Stock Exchange: TSX
CALGARY, March 22 /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 4,000,000 common shares, representing approximately 5% of the outstanding common shares on March 12, 2010. As of March 12, 2010, the total number of issued and outstanding common shares was 81,500,289. Any shares purchased by the Company will be cancelled.
The bid will commence on March 24, 2010 and will terminate on March 23, 2011. The daily purchase limit is set at 25,904 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 Exchange.
Purchases will be made through the facilities of The Toronto Stock Exchange at prevailing market prices.
Under its previous normal course issuer bid, Pason did not purchase any common shares of the 4,000,000 common shares that were authorized under the bid.
The Company will utilize the normal course issuer bid program to acquire common shares in order to mitigate the dilutive effect of stock options issued 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 is a leading international provider of specialized rental and sold oilfield instrumentation systems for use on land and offshore rigs. Our tightly integrated package of products and services, including data acquisition, wellsite reporting software, remote communications and Internet information management tools, maximizes rig uptime and minimizes operating costs.
Pason's common shares trade on the Toronto Stock Exchange under the symbol PSI. Visit us at www.pason.com to learn about what's new at Pason.
SOURCE Pason Systems Inc.
For further information: For further information: Jim Hill, Chairman, President and CEO, Phone: (403) 301-3401, Fax: (403) 301-3499, E-mail: firstname.lastname@example.org; Jim Glasspoole, Chief Financial Officer, Phone: (403) 692-3840, Fax: (403) 301-3411, E-Mail: email@example.com