CALGARY, June 5, 2019 /CNW/ - Strad Inc. ("Strad" or the "Company") (TSX:SDY), formerly Strad Energy Services Ltd., today announced it has formally amended 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. This change to Strad's name was approved by Shareholders at the Company's Annual and Special Meeting of Shareholders on June 4, 2019.
"We've been embarking on a new era for Strad since last fall to pursue the significant growth opportunity we see existing for our Industrial Matting division. Updating our name, is one more step that builds on this positive development for the Company. In late 2018, we undertook several initiatives including reporting new financial segments, pursuing a strategy to double our matting fleet by 2021, as well as a brand relaunch," said Andy Pernal, Strad's President and Chief Executive Officer. "This name update is one more step that captures the broad range of sectors across North America for Industrial Matting, including power transmission and distribution, pipelines, construction, renewables as well as oil and gas."
This name change is now effective following the filing and approval of Articles of Amendment with the Alberta Corporate Registry on June 4, 2019. In addition to updating the parent company name, Strad has also amended its operating company names from Strad Oilfield Rentals Ltd. in Canada to Strad Canada Inc. and from Strad Oilfield Services Inc. in the United States to Strad USA Inc. The class A shares of the Company ("Common Shares") will continue to trade on the Toronto Stock Exchange ("TSX") under the Company's existing trading symbol (SDY) and it is anticipated that the Common Shares will commence trading under the new name within two business days following the issuance of a bulletin by the TSX. No action is required to be taken by the Company's shareholders with respect to this corporate name change.
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 Pipeline, Oil & Gas, Transmission & Distribution, as well as Industrial Construction.
Strad is headquartered in Calgary, Alberta, Canada. Strad is listed on the Toronto Stock Exchange under the trading symbol "SDY".
SOURCE Strad Inc.
For further information: Andy Pernal, President & Chief Executive Officer, (403) 775-9202, Email: [email protected]; Michael Donovan, Chief Financial Officer, (403) 775-9221, Email: [email protected]; StradInc.com