Stock Exchange: TSX
CALGARY, May 4 /CNW/ - Pason Systems Inc. today declared an increase in its semi-annual dividend to sixteen cents (C$0.16) from fourteen cents (C$0.14) cents per share on the Company's common shares. The dividend will be paid on July 2, 2010 to shareholders of record at the close of business on June 15, 2010.
The Board of Directors of Pason Systems Inc. (with Mr. Jim Hill, the significant shareholder through J.D. Hill Investments Ltd., abstaining from voting) declared the dividend upon recommendation of a Special Committee of independent directors. The Special Committee considered the advisability and fairness of this semi-annual dividend as part of its adoption of a semi-annual dividend policy in November of 2003.
Pursuant to the Canadian Income Tax Act, dividends paid by the Company to Canadian residents are considered to be "eligible" dividends.
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