Pason Chairman Closes Previously Announced Monetization Transaction
CALGARY, Dec. 2, 2013 /CNW/ - Pason Systems Inc. (TSX: PSI) announces that Mr.
James D. Hill, Chairman of the Board, has elected to close a certain
monetization transaction that was previously announced by settling the
transaction in shares. As disclosed in the news release issued on November 30,
2011, Mr. Hill entered into a transaction to monetize 1.5 million PSI shares
with a Canadian chartered bank, which involved forward contracts with that
bank. That transaction comes due on December 2, 2013, requiring Mr. Hill to
settle in cash or settle by releasing the 1.5 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 1.5 million PSI shares subject to this transaction represent less than 2%
of the total share capital of Pason. After settling the transaction,
14,367,380 PSI shares will be controlled by Mr. Hill representing 18% of the
outstanding common shares of PSI.
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
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.
For more information about Pason Systems Inc., visit the company's website
atwww.pason.com or contact:
Marcel Kessler President and CEO 403-301-3400 firstname.lastname@example.org
David Elliott Chief Financial Officer 403-301-3441 email@example.com
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CO: Pason Systems Inc.
-0- Dec/02/2013 14:00 GMT
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