Pason Systems Inc. Announces the Acquisition of 3PS, Inc.

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[{"type":"text","content":"\n\n\n\n\n\nCALGARY, Aug. 5, 2011 /CNW/ - Pason Systems Inc. (\"Pason\" or the\n \"Company\") is pleased to announce the acquisition of Austin, Texas\n based 3PS, Inc. (\"3PS\") for a purchase price of USD $25 million to\n acquire all of the oustanding stock of 3PS.\n\n\n3PS designs and manufactures a drilling sub for the industry that\n provides real-time accurate torque. The industry in the past has relied\n on a relative number with lots of room for error. Real-time accurate\n values are important in today's world to manage critical drilling\n operations, as today's directional/horizontal wells are pushing the\n limits of design both on the drill pipe and the rig, and understanding\n the accurate amount of torque being applied to the string will help to\n protect the users from critical failures.\n\n\nCombining this drilling sub with Pason's data collection system will\n enable the Company to offer its customers the tools they need to\n evaluate any down-hole problems in real time.\n\n\n3PS also designs and builds sensors for other parts of the industry\n including off-shore anchor monitoring, winch line monitoring, and\n overhead crane load sensing.\n\n\nWith the addition of 3PS, Pason will add to its current suite of\n drilling data acquisition product offerings, gain exposure to other\n segments of the upstream oil and gas market, and leverage 3PS's\n significant design, engineering, production, and quality management\n expertise.\n\n\nPason Systems Inc. \n\n\nPason Systems Inc. is a leading provider of rental oilfield\n instrumentation systems to land-based and offshore drilling rigs\n worldwide. The company's rental solutions, which include data\n acquisition, wellsite reporting, remote communications, and web-based\n information management, maximize rig uptime, improve work efficiency,\n and minimize operating costs.\n\n\nPason's common shares trade on the Toronto Stock Exchange under the\n symbol PSI.\n\n\nCertain information regarding the Company contained herein may\n constitute forward-looking information under applicable securities\n law. The words \"anticipate\", \"expect\", \"believe\", \"may\", \"should\",\n \"will\", \"estimate\", \"project\", \"outlook\", \"forecast\" or other similar\n words are used to identify such forward-looking information and\n statements. Forward-looking statements in this document inc...

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