Camber Resource Services Ltd. Financial and Operational Updates

CALGARY, AB / ACCESSWIRE / July 23, 2019 / Camber Resource Services Ltd. (“Camber” or the “Company”) is pleased to announce the following financial and operational updates.

Financial

  • Q1 2019 Camber set a new revenue record with revenues totaling $4.07 million representing an increase of 34% compared to $3.03 million in the first quarter of 2018.
  • 2018 annual revenue of $11.67 million (2017 – $9.98 million) represented a year over year growth of 17%.
  • Camber has commenced the annual audit of its 2018 financial statements. Upon completion of the audit, Camber will release a detailed update and timing of the AGM. It is anticipated that the AGM will be late in the third quarter of 2019.

Operational

  • Camber has continued to grow its sales in Southeast Saskatchewan in its core production chemical business. In addition, Camber has an expanding line of completion chemistries that are a new and growing line of the business.
  • Camber has also expanded geographically to serve new areas. In Q3 2018, a depot was added in Swift Current to service the active players in Southwest Saskatchewan. The depot has demonstrated steady growth since inception. In 2019, Camber added a depot in Kerrobert, Saskatchewan servicing Western Saskatchewan as well as depots in Red Deer and Drayton Valley supplying Central Alberta.
  • The new depots are allowing Camber to diversify its customer base as well as increase sales. Camber continues to target active basins with the placement of its depots in order to ensure continued growth.

We look forward to providing a detailed update later in the year.

About Camber Resource Services Ltd.

Camber is a Calgary based company with operations in Western Canada conducted through its subsidiary, Sterling Chemicals Ltd. (“Sterling”). Camber acquired Sterling on December 19, 2012 and Sterling has over 30 years of operations providing production chemicals and technical services to the oil and gas industry. Sterling sells custom blended and commodity chemicals to Western Canadian oil and gas companies from its lab, blending and warehouse facilities in Estevan, Saskatchewan.

For further information please contact:

Chris Scase
Executive Vice President and Chief Financial Officer

+1 587 351 7003
cds@camberltd.com

Draft Financial Information, Forward Looking Information and Non-GAAP measures

The financial information included in this news release is unaudited. The financial statements of Camber are currently being audited and are subject to change as a result of the audit.

This document is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of Camber in any jurisdiction. This executive summary does not constitute an offering memorandum of the Company and does not attempt to describe all material facts or material information regarding the Company or its business. Persons receiving this executive summary should not rely upon the executive summary as a complete overview of the business of the Company or the risks associated with that business and should rely on their own investigation and diligence efforts to assess such risks. All references in this executive summary to dollars are Canadian dollars unless otherwise noted.

This executive summary and certain oral statements made from time to time by the Company and our representatives contain “forward looking statements” within the meaning of the US federal securities laws and applicable laws and regulations and rules as issued by the securities regulatory authorities in Canada and in some cases, the recipient can identify forward-looking statements by terms such as ‘may,’ ‘will,’ ‘should,’ ‘could,’ ‘would,’ ‘expects,’ ‘plans,’ ‘anticipates,’ ‘believes,’ ‘estimates,’ ‘projects,’ ‘predicts,’ ‘potential’, or ‘continue’ or the negative of those forms or other comparable terms. The Company’s forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. As a result of these uncertainties, the recipient of this executive summary should not place undue reliance on the Company’s forward-looking statements. The forward looking statements or information contained in this Executive summary are made as of the date hereof and the Company undertakes no obligation to update or revise any such statements or information, whether as a result of new information, future events or otherwise unless required by applicable law. The forward looking statements or information contained in this Executive summary are expressly qualified by this cautionary statement.

In this executive summary we use non-GAAP financial measures including “EBITDA” and “working capital”. We believe these measures provide additional meaningful information in evaluating our financial performance and cash generating capacity. The non-GAAP measures used herein do not have any standardized meaning prescribed by GAAP and may not be comparable to similarly titled measures presented by other entities.

The Company’s securities have not been and will not be registered under the United States Securities Act of 1933, as amended, and any state securities laws. This executive summary does not constitute an offer to sell or a solicitation of an offer to buy any of the Company’s securities in the United States.

SOURCE: Camber Resource Services Ltd.

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