Core Points - Bri-Chem Corp. has rescheduled its annual general meeting to September 16, 2025, to allow for additional resolutions and provide shareholders with adequate information regarding alternative director nominees [1][2] - The company has adopted an Advance Notice By-Law to guide the nomination of directors, which establishes deadlines for shareholders to submit nominations and outlines the required information [3][6] Company Actions - The postponement of the meeting aims to include a resolution for the ratification of the Advance Notice By-Law and to inform shareholders about a proxy contest involving alternative nominees proposed by the Hugghins Group [2][5] - The Advance Notice By-Law requires shareholders to provide timely notice for director nominations, with specific deadlines based on the type of meeting [6][7] Company Overview - Bri-Chem is a leading North American oilfield chemical distribution and blending company, known for its strategic acquisitions and organic growth [8]

Edmonton, Alberta--(Newsfile Corp. - May 15, 2025) - Bri-Chem Corp. (TSX: BRY) ("Bri-Chem" or "Company"), a leading North American oilfield chemical distribution and blending company, is pleased to announce its 2025 first quarter financial results.Three months endedMarch 31Change(in '000s except per share amounts)20252024$%Financial performanceSales$19,909$21,371$(1,462)(7%)Adjusted EBITDA(1)465(443)908(205%)As a % of revenue2%-2%  Operating (loss) (23)(144)121(84%)Adjusted net (loss) (1)(618)(1,767)1,149( ...

Core Viewpoint - Bri-Chem Corp. reported a significant decline in financial performance for the fourth quarter and the full year of 2024, primarily due to decreased US drilling activity and a lower average rig count, leading to reduced sales and increased losses [1][5][11]. Financial Performance Summary - Consolidated sales for Q4 2024 were $20.6 million, a decrease of 23% from $26.8 million in Q4 2023 [5][7]. - Adjusted EBITDA for Q4 2024 was negative $1.2 million, down from $1.9 million in Q4 2023, reflecting a decrease of $3.1 million [10][19]. - The operating loss for Q4 2024 was $1.5 million, compared to operating earnings of $1 million in the same period last year [10]. - The net loss for Q4 2024 was $1.6 million, compared to net earnings of $467,000 in Q4 2023, marking a 440% decline [5][19]. Yearly Financial Overview - For the full year 2024, consolidated sales totaled $83.1 million, a decrease of 22% from $106.0 million in 2023 [5]. - Adjusted net loss for the year was $5.1 million, compared to adjusted net earnings of $1.4 million in 2023, representing a 476% decline [5][19]. - Total assets decreased by 15% to $58.2 million from $68.4 million in 2023 [6]. Segment Performance - Canadian drilling fluids distribution sales were $2 million in Q4 2024, down from $3.9 million in Q4 2023, attributed to slowing sales of select commodity items [8]. - US drilling fluids distribution sales were $12 million in Q4 2024, a decrease of 26% from $16.1 million in Q4 2023, linked to a decline in the US rig count [8]. - Canadian blending and packaging division saw a slight increase in sales to $4.7 million in Q4 2024 from $4.4 million in Q4 2023, driven by higher cementing and stimulation activities [9]. Working Capital and Debt - Working capital as of December 31, 2024, was $4.5 million, a decrease of 72% from $15.9 million in 2023, due to a change in loan classification [6]. - Long-term debt was eliminated, with the company reporting no long-term debt as of December 31, 2024 [6]. Industry Outlook - The oil and gas industry faces challenges from volatile commodity prices and restrained growth in North American drilling activity [11]. - Potential changes in US and Canadian government policies, including tariffs on Canadian crude oil, create uncertainty for the industry [11]. - The company aims to remain adaptable and seek new opportunities while monitoring market conditions closely [11].