Pason Systems Inc. Increases Semi-Annual Dividend
01 May 2012 - 7:13AM
PR Newswire (Canada)
CALGARY, May 1, 2012 /CNW/ - Pason Systems Inc. . The Board of
Directors of Pason Systems Inc. (with Mr. Jim Hill, the significant
shareholder through J.D. Hill Investments Ltd., abstaining from
voting) today declared an increase in its semi-annual dividend to
twenty-two cents (C$0.22) from twenty cents (C$0.20) per share on
the Company's common shares. The dividend will be paid on July 4,
2012 to shareholders of record at the close of business on June 15,
2012. Pursuant to the Canadian Income Tax Act, dividends paid by
the Company to Canadian residents are considered to be "eligible"
dividends. 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. Certain information regarding the Company contained
herein may constitute forward-looking information under applicable
securities law. The words "anticipate", "expect", "believe",
"may", "should", "will", "estimate", "project", "outlook",
"forecast" or other similar words are used to identify such
forward-looking information and statements. Forward-looking
statements in this document may include statements, express or
implied regarding the anticipated business prospects and financial
performance of Pason; expectations or projections about future
strategies and goals for growth and expansion; expected and future
cash flows and revenues; and expected impact of future
commitments. These forward-looking statements are based upon
various underlying factors and assumptions, including the state of
the economy and the oil and gas exploration and production
business, in particular; the Company's business prospects and
opportunities; and estimates of the financial and operational
performance of Pason. Forward-looking information and statements
are subject to known or unknown risks and uncertainties that may
cause actual results to differ materially from those anticipated or
implied in the forward-looking information and statements.
Risk factors that could cause actual results or events to differ
materially from current expectations include, among others, the
ability of Pason to successfully implement its strategic
initiatives and whether such strategic initiatives will yield the
expected benefits, the operating performance of Pason's assets and
businesses, the price of energy commodities, competitive factors in
the energy industry, changes in laws and regulations affecting
Pason's businesses, technological developments, and general
economic conditions. Readers are cautioned not to place undue
reliance on forward-looking statements as there can be no assurance
that the plans, intentions or expectations upon which they are
placed will occur. Such forward looking statements, although
considered reasonable by management as of the date hereof, may
prove to be incorrect and actual results may differ materially from
those anticipated. Forward-looking statements contained in
this press release are expressly qualified by this cautionary
statement. Additional information on risks and uncertainties and
other factors that could affect Pason's operations or financial
results are included in Pason's reports on file with the Canadian
securities regulatory authorities and may be accessed through the
SEDAR website (www.sedar.com or through Pason's website
www.pason.com). Furthermore, any forward looking statements
contained in this news release are made as of the date of this news
release, and Pason does not undertake any obligation to update
publicly or to revise any of the included forward-looking
statements, whether as a result of new information, future events
or otherwise, except as expressly required by securities law. Pason
Systems Inc. CONTACT: For more information about Pason Systems
Inc., visit thecompany'swebsite at www.pason.com or contact:Marcel
Kessler President and CEO403-301-3400marcel.kessler@pason.comDavid
ElliottChief Financial Officer403-301-3441david.elliott@pason.com
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