Pason Chairman Closes Monetization Transaction

 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.  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 marcel.kessler@pason.com  Jon  Faber Chief Financial Officer 403-301-3400 jon.faber@pason.com  To view this news release in HTML formatting, please use the following URL:  http://www.newswire.ca/en/releases/archive/May2014/12/c7765.html  CO: Pason Systems Inc. ST: Alberta NI: OIL  
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