ClearStar,Inc. AGM Statement (0333Q)
16 Junio 2020 - 1:00AM
UK Regulatory
TIDMCLSU TIDMTTM
RNS Number : 0333Q
ClearStar,Inc.
16 June 2020
16 June 2020
ClearStar, Inc.
("ClearStar" or the "Company")
AGM Statement
ClearStar (AIM: CLSU), a provider of Human Capital IntegritySM
technology-based services specialising in background and medical
screening , will be holding its Annual General Meeting ("AGM")
today at 11.00am EDT at the Company's headquarters located at 6250
Shiloh Road, Suite 300, Alpharetta, GA 30005, USA. At the AGM, the
Chairman of the Board, Barney Quinn, will make the following
statement:
"As we said at the time of our full year results, 2019 was a
very successful year for ClearStar. We saw the benefits of our
investment in bringing together a high calibre sales team and in
our continued innovation to provide our customers with
best-in-class products and services. Consequently, revenues in 2019
increased by over 14% and adjusted EBITDA doubled.
"This momentum continued into 2020 and we entered the year with
our highest ever order book and a healthy pipeline. As noted, the
COVID-19 outbreak significantly impacted our business due to the
widespread job losses and freeze on recruitment. However, we are
encouraged that all 50 states in the US have commenced easing
lockdown restrictions and the unemployment rate is beginning to
come down. ClearStar has the right solutions to support employers
in quickly and securely re-establishing their workforce, which is
reflected in the significant uptick in our revenue run rate from
the end of May. We also recently launched our COVID-19 testing
service that is specifically designed to assist employers with the
back-to-work process. While we have not yet returned to our
pre-COVID-19 revenue run rate, the increase in sales so far is
extremely encouraging. As the US economic recovery progresses and
our customers are able to resume more normal trading, we expect
this growth in our activity to continue.
"I am proud that, throughout this difficult period, thanks to
the tremendous efforts of our Chief Executive Officer, Robert Vale,
and our team, we have not lost any customers and, importantly, we
have continued to make progress in onboarding new customers and
generating new business. Most notably, at the end of May we
completed the onboarding of one of three new financial institutions
that we've been appointed to this year. This latest addition, which
is now generating revenue, is a sizeable, household name investment
bank and is a great endorsement for ClearStar.
"We also recently completed the onboarding of a customer won
earlier this year that is one of the largest US providers of
hand-prepared, home-delivered meals - often working alongside
healthcare or social services to ensure vulnerable populations
receive healthy food at home. This is another example of
ClearStar's solutions being used to help protect those most at
risk. Similarly, we are receiving increasing interest from home
healthcare agencies and are doing more volume with Visiting Angels,
an existing customer that provides home care services for the
elderly, as the COVID-19 outbreak is resulting in greater reliance
on home care.
"Turning to new business, we secured a contract in May with
another bluechip customer that provides technology testing and
industrial automation, and which has a market value on NASDAQ of
over $10 billion. ClearStar, which has been appointed to provide
background screening of the customer's US employees, is now
conducting the system integration process to enable onboarding and
revenue generation to start in the coming months. In addition, we
were recently awarded a contract by a real estate rental company to
provide tenant screening, which is also expected to commence this
summer.
"Alongside this growing sales activity, we have continued to
maintain tight control over costs. We are also benefiting from the
mitigation measures implemented in response to the crisis. At 15
June 2020, we had net debt of $1.5m and $2.1m of available
funds.
"As a result, while it remains too early to estimate the impact
of COVID-19 on full year 2020, we are increasingly optimistic that
it will not be as bad as we once feared. Equally, the markets that
ClearStar addresses continue to remain attractive in the
longer-term and we have established a strong competitive position
for targeting these markets. Consequently, the Board remains
confident of delivering value for our shareholders and we thank you
for your ongoing support."
Enquiries:
ClearStar, Inc. +1 877 796 2559
Robert Vale, Chief Executive Officer
Jennifer Balleza, Chief Financial Officer
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finnCap Ltd. +44 20 7220 0500
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Jonny Franklin-Adams, Marc Milmo, Simon Hicks
- Corporate Finance
Andrew Burdis, Tim Harper - ECM
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Luther Pendragon +44 20 7618 9100
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Harry Chathli, Claire Norbury, Joe Quinlan
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About ClearStar
ClearStar, Inc. is a leading provider of Human Capital
IntegritySM technology-based services specialising in background
and medical screening. It provides employment intelligence direct
to employers and via channel partners/consumer reporting agencies
("CRAs") to support better recruitment and other decisions
affecting employees by increasing the quality, reliability and
visibility of information.
A seven-time Inc. 5000 honouree and founding member of the
Professional Background Screening Association, ClearStar has
provided innovative technology solutions to businesses in the human
capital management industry from its corporate offices in
Alpharetta, Georgia since 1995. For more information about
ClearStar, please visit: www.clearstar.net .
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END
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