Business
Pason Systems Inc. announces twelve month capital spending plan
Pason Systems Inc. announces twelve month capital spending plan
About this update from Pason Systems Inc.
[{"type":"text","content":"\n\n\n\n Aug. 12, 2010 (Canada NewsWire Group) -- \n\n \n \n \nTR.cnwUnderlinedCell TD {\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell {\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell {\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell {\n BORDER-BOTTOM: #000000 3px solid\n}\n\nStock Exchange: TSX\nSymbol: PSI\n\nCALGARY, Aug. 12 /CNW/ - The Board of Directors of Pason Systems Inc. ("Pason" or "the Company") today has approved a capital budget for the twelve month period to June 30, 2011 which is expected to amount to approximately $50 million of which 61% will be for new equipment, 31% for maintenance capital expenditures and 8% for capitalized R&D costs. The increase in capital budget is due to improved industry activity in all of the Company's operating markets. Pason recognizes that these plans may change if expected activity levels change.\n\nPason Systems Inc. is a leading international provider of specialized rental and sold oilfield instrumentation systems for use on land and offshore rigs. The Company's tightly integrated package of products and services, including data acquisition, wellsite reporting software, remote communications and internet information management tools, maximizes rig uptime and minimizes operating costs.\nPason's common shares trade on the Toronto Stock Exchange under the symbol PSI. For additional information visit the Company's website at www.pason.com.\n\n\n\n\nJim Hill, Chairman, President and CEO, 403-301-3401, [email protected]; Jim Glasspoole, Chief Financial Officer, 403-692-3840, [email protected]\n\n","length":2026,"tagName":"div"}]