CALGARY,
AB, Dec. 14, 2022 /CNW/ - Pason Systems Inc.
(TSX: PSI) ("Pason" or "the Company") is pleased to announce that
it has increased its non-controlling investment in Intelligent
Wellhead Systems Inc. ("IWS") through the acquisition of
outstanding common shares of IWS for an aggregate purchase price of
$7.9 million and an agreement to
invest up to $25 million in preferred
shares of IWS. The preferred share investment consists of an
initial subscription of $10 million,
with up to a further $15 million in
future tranches of preferred shares subject to the continued growth
and success of IWS. These funds will support IWS' ongoing growth
initiatives and accelerate the development and deployment of IWS'
technologies.
"We remain encouraged and excited about IWS' team, technologies
and growth prospects. As we've experienced within our core
drilling-related business, customer demands and requirements for
high quality data continue to increase in the completions sector.
IWS is well positioned to support operators with these increasing
needs. As an example, IWS' InVision Technology Platform has gained
traction while enabling automated valve management processes for
continuous frac operations in a safe and efficient manner,
increasing the number of frac stages per day for several operators.
Over the past year, IWS has seen strong growth in the adoption of
its technologies, and we expect this additional capital will
accelerate IWS' ongoing growth," said Jon
Faber, President and Chief Executive Officer of Pason.
Intelligent Wellhead Systems Inc.
The
InVision™ platform for completion operations, from Intelligent
Wellhead Systems, 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.
Pason Systems Inc.
Pason Systems Inc. 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 ("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
Systems Inc., visit the Company's website at www.pason.com or
contact investorrelations@pason.com.
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).
Forward Looking Information
Certain statements
contained herein constitute "forward-looking statements" and/or
"forward-looking information" under applicable securities laws
(collectively referred to as "forward-looking statements").
Forward‐looking statements can generally be identified by the words
"anticipate", "expect", "believe", "may", "could", "should",
"will", "estimate", "project", "intend", "plan", "outlook",
"forecast" or expressions of a similar nature suggesting a future
outcome or outlook.
Forward-looking statements in this document may include
statements, express or implied, regarding the anticipated business
prospects and financial performance of the Company and its
investments; 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.
Although we believe that any forward-looking statements made in
this document are reasonable based on the information available on
the date such statements are made and processes used to prepare the
information, such statements are not guarantees of future
performance and readers are cautioned against placing undue
reliance on forward-looking statements. These risks, uncertainties
and assumptions include but are not limited to those discussed in
Pason's Annual Information Form for the year ended December 31, 2021 under the heading, "Risk and
Uncertainty," in our management's discussion and analysis for the
year ended December 31, 2021, and in
our other filings with Canadian securities regulators. These
documents are 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).
Any forward-looking statements contained in this document are
expressly qualified by this cautionary statement. Except to the
extent required by applicable law, Pason assumes no obligation to
publicly update or revise any forward-looking statements made in
this document or otherwise, whether as a result of new information,
future events or otherwise.
SOURCE Pason Systems Inc.
