Pason Systems Inc.
TSX : PSI

November 30, 2011 14:51 ET

Pason Systems Chairman to Monetize a Portion of Shares

CALGARY, ALBERTA--(Marketwire - Nov. 30, 2011) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Pason Systems Inc. (TSX:PSI) announced today that Mr. James D Hill, Chairman of the Board, has entered into a transaction to monetize a total of 1.5 million PSI shares. This transaction, which involves forward contracts was entered into with a Canadian chartered bank. Pursuant to this financial instrument, the beneficial ownership, voting rights and dividends associated with the shares will remain with Mr Hill's holding company. The current monetization transaction will fund the unwinding of a monetization transaction on 1.316 million shares entered into in 2009 and avoid the settlement of the transaction with the sale of the underlying shares.

"This personal transaction and the vehicle utilized ensures both the continuity and stability of our operations for the benefit of Pason clients and shareholders, and long-term family estate planning", said James D Hill, Chairman of the Board.

The amount of shares monetized under this transaction, represent 9.3% of the total shares owned directly, or indirectly, by Mr Hill, and less than 2% of the total share capital of Pason Systems.

Pason Systems Inc. provides rental oilfield instrumentation that are designed and manufactured for use on land-based drilling and service rigs for the oil and gas industry.

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