CALGARY, AB, Oct. 15, 2021 /CNW/ - CES Energy Solutions Corp. ("CES" or the "Company") (TSX: CEU) (OTC: CESDF) Nasdaq: CESDF), the Board of Directors of CES (the "Board"), and Mr. Tom Simons are pleased to announce that Mr. Ken Zinger will take over as President and Chief Executive Officer ("CEO") and be appointed to the Board effective October 29, 2021. Mr. Simons will continue in his role until October 29, 2021 to enable an orderly transition of duties and responsibilities to Mr. Zinger, at which point he will resign as President, Chief Executive Officer, and member of the Board. The Board and Mr. Simons collectively agreed that the Company is on a solid operational and financial footing coming out of the recent industry downturn and is ideally positioned to take advantage of emerging opportunities. The transition of Mr. Zinger to the role of President and CEO has been part of the Company and Board's long-term succession planning and it was the Board's view that the time was right to implement this transition plan.
The Board would like to extend its thanks and gratitude to Mr. Simons for his leadership and contributions since co-founding the Company with Mr. Zinger in 2006. Under the leadership of Mr. Simons, CES has grown from a Canadian focused drilling fluids provider to an industry leading, fully vertically integrated, provider of technically advanced consumable chemical solutions throughout the life-cycle of the oilfield across North America through a decentralized business model. During this time, CES has grown revenue to a current run rate of approximately $1 billion, grown its PP&E base to approximately $260 million, and paid over $340 million in dividends, all while delivering innovative products and services to oil and gas producers across North America.
Mr. Zinger, currently the Chief Operating Officer and President, Canadian Operations, co-founded the Company with Mr. Simons in 2006, and has been responsible for overseeing all aspects of the Canadian drilling fluids and production chemical businesses. Mr. Zinger has a deep understanding and knowledge of the Company's operations, having helped grow the business into what it is today through his partnership with Mr. Simons and the other executives over the years. Mr. Zinger will retain his direct leadership role of Canadian Operations in addition to his President and CEO roles and responsibilities. Mr. Zinger is excited to take on this new role as the Company continues to expand its footprint in North America and abroad.
"I am so incredibly proud of what we have built with CES, both as a business and as an employer of over 1,700 hard working and dedicated professionals delivering world class products and services to our customers", said Mr. Simons. "Ken and I have been in business together since 2001 and I could not think of a better person to oversee CES' continued growth going forward".
CES will continue to execute on its strategy to leverage its established infrastructure, strong industry positioning and dedicated people to capitalize on improving industry conditions and to generate strong free cash flow going forward. In addition, the Board remains committed to ongoing renewal of its membership to ensure that the appropriate mix of knowledge, skills, competencies and experiences are properly represented.
About CES Energy Solutions Corp.
CES is a leading provider of technically advanced consumable chemical solutions throughout the lifecycle of the oilfield. This includes solutions at the drill-bit, at the point of completion and stimulation, at the wellhead and pump-jack, and finally through to the pipeline and midstream market. CES's business model is relatively asset light and requires limited re-investment capital to grow. As a result, CES has been able to capitalize on the growing market demand for drilling fluids and production and specialty chemicals in North America while generating free cash flow. Additional information about CES is available at www.sedar.com or on the Company's website at www.cesenergysolutions.com.
Except for the historical and present factual information contained herein, the matters set forth in this press release, may constitute forward-looking information or forward-looking statements (collectively referred to as "forward-looking information") which involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of CES, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. When used in this press release, such information uses such words as "may", "would", "could", "will", "intend", "expect", "believe", "plan", "anticipate", "estimate", and other similar terminology. This information reflects CES' current expectations regarding future events and operating performance and speaks only as of the date of the press release. Forward-looking information involves significant risks and uncertainties, should not be read as a guarantee of future performance or results, and will not necessarily be an accurate indication of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking information, including, but not limited to, the factors discussed below. The management of CES believes the material factors, expectations and assumptions reflected in the forward-looking information are reasonable but no assurance can be given that these factors, expectations and assumptions will prove to be correct. The forward-looking information contained in this document speaks only as of the date of the document, and CES assumes no obligation to publicly update or revise such information to reflect new events or circumstances, except as may be required pursuant to applicable securities laws or regulations.
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SOURCE CES Energy Solutions Corp.
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