Stock Exchange: TSX
CALGARY, Jan. 4 /CNW/ - Pason Systems Inc. (TSX: PSI) is pleased to
advise that its previously announced (October 13, 2010) decision to
repurchase the distribution rights for marketing Pason products in
Latin America closed on December 31, 2010. The rights were repurchased
through an acquisition of 100% the shares of the DGS Latin American
companies for US$10.1 million in cash. As a result of the repurchase
Pason will benefit from 100% of the revenue and earnings in these
countries which Pason expects to be approximately US$10.0 million of
additional revenue and US$4.0 million of EBITDA in 2011.
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
and sold 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
SOURCE Pason Systems Inc.
For further information:
about Pason Systems Inc., visit the company's website at www.pason.com or contact:
Chairman, President, and CEO