Strad Plans Name Change to Better Reflect Business Versatility
CALGARY, ALBERTA – (Newswire – May 7, 2019) Strad Energy Services Ltd. (“Strad” or the “Company”) (TSX:SDY) today announced its intention to change its name to Strad Inc. to better reflect the direction of the Company as it continues to focus on customers from a wide range of industrial sectors. Strad’s shareholders will be asked to approve a special resolution to change the name at the Company’s next Annual and Special Meeting of Shareholders.
“In October, we announced a new era for Strad based on the significant growth opportunity that exists for our Industrial Matting division. To reflect this positive development for the Company, we underwent several initiatives last fall that included reporting new financial segments, a strategy to double our matting fleet by 2021, as well as a relaunch of our brand,” said Andy Pernal, Strad’s President and Chief Executive Officer. “This name change will reflect the broad range of sectors across North America for Industrial Matting, including power transmission and distribution, pipelines, construction, mining as well as oil and gas.”
Subject to shareholder and regulatory approval, the name change will become effective upon filing of Articles of Amendment with the Alberta Corporate Registry, which is expected to occur shortly after the Annual and Special Meeting of Shareholders on May 29, 2019. Strad intends to continue trading under “SDY” on the Toronto Stock Exchange.
Strad specializes in industrial matting and equipment rentals for projects of any size, from a network of branches across Canada and the United States. Strad aims to exceed customer expectations in many industrial sectors, including Oil & Gas, Pipeline, Power Transmission, and Mining.
Strad is headquartered in Calgary, Alberta, Canada. Strad is listed on the Toronto Stock Exchange under the trading symbol “SDY”.
For more information, please contact:
President & Chief Executive Officer
Chief Financial Officer