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Pason Systems Inc. Announces the Acquisition of 3PS, Inc.

CALGARY, Alberta (August 5, 2011) – Pason Systems Inc. (“Pason” or the “Company”) is pleased to announce the acquisition of Austin, Texas based 3PS, Inc. (“3PS”) for a purchase price of USD $25 million to acquire all of the oustanding stock of 3PS.

3PS designs and manufactures a drilling sub for the industry that provides real-time accurate torque. The industry in the past has relied on a relative number with lots of room for error. Real-time accurate values are important in today’s world to manage critical drilling operations, as today’s directional/horizontal wells are pushing the limits of design both on the drill pipe and the rig, and understanding the accurate amount of torque being applied to the string will help to protect the users from critical failures.

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