TIDMCLSU TIDMTTM
RNS Number : 7975O
ClearStar,Inc.
22 May 2018
22 May 2018
ClearStar, Inc.
("ClearStar" or the "Company")
AGM Statement
ClearStar (AIM: CLSU), the technology and service provider to
the background check industry, will be holding its Annual General
Meeting ("AGM") today at 11.00am EDT at the offices of Eversheds
Sutherland (US) LLP, 999 Peachtree St, NE, Suite 2300, Atlanta, GA
30309, USA. At the AGM, the Chairman of the Board will make the
following statement:
"In 2017 we delivered another year of growth as we experienced
increased demand for our products and solutions. This growth was
based on increased sales of direct services as well as to our
channel partners. ClearStar has a leading position in medical
screening with a smartphone-enabled process and tests available at
over 9,000 sites offering both more choice to candidates and a
streamlined process. We are also one of the few companies with the
requisite compliance and technology interface to be able to offer
comprehensive background searches in over 230 countries.
"During the year we also laid the foundations for accelerated
future growth through enhancing our sales and marketing efforts and
achieving integration with SAP SuccessFactors(R) Recruiting -
adding a significant new route-to-market for direct services.
"Consequently, we believe 2018 is going to be a pivotal year for
ClearStar. Our stated aim this year is that our revenue growth will
translate into the Company becoming EBITDA positive for the full
year, in line with market expectations.
"We entered 2018 in a stronger position compared with the prior
year with sustained revenue momentum, driven by the onboarding of
the new direct customers won in 2017, primarily for background
screening, and increased adoption of our medical information
services by our channel partner customers. This was evident in the
first quarter of the year, when revenues increased by more than 11%
over the same period last year and this revenue run rate has
continued into the second quarter.
"Key customers that were won last year and are now onboarding,
and generating material revenue in 2018, include:
-- SIRVA, Inc., a global moving and relocations services
provider operating in 204 countries, is using our ClearID
on-the-spot verification solution for their Casual Labor
Program.
-- The Pacific Maritime Association, a trade organisation that
represents employers of the shipping industry on the Pacific coast,
which is using our medical testing services for roughly 14,200
longshore, clerk and foreman workers at 29 ports along the West
Coast, from Southern California to the Pacific Northwest.
"In the second quarter, we have seen increased interest in our
products and services - in particular, through our integration with
SAP SuccessFactors(R) Recruiting. As I stated above, this
integration represents a new route to market for ClearStar and I'm
very pleased to be able to report that we have already won a number
of new background screening clients through SAP, including:
-- Gulfstream Aerospace Corporation, which designs, develops,
manufactures, markets and services technologically-advanced
business-jet aircraft.
-- Hilmar Cheese Company Inc., one of the world's largest
manufacturers of cheese and whey products serving over 50
countries.
-- We are also at an advanced stage of onboarding The BNSF
Railway Company, a Berkshire Hathaway company that operates one of
the largest freight railroad networks in North America.
"The calibre of these customers, added to our already excellent
roster of clients, represents a step-change for ClearStar, and we
are proud of this achievement. Consequently, as we onboard clients
while continuing to sign new customers, the Board remains excited
for our future prospects and I look forward to reporting on our
progress."
Enquiries
ClearStar, Inc.
Robert J. Vale, Chief Executive Officer
David Pattillo, Chief Financial Officer +1 770 416 1900
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finnCap Ltd.
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Jonny Franklin-Adams, Simon Hicks
- Corporate Finance
Andrew Burdis, Abigail Wayne - Corporate
Broking +44 20 7220 0500
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Luther Pendragon Ltd.
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Harry Chathli, Claire Norbury +44 20 7618 9100
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About ClearStar
ClearStar, Inc. is a leading and trusted background check
technology, medical screening, strategic services, and
decision-making information provider to employers and background
screening companies.
A seven-time Inc. 5000 honouree and founding member of the
National Association of Professional Background Screeners,
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.
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
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END
AGMKMGZKGMLGRZZ
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