Pason Welcomes New CFO, VP Operations USA and Announces Management
CALGARY, Jan. 16, 2014 /CNW/ - Pason Systems Inc. (TSX: PSI) ("Pason") today
announced a number of changes to its management structure and senior
Jon Faber, CFA, CBV has been appointed to the role of Chief Financial Officer
(CFO) of Pason, effective March 1, 2014. As CFO, Mr. Faber will partner with
the CEO and the executive team to shape Pason's agenda for profitable growth.
He most recently served as Vice President, Investment Banking with National
Bank Financial, with a dedicated focus on the energy services sector. Mr.
Faber received a Master of Business Administration from Purdue University and
a Bachelor of Business Administration from Brock University. He is a Chartered
Financial Analyst and holds a Chartered Business Valuator designation. Mr.
Faber resides in Calgary.
David Elliott will continue to oversee Pason's financial reporting and
compliance activities as Vice President Finance. He joined Pason in 2006 as
the Corporate Treasurer and has held the position of Chief Financial Officer
for the last three years. Mr. Elliott will remain Pason's CFO until March 1,
Pason is also pleased to announce the following changes to the management
structure. They became effective November 1, 2013.
Chad Yetka, MBA, MS was appointed to the role of Vice President Operations
USA. Mr. Yetka has held various general management and consulting positions in
the United States and Australia and has a proven track record of driving
rapid, sustainable impact through collaborative leadership. He holds a
Master's degree in Mechanical Engineering from North Carolina State University
and an MBA from the University of Chicago. Mr. Yetka is based at the company's
office in Golden, Colorado.
A Corporate Operations group, led by Greg Lindsay, has been formed. Mr.
Lindsay previously led the US Business Unit for almost nine successful years.
As Vice President Corporate Operations, Mr. Lindsay is responsible for
customer service and support, information technology, supply chain and
Kevin Boston, previously Vice President Corporate Development & Strategy, has
assumed the role of Vice President Operations International & Offshore. Mr.
Boston is responsible for all business outside of the United States and
Canada, including Latin America, Australia, the Middle East, and Offshore. His
previous experience in the Middle East will lend itself to Pason's renewed
focus on that region.
A dedicated Business Development & Marketing group has been established to
serve all business units. Responsibilities for this new group include the
acquisition of new customers, with a particular focus on the southern United
States and certain international markets. As Vice President Business
Development & Marketing, the group will be led by Russell Smith, who led the
International Business Unit for the last three years.
"Pason has always been proud to deliver outstanding value to its customers
through our superior products and best-in-class service, while generating
attractive returns for shareholders. Customer demands and purchasing
behaviours are changing and the industry landscape is getting more complex. As
a result, demands on our capabilities are increasing. We are making these
changes to our organization in response to these trends, and to support our
goals for profitable growth going forward," said Marcel Kessler, President and
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 Pason contained herein may constitute
forward-looking information under applicable securities law. The words
"will", "shape", "driving", "impact", "renewed", "support", "goals", "going
forward" 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 Pason's goals for profitable
growth and for the acquisition of new customers. 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; Pason's business,
operational and growth strategies and its ability to execute on those
strategies; Pason'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, customer
acceptance of Pason's new products, customer loyalty and continued market
share performance, labor shortages, 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.
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 email@example.com David
Elliott Chief Financial Officer 403-301-3441 firstname.lastname@example.org
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CO: Pason Systems Inc.
NI: OIL MNA 2575 WNEWS
-0- Jan/16/2014 21:30 GMT
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