CALGARY, Aug. 2, 2013 /CNW/ - Pason Systems Inc. (PSI.TO). 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 a quarterly dividend of thirteen cents (C$0.13) per
share on the Company's common shares. The dividend will be paid on
October 1, 2013 to shareholders of record at the close of business on
September 16, 2013. The Board of Directors approved, in November 2012,
a change to the Company's dividend policy whereby beginning in 2013 the
Company would adopt a quarterly dividend to replace the semi-annual
dividend.
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
cautionary statement.
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.
