Mr. Jon Faber reports

PASON SYSTEMS INC. ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID

The Toronto Stock Exchange has accepted Pason Systems Inc.'s notice of intention to commence a normal course issuer bid (NCIB). The 2024 NCIB effectively renews the existing normal course issuer bid, which started on Dec. 20, 2022, and is scheduled to end on Dec. 19, 2023 (2023 NCIB). The 2024 NCIB will commence on Dec. 20, 2023, and will terminate on Dec. 19, 2024, or such earlier time as the 2024 NCIB is completed or terminated at the option of Pason.

Under the 2023 NCIB, Pason had received approval from the TSX to purchase for cancellation up to a maximum of 8,105,263 common shares of Pason, representing approximately 10 per cent of the public float of common shares outstanding as at Dec. 12, 2022. As of Dec. 12, 2023, Pason had repurchased and cancelled 2,054,800 common shares under the 2023 NCIB through market purchases on the TSX, and other Canadian alternative trading systems, for $26.4-million, at an average purchase price of approximately $12.86 per share.

Under the 2024 NCIB, Pason may purchase for cancellation, from time to time, as Pason considers advisable, up to a maximum of 7,949,888 common shares, which represents 10 per cent of the public float of 79,498,888 common shares as at Dec. 12, 2023. Purchases of common shares will be made on the open market through the facilities of the TSX and through Canadian alternative trading systems. Pason will pay the prevailing market price of the common shares on the TSX at the time of any purchases made by Pason. The actual number of common shares that may be purchased for cancellation and the timing of any such purchases will be determined by Pason, subject to a maximum daily purchase limitation of 33,781 common shares, which equates to 25 per cent of Pason's average daily trading volume for the six months ended Nov. 30, 2023 (being 135,124 common shares). As permitted by the TSX rules, Pason may also make one block purchase per calendar week which exceeds the daily purchase restriction.

As at Dec. 12, 2023, there were 79,667,984 common shares issued and outstanding.

National Bank Financial Inc. will act on Pason's behalf to make purchases of common shares pursuant to the 2024 NCIB. Pason intends to enter into an automatic purchase plan concurrently with the commencement of the 2024 NCIB, to effect purchases of common shares on behalf of the corporation during trading blackout periods as defined by Pason's insider trading policy.

Returns to shareholders remain an important part of Pason's capital allocation strategy. Pason continues to view the share repurchase program as an effective and flexible mechanism to provide shareholder returns over time.

About Pason Systems Inc.

Pason is a leading global provider of specialized data management systems for drilling rigs. Its solutions, which include data acquisition, wellsite reporting, remote communications, Web-based information management and analytics, enable collaboration between the rig and the office. Through its subsidiary, Energy Toolbase Software Inc. (ETB), Pason provides 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. Pason's common shares trade on the Toronto Stock Exchange under the symbol PSI.

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