FOR IMMEDIATE RELEASE
CALGARY, Alberta (March 3, 2015) – Pason Systems Inc.(TSX: PSI) announced that the Toronto Stock Exchange has accepted Pason's notice of intention to commence a normal course issuer bid (the "NCIB"). Under the NCIB, Pason may purchase for cancellation, from time to time, as Pason considers advisable, up to a maximum of 6,021,970 common shares of Pason ("Common Shares"), which represents 10% of the public float of 60,219,704 Common Shares as at February 25, 2015. Purchases of Common Shares will be made on the open market through the facilities of the TSX and through a variety of alternative trading systems. Pason will pay the prevailing market price of the Common Shares on the TSX at the time of any purchases made by Pason. The actual number of Common Shares that may be purchased for cancellation and the timing of any such purchases will be determined by Pason, subject to a maximum daily purchase limitation of 51,890 Common Shares which equates to 25% of Pason's average daily trading volume for the six months ended February 28, 2015. As permitted by the TSX rules, Pason may also make one block purchase per calendar week which exceeds the daily purchase restriction.
The NCIB will commence on March 6, 2015 and will terminate on March 5, 2016 or such earlier time as the NCIB is completed or terminated at the option of Pason. FirstEnergy Capital Corp. will act on the Pason's behalf to make purchases of Common Shares pursuant to the NCIB.
Management of Pason believes that, from time to time, the market price of its Common Shares may not fully reflect the underlying value of the Common Shares and that at such times the purchase of Common Shares would be in the best interests of Pason. Such purchases will increase the proportionate interest of, and may be advantageous to, all remaining shareholders.
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.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.
For more information about Pason Systems Inc., visit the company’s website at www.pason.com or contact:
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Marcel Kessler |
Jon Faber |
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