Stock Exchange: TSX
CALGARY, May 1 /CNW/ - Pason Systems Inc. ("Pason" or "the Company")
today announced the final trial judgment in the patent infringement lawsuit
regarding the Company's automatic driller in the United States. Trial on the
lawsuit concluded on November 6, 2008. At that time, the jury determined
Pason's automatic driller infringed three claims of the patent at issue,
denied the Company's claim that the patent was invalid, and awarded damages in
the amount of US$14.3 million.
On April 30, 2009, the trial judge denied Pason's motion for a case
dismissal judgment as a matter of law and the alternative motion for a new
trial. The judge approved the jury's damages award of US$14.3 million, plus
interest and costs. As to the plaintiff's request for enhanced damages based
on willful infringement, the judge stated that, "...Pason advanced a
substantial challenge to the validity of the claims in suit," and denied the
plaintiff's motion. The plaintiff was not granted a permanent injunction
preventing the rental of Pason's automatic driller in the United States. Since
the conclusion of the trial in November, Pason has modified its automatic
driller and continues to rent the modified automatic driller in the United
At this time, management is assessing the filing of an appeal. Pason
accrued US$14.3 million in its 2008 consolidated financial statements and has
the cash resources readily available to settle the awarded damages.
Pason Systems Inc. is the world's largest provider of rental oilfield
instrumentation systems that are designed and manufactured for use on
land-based drilling and service rigs. Pason offers a tightly integrated
package of complex services including data acquisition, wellsite reporting
software, remote communications and Internet information management tools.
Pason's common shares trade on the Toronto Stock Exchange under the
symbol PSI. For additional information visit the website at www.pason.com.
For further information:
For further information: Jim Hill, President and CEO, (403) 301-3401,
email@example.com; Jim Glasspoole, Chief Financial Officer, (403) 692-3840,