FOR IMMEDIATE RELEASE
CALGARY, Alberta (June 16, 2014) – Pason Systems Inc. (TSX: PSI) announced today that is has executed a joint venture agreement with Rawabi Holding Company Limited (“Rawabi”) that determines the terms and conditions for the formation of Rawabi Pason Company Limited. The newly formed company will be registered under the laws of the Kingdom of Saudi Arabia.
Under the terms of the agreement, each of Rawabi and Pason will own 50% of the issued and outstanding stock of the company and shall each nominate two individuals to the board of directors.
The new company will be the exclusive distributor of Pason’s industry leading data management systems for drilling rigs in the Kingdom of Saudi Arabia and will serve as service provider for Pason in certain countries in the region.
Commenting on the agreement, Mr. Marcel Kessler, President and Chief Executive Officer of Pason stated, “We believe that there is a significant market opportunity for Pason products and services in the Kingdom of Saudi Arabia and the broader Gulf area. We are delighted to deepen our relationship with Rawabi, a well-respected and capable partner with significant experience serving the needs of customers in the region as well as working with international service companies through joint ventures.”
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, and web-based information management, enable collaboration between the rig and the office. 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:
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