Pason Increases Investment In Intelligent Wellhead Systems

Pason Systems Inc. (“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 $7.9M and an agreement to invest up to $25M in preferred shares of IWS. The preferred share investment consists of an initial subscription of $10M, with up to a further $15M 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 InVisionTM 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 HandshakeTM to minimize human errors during operations activities. For more information,visit bettercompletions.com.

About 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. For more information,visit www.pason.com.