Stock Exchange: TSX
CALGARY, Aug. 12 /CNW/ - The Board of Directors of Pason Systems Inc. ("Pason" or "the Company") today has approved a capital budget for the twelve month period to June 30, 2011 which is expected to amount to approximately $50 million of which 61% will be for new equipment, 31% for maintenance capital expenditures and 8% for capitalized R&D costs. The increase in capital budget is due to improved industry activity in all of the Company's operating markets. Pason recognizes that these plans may change if expected activity levels change.
Pason Systems Inc. is a leading international provider of specialized rental and sold oilfield instrumentation systems for use on land and offshore rigs. The Company's 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. For additional information visit the Company's website at www.pason.com.
SOURCE Pason Systems Inc.
For further information: For further information: Jim Hill, Chairman, President and CEO, 403-301-3401, firstname.lastname@example.org; Jim Glasspoole, Chief Financial Officer, 403-692-3840, email@example.com