Mr. Jon Faber reports

PASON COMPLETES PURCHASE OF OUTSTANDING SHARES OF INTELLIGENT WELLHEAD SYSTEMS INC.

Effective Jan. 1, 2024, Pason Systems Inc. has closed the previously announced exercise of a call option for the purchase of all remaining issued and outstanding common shares of Intelligent Wellhead Systems Inc. (IWS) not previously held by Pason for total consideration of $88.2-million. As part of the transaction, Pason assumed net debt of approximately $7-million. The transaction was financed by Pason with cash on hand.

About Pason Systems Inc.

Pason is a leading global provider of specialized data management systems for drilling rigs. The company's solutions, which include data acquisition, well site 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.

About Intelligent Wellhead Systems Inc.

IWS is an oil and gas technology and service company that provides engineered controls, data acquisition and software to automate workflows and processes at live well completion operations. The InVision platform for completion operations improves well site safety and efficiency with well site instrumentation, digital valve controls and remote monitoring solutions. Utilizing its customer's standard operating procedures, IWS creates a digital handshake to minimize human errors during operation activities.