CALGARY,
AB, Jan. 2, 2024 /CNW/ - Pason Systems
Inc. (TSX: PSI) ("Pason" or the "Company") is pleased to announce
that effective January 1, 2024, the
Company has closed the previously announced exercise of a call
option for the purchase of all remaining issued and outstanding
common shares of Intelligent Wellhead Systems Inc. ("IWS") not
previously held by Pason for total consideration of $88.2 million (the "Transaction"). As part of the
Transaction, Pason assumed net debt of approximately $7.0 million. The Transaction was funded by Pason
with cash on hand.
Pason Systems Inc.
Pason is a leading global provider of specialized data
management systems for drilling rigs. Our solutions, which include
data acquisition, wellsite reporting, remote communications,
web-based information management, and analytics, enable
collaboration between the rig and the office. Through our
subsidiary Energy Toolbase Software, Inc. ("ETB"), we provide
products and services for the solar power and energy storage
industry. ETB's solutions enable project developers to model,
control and monitor economics and performance of solar energy and
storage projects. Pason's common shares trade on the Toronto Stock
Exchange under the symbol PSI.
For more information about Pason, visit the Company's website at
www.pason.com or contact investorrelations@pason.com.
Intelligent Wellhead Systems
Inc.
IWS is an oil and gas technology and service company that
provides engineered controls, data acquisition and software to
automate workflows and processes at live well completions
operations. The InVision™ platform for completion operations
improves wellsite safety and efficiency with Wellsite
Instrumentation, Digital Valve Controls, and Remote Monitoring
solutions. Utilizing its customer's standard operating procedures,
IWS creates a Digital Handshake™ to minimize human errors during
operations activities. For more information about IWS, visit the
company's website at www.bettercompletions.com or contact
info@bettercompletions.com.
SOURCE Pason Systems Inc.