CALGARY, May 4 /CNW/ - Pason Systems Inc. (TSX: PSI) today declared an increase in its semi-annual dividend to eighteen cents (C$0.18) from seventeen cents (C$0.17) per share on the Company's common shares. The dividend will be paid on July 4, 2011 to shareholders of record at the close of business on June 15, 2011.
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.
Pason Systems Inc. is a leading provider of instrumentation systems to land-based and offshore drilling rigs worldwide. The company's rental solutions, which include data acquisition, wellsite reporting, remote communications, and web-based information management, maximize rig uptime, improve work efficiency, and minimize operating costs. Pason's common shares trade on the Toronto Stock Exchange under the symbol PSI.
SOURCE Pason Systems Inc.
For further information: about Pason Systems Inc., visit the company's website at www.pason.com or contact: Jim Hill, Chairman, President, and CEO, 403-301-3401, firstname.lastname@example.org; David Elliott, Chief Financial Officer, 403-301-3441, email@example.com