's common shares on the Toronto Stock Exchange will also change from "CSM" to "FLNT".
The Flint brand traces its origin 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 of service, the highest standards of safety, and reliability in performance and value.
ClearStream acquired the legacy Flint business and brand in 2019 and certain of the Company’s operating divisions have already been using the brand. The names of the legal entities associated with of each 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 rebranding marks the next step in our transformation that began in 2019 when we acquired the legacy Flint business and brand. Aligning all of our legacy brands that stretch back over 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. The unification of our businesses 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 resolution authorizing an amendment to the Company's articles to effect the name change at the annual and special meeting of the Company's shareholders held on June 10, 2022. No action will be required by existing shareholders with respect to the Company's name or ticker symbol change.
New Contract Awards and Renewals
FLINT is also pleased to announce that, during the month of November, it has booked new contract awards and renewals that are estimated to generate approximately $115 million in backlog. The work will encompass the following services lines: Heavy Equipment Operators, Fabrication, Facility Construction, Pipelines, Turnarounds and Wear Technologies. Approximately 50% of the work will be executed in 2022-2023 with the balance scheduled for 2024-2025.
“FLINT’s commitment to customer service excellence, local community engagement and predictable operational execution all contributed to these awards. We are proud to execute this work across a range of end markets, such as Energy and Mining, and appreciate our customers' on-going support and partnership with our company,” added Mr. Card.