FOR IMMEDIATE RELEASE
CALGARY, Alberta (April 30, 2020) – Pason Systems Inc. (TSX: PSI) announced today that the Board of Directors declared a quarterly dividend of nineteen cents (C$0.19) per share on the company’s common shares. The dividend will be paid on June 29, 2020 to shareholders of record at the close of business on June 15, 2020.
In light of the uncertainties related to COVID-19 and the significant negative impact that a weakened commodity price environment have on the outlook for industry activity, the Board of Directors intends to reduce the next quarterly dividend, expected to be declared following the second quarter, to five cents (C$0.05) per share on the company’s common shares. The decision to pay dividends and the amount of any future dividends is at the discretion of the Board of Directors, which regularly reviews the Company’s financial position, operating results, industry outlook, and other factors the Board deems relevant.
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 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. 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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