29 Apr 2019 07:00
29 April 2019
ClearStar, Inc.
("ClearStar" or the "Company")
Further extension of Financial Institution Screening contract
ClearStar, Inc. (AIM: CLSU), a provider of Human Capital Integrity℠ technology-based services specialising in background and medical screening, announces that it has received a further contract extension from its previously-announced customer for Financial Institution Screening. This new extension will generate approximately $350,000 in revenue for the Company over the next three months, and ClearStar expects to receive further orders this year.
The Company's contract is with a global professional services company that provides outsourcing and staffing primarily for the financial services industry. ClearStar provides screening for personnel placed with the customer's financial institution clients to ensure compliance with the US Federal Deposit Insurance Act, which governs the Federal Deposit Insurance Corporation and the banks insured by that organisation, and the US Patriot Act.
Following the award of the initial contract in late 2018, this was extended earlier this year, as announced on 10 April 2019, due to an additional financial institution client of ClearStar's customer using the Company's services. This new extension represents an expansion of the scope of screening services being provided by ClearStar to this latest financial institution client.
Robert Vale, CEO of ClearStar, said: "This latest extension, which follows initial deployment, is a further vindication of the strength of our solution. Financial institutions are required to meet particularly stringent standards when employing new staff, while still needing to get qualified individuals to work as quickly as possible. We were able to supply the client with all the information they needed in a very quick turnaround time that was quicker than their previous provider, which resulted in them expanding our scope. Having demonstrated our value to more than one major financial institution, we are confident that the momentum with this customer will continue and we will further increase our revenues in this area."
Enquiries:
ClearStar, Inc. | +1 877 796 2559 |
Robert Vale, Chief Executive Officer Jennifer Balleza, Chief Financial Officer |
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finnCap Ltd. | +44 20 7220 0500 |
Jonny Franklin-Adams, Marc Milmo, Simon Hicks - Corporate Finance Andrew Burdis - ECM |
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Luther Pendragon Ltd. | +44 20 7618 9100 |
Harry Chathli, Claire Norbury, Joe Quinlan |
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The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
About ClearStar
ClearStar, Inc. is a leading and trusted background check technology, 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.