CALGARY, Nov. 4, 2011 /CNW/ - Pason Systems Inc. (TSX: PSI). The Board
of Directors of Pason Systems Inc. (with Mr. Jim Hill, the significant
shareholder through J.D. Hill Investments Ltd., abstaining from voting)
today declared an increase in its semi-annual dividend to twenty cents
(C$0.20) from eighteen cents (C$0.18) per share on the Company's common
shares. The dividend will be paid on January 3, 2012 to shareholders of
record at the close of business on December 15, 2011.
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.
Certain information regarding the Company contained herein may
constitute forward-looking information under applicable securities
law. The words "anticipate", "expect", "believe", "may", "should",
"will", "estimate", "project", "outlook", "forecast" or other similar
words are used to identify such forward-looking information and
statements. Forward-looking statements in this document include statements regarding the acquisition of 3PS
including but not limited to the expected benefits of the acquisition;
anticipated business prospects and financial performance of Pason;
expectations or projections about future strategies and goals for
growth and expansion; expected and future cash flows and revenues; and
expected impact of future commitments. These forward-looking statements are based upon various underlying
factors and assumptions, including those with regards to the
anticipated success of the acquired business and the ability of the
Company to integrate such business; the state of the economy and the
oil and gas exploration and production business, in particular; the
Company's business prospects and opportunities; and estimates of the
financial and operational performance of Pason.
Forward-looking information and statements are subject to known or
unknown risks and uncertainties that may cause actual results to differ
materially from those anticipated or implied in the forward-looking
information and statements. Risk factors that could cause actual
results or events to differ materially from current expectations
include, among others, the ability of Pason to successfully implement
its strategic initiatives and whether such strategic initiatives will
yield the expected benefits, the operating performance of Pason's assets and businesses, the price of energy
commodities, competitive factors in the energy industry, changes in
laws and regulations affecting Pason's businesses, technological
developments, and general economic conditions.
Readers are cautioned not to place undue reliance on forward-looking
statements as there can be no assurance that the plans, intentions or
expectations upon which they are placed will occur. Such forward
looking statements, although considered reasonable by management as of the date
hereof, may prove to be incorrect and actual results may differ
materially from those anticipated. Forward-looking statements
contained in this press release are expressly qualified by this
Additional information on risks and uncertainties and other factors that
could affect Pason's operations or financial results are included in
Pason's reports on file with the Canadian securities regulatory
authorities and may be accessed through the SEDAR website (www.sedar.com) or through Pason's website (www.pason.com). Furthermore, the forward looking statements contained in this news release are made as of the date of this news
release, and Pason does not undertake any obligation to update publicly
or to revise any of the included forward-looking statements, whether as
a result of new information, future events or otherwise, except as
expressly required by securities law.
SOURCE Pason Systems Inc.
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