Pason Systems Inc. announces closing of acquisition of Petron Industries Inc.

    
    Stock Exchange: TSX
    Symbol: PSI
    

CALGARY , Oct. 2 /CNW/ - Pason Systems Inc. ("Pason") is pleased to advise that its previously-announced ( September 11, 2009 ) agreement to acquire all of the issued and outstanding shares of Petron Industries Inc. ("Petron") a designer and manufacturer of drilling rig instrumentation systems, closed on October 2, 2009 .

Pason is the world's largest provider of rental oilfield instrumentation systems that are designed and manufactured for use on land-based drilling and service rigs. With the Petron addition, Pason looks to expand in its current market plus add growth in offshore rentals and sold instrumentation systems.

Pason's common shares trade on the Toronto Stock Exchange under the symbol PSI. For additional information visit the website at www.pason.com.

Certain information regarding the Company contained herein may constitute forward-looking statements under applicable securities laws. Such statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking statements.

For further information: Pason Systems Inc., Jim Hill, President and CEO, Phone: [phone], Fax: [phone], E-mail: [email protected]; Jim Glasspoole, Chief Financial Officer, Phone: [phone], Fax: [phone], E-mail: [email protected]