Jan. 4, 2011 (Canada NewsWire Group) --
Stock Exchange: TSX
Symbol: PSI
CALGARY, Jan. 4 /CNW/ - Pason Systems Inc. (TSX: PSI) is pleased to advise that its previously announced (October 13, 2010) decision to repurchase the distribution rights for marketing Pason products in Latin America closed on December 31, 2010. The rights were repurchased through an acquisition of 100% the shares of the DGS Latin American companies for US$10.1 million in cash. As a result of the repurchase Pason will benefit from 100% of the revenue and earnings in these countries which Pason expects to be approximately US$10.0 million of additional revenue and US$4.0 million of EBITDA in 2011.
Pason Systems Inc.
Pason Systems Inc. is a leading provider of instrumentation systems to
land-based and offshore drilling rigs worldwide. The company's rental
and sold 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.
about Pason Systems Inc., visit the company's website at www.pason.com or contact:
Jim Hill
Chairman, President, and CEO
403-301-3401
jim.hill@pason.com