CALGARY, May 12, 2014 /CNW/ - Pason Systems Inc. (TSX: PSI) announces
that Mr. James D. Hill, Chairman of the Board, has elected to close a
certain monetization transaction by settling the transaction in shares.
In May 2012, Mr. Hill entered into a series of transactions to monetize
1.6 million PSI shares with a Canadian chartered bank, which involved
forward contracts with that bank. That transaction comes due on May 12,
2014, requiring Mr. Hill to settle in cash or settle by releasing the
1.6 million shares that were pledged as collateral under the
monetization transaction. Mr. Hill has advised Pason and the bank that
he intends to settle the transaction with the pledged shares previously
delivered to the bank as collateral.
The 1.6 million PSI shares subject to this transaction represent less
than 2% of the total share capital of Pason. After settling the
transaction, 12,767,380 PSI shares will be controlled by Mr. Hill
representing 15% of the outstanding common shares of PSI. Mr. Hill has
advised Pason that no further shares controlled by him are presently
subject to any similar monetization transactions.
Pason Systems Inc.
Pason Systems Inc. is a leading global provider of specialized data
management systems for drilling rigs. Our solutions, which include data
acquisition, wellsite reporting, remote communications, and web-based
information management, enable collaboration between the rig and the
office. 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 may include
statements, express or implied, regarding anticipated financial
performance of Pason; anticipated price of Pason's securities;
expectations or projections about future price of Pason's securities. These forward-looking statements are based upon various underlying
factors and assumptions, including those with regards to 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.
