Business
Pulse Data announces letter of intent to sell its Terrapoint business unit
Pulse Data announces letter of intent to sell its Terrapoint business unit.
About this update from Pulse Seismic Inc.
[{"type":"text","content":"\n\n\n\nTSX: PSD\n\n\nCALGARY, Oct. 30 /CNW/ - Pulse Data Inc. ("Pulse" or the "Company")\nannounces that it has signed a non-binding letter of intent to sell its\nTerrapoint business unit to a large, diversified, international engineering\nfirm.\n\n\nThe letter of intent provides a scheduled closing date of November 16,\n2007. It is subject to a number of conditions, including completion of the\npurchaser's due diligence and execution of a formal purchase and sale\nagreement. It is not subject to any financing condition. Terms of the\nagreement, including the purchase price, will be disclosed upon closing.\n\n\nThe Board of Directors and management of Pulse are committed to a\nbusiness plan of continued growth in seismic data library sales and free cash\nflow. Upon completion of the transaction, Pulse will have a total of\napproximately 25 employees and expects to achieve a significant reduction in\ngeneral and administrative expenses. Pulse plans to continue to grow its\nseismic data library through strategic, high-quality seismic data acquisitions\nand participation surveys.\n\n\nDisclaimer: Certain information contained herein may constitute\nforward-looking statements under applicable securities laws. Such statements\nare subject to known or unknown risks and uncertainties that may cause actual\nresults to differ materially from those anticipated or implied in the\nforward-looking statements. Investors are encouraged to review the "Risk\nFactors" section of the Management's Discussion and Analysis in the Company's\nmost recent Annual Report and interim reports for a discussion of risks that\ncould affect the Company's operations and financial results. Forward-looking\nstatements are based upon management's assumptions, expectations and estimates\nat the time that such statements are made. Pulse does not update\nforward-looking statements should circumstances change or management's\nassumptions, expectations or estimates change, unless required by law.\n\n\n","length":2061,"tagName":"div"}]