Stock Exchange: TSX
CALGARY, Nov. 4 /CNW/ - Pason Systems Inc. today declared an increase in the semi-annual dividend to fourteen cents (C$0.14) from twelve cents (C$0.12) per share on the Company's common shares. The dividend will be paid on January 4, 2010 to shareholders of record at the close of business on December 15, 2009.
The Board of Directors of Pason Systems Inc. (with Mr. Jim Hill, the major 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 the world's largest provider of rental oilfield instrumentation systems that are designed and manufactured for use on land-based drilling and service rigs. Pason offers a tightly integrated package of complex services, including data acquisition, wellsite reporting software, remote communications and Internet information management tools. Pason now offers offshore instrumentation rentals and sold instrumentation systems.
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, President and CEO, (403) 301-3401, email@example.com; Jim Glasspoole, Chief Financial Officer, (403) 692-3840, firstname.lastname@example.org