Stock Exchange: TSX
CALGARY, March 19 /CNW/ - Pason Systems Inc. announced today that a
normal course issuer bid has been accepted by The Toronto Stock Exchange.
The Company intends to purchase for cancellation, during the course of
the bid, up to but not more than 3,000,000 common shares, representing 3.7% of
the outstanding common shares on March 14, 2008. As of March 14, 2008, the
total number of issued and outstanding common shares was 80,715,678. Any
shares purchased by the Company will be cancelled.
The bid will commence on March 24, 2008 and will terminate on March 23,
2009. The daily purchase limit is set at 32,040 common shares and is limited
to 25% of the average daily trading volume for the last six months preceding
the date of acceptance of the normal course issuer bid by The Toronto Stock
Purchases will be made through the facilities of The Toronto Stock
Exchange at prevailing market prices.
The Company will utilize the normal course issuer bid program to acquire
the common shares in order to mitigate the dilutive effect of stock options
under the Company's Stock Option Plan. The Company also believes that from
time to time, the market price of the common shares may not fully reflect the
value of its business and future business prospects and accordingly, may
represent an attractive investment and a desirable use of its available funds.
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, Phone: (403)
301-3401, Fax: (403) 301-3499, E-mail: email@example.com; Jim Glasspoole,
Chief Financial Officer, Phone: (403) 692-3840, Fax: (403) 301-3411, E-Mail: