ClearStream Energy Services Inc. Provides Update on Indemnity Claim by Brompton Corp.
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 07/07/17 -- ClearStream Energy Services Inc. (TSX: CSM) ("ClearStream" or the "Company") announced today that the Ontario Court of Appeal issued its decision in the matter of Brompton Corp. v. Tuckamore Holdings LP with the Court dismissing the appeal brought by the Company''s wholly-owned subsidiary, Tuckamore Holdings LP. In February 2017, the Ontario Superior Court of Justice granted Brompton Corp.''s motion for summary judgment against Tuckamore Holdings LP. ClearStream appealed the decision to assert its right to indemnity from Brompton Corp., but the Court of Appeal upheld the decision of the Superior Court of Justice. Additional detail on the Brompton Corp. claim can be found in the Company''s Condensed Consolidated Interim Financial Statements for the three months ended March 31, 2017. The Company accrued for the estimated potential liability of $4,985 during the year ended December 31, 2016 with respect to this matter with the corresponding loss recorded in discontinued operations.
About ClearStream Energy Services Inc.
ClearStream provides maintenance and turnarounds, facilities construction, welding and fabrication, and transportation services to customers across Western Canada. For more information about ClearStream, please visit .
Contacts:
ClearStream Energy Services Inc.
Dean MacDonald
Executive Chairman and Interim CEO
709-237-9225
ClearStream Energy Services Inc.
Gary Summach
Chief Financial Officer
587-318-1003
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Datum: 07.07.2017 - 14:15 Uhr
Sprache: Deutsch
News-ID 1512634
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