Pason Systems Inc. Announces Twelve Month Capital Spending Plan
08 August 2011 - 10:34PM
PR Newswire (Canada)
CALGARY, Aug. 8, 2011 /CNW/ -- CALGARY, Aug. 8, 2011 /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, 2012 which is expected to amount to approximately $64
million of which 66% will be for new equipment, 27% for maintenance
capital expenditures and 7% for capitalized R&D costs. Having
successfully completed trials for Pason's new gas analysis
solution, the Company will be ramping up production of Pason Gas
Analyzer starting in Q3 2011. Approximately $19 million is
allocated to this rollout. An industry-first, the Pason Gas
Analyzer provides on-demand, real-time compositional gas analysis
of hydrocarbons and CO2. Pason plans to start rolling out elements
of an evolved rig site equipment portfolio starting in the first
half of 2012. Approximately $7 million is allocated to this
rollout over the next 12 months. The evolved portfolio provides
enhanced data acquisition and communications capabilities that
unlock several revenue generating initiatives, reduces field
support costs and supports R&D initiatives aimed at improving
time to market for new features and functionality. Pason recognizes
that these plans may change if expected activity levels change.
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 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. To view
this news release in HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/August2011/08/c2015.html
p For more information about Pason Systems Inc., visit the
company's website at a
href="http://www.pason.com"www.pason.com/a or contact:br/ br/ /p
table cellspacing="0" valign="top" border="0" tr valign="top" td
valign="top" align="left" bJim Hill /bbr/ Chairman, President,
and CEO br/
403-301-3401br/ a
href="mailto:jim.hill@pason.com"jim.hill@pason.com/a /td td
valign="top" align="left" bDavid Elliott /bbr/ Chief Financial
Officerbr/ 403-301-3441br/ a
href="mailto:david.elliott@pason.com"david.elliott@pason.com/a /td
/tr /table
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