Business
PASON SYSTEMS INC. ANNOUNCES REPURCHASE OF LATIN AMERICA DISTRIBUTION RIGHTS
PASON SYSTEMS INC. ANNOUNCES REPURCHASE OF LATIN AMERICA DISTRIBUTION RIGHTS
About this update from Pason Systems Inc.
[{"type":"text","content":"\n\n\n\n Oct. 13, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\n >\n\n\nCALGARY, Oct. 13 /CNW/ - Effective January 1, 2011, Pason Systems Inc. ("Pason" or "the Company") will repurchase the distribution rights for marketing Pason products in Latin American countries from the current holder, Gary Storey and his DGS companies. The countries involved in the repurchase agreement are Mexico, Colombia, Brazil, Peru, Ecuador and Argentina.\nSimilar to what Pason did at the beginning of 2010 in Australia, there is a point in the maturation of startup foreign country businesses where the business can be managed more effectively integrated into Pason operations, than through an independent contractor. This possibility is addressed in the initial agreement with any new foreign partner.\nAll employees of the current DGS Latin American companies will be offered employment by Pason and all relevant contracts will be continued. After having paid to repurchase the distribution rights, Pason will benefit from 100% of the revenue earned in these countries which, at current activity levels, should contribute approximately $10 million of additional revenue in 2011. Gary Storey will continue to work with Pason and has been offered a position as a consultant within the newly formed New Revenue Group where he is expected to make a valuable contribution mentoring new foreign partners. Pason would like to acknowledge the excellent work Gary performed over the past seven years in b...