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 2025 NCIB effectively renews the existing normal course issuer bid, which started on Dec. 20, 2023, and is scheduled to end on Dec. 19, 2024. The 2025 NCIB will commence on Dec. 20, 2024, and will terminate on Dec. 19, 2025, or such earlier time as the 2025 NCIB is completed or terminated at the option of Pason.

Under the 2024 NCIB, Pason had received approval from the TSX to purchase for cancellation up to a maximum of 7,949,888 common shares of Pason, representing approximately 10 per cent of the public float of common shares outstanding as at Dec. 12, 2023. As of Dec. 11, 2024, Pason had repurchased and cancelled 555,700 common shares under the 2024 NCIB through facilities of the TSX, and/or other Canadian designated exchanges and Canadian alternative trading systems, for $8.66-million, at an average purchase price of approximately $15.59 per share.

Under the 2025 NCIB, Pason may purchase for cancellation, from time to time, as Pason considers advisable, up to a maximum of 7,135,070 common shares, representing 10 per cent of the public float of 71,350,700 common shares as at Dec. 11, 2024. Purchases of common shares will be made on the open market through the facilities of the TSX and/or other marketplaces. 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 36,288 common shares, which equates to 25 per cent of Pason's average daily trading volume for the six months ended Nov. 30, 2024 (being 145,152 common shares). As permitted by the TSX rules, Pason may also make one block purchase per calendar week that exceeds the daily purchase restriction. As at Dec. 11, 2024, there were 79,609,032 common shares issued and outstanding.

Concurrently with the commencement of the 2025 NCIB, Pason intends to enter into an automatic purchase plan with National Bank Financial Inc. This plan will allow National Bank Financial to buy common shares on Pason's behalf 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 Intelligent Wellhead Systems Inc. (IWS), Pason also provides engineered controls, data acquisition and software to automate workflows and processes for oil and gas well completions operations, improving wellsite safety and efficiency. Through Energy Toolbase Software Inc. (ETB), Pason also 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.