Business
Pulse Data Inc. Announces Agreement to Sell Its Terrapoint Business Unit
TSX: PSD CALGARY, April 1 /CNW/ - Pulse Data Inc. ("Pulse" or the "Company") announces that it ha...
About this update from Pulse Seismic Inc.
[{"type":"text","content":"\n\n\n\nTSX: PSD\n\n\nCALGARY, April 1 /CNW/ - Pulse Data Inc. ("Pulse" or the "Company")\nannounces that it has signed a definitive agreement to sell its Terrapoint\nbusiness unit to Ambercore Software Inc.\n\n\nThe definitive agreement provides for an effective date of March 31, 2008\nand a scheduled closing date on or before April 30, 2008. It is subject to a\nnumber of conditions, including the completion of the purchaser's financing\nand the receipt of required third party consents. Terms of the agreement,\nincluding the purchase price, will be announced upon closing.\n\n\nAmbercore Software Inc. is based in Ottawa, Ontario, and provides\nenterprise-scale software knowledge solutions for Energy, Mining and Mapping\nindustries.\n\n\nFinancing is being provided to the purchaser by Quorum Oil and Gas\nTechnology Fund Limited ("Q-OGT") listed on the London Stock Exchange. Q-OGT\nprovides expansion capital to companies which own and/or are developing proven\nproprietary technology which may have a potentially significant effect on the\noil and gas industry. Q-OGT is managed by Investment Managers who are members\nof the Quorum Group, a 20 year old strategic sector private equity firm,\nheadquartered in Toronto which consists of a team of high quality oil and gas\ntechnology, accounting, financial and business professionals.\n\n\nCORPORATE PROFILE\n\n\nPulse is a market leader in the acquisition, marketing and licensing of\n2D and 3D seismic data for the western Canadian energy sector. Pulse owns the\nsecond-largest licensable seismic data library in Canada, currently consisting\nof approximately 257,300 net kilometres of 2D seismic and 11,600 net square\nkilometres of 3D seismic. The library extensively covers the Western Canada\nSedimentary Basin where most of Canada's oil and natural gas exploration and\ndevelopment occurs. The replacement value of Pulse's library is currently\nestimated at over $1 billion based on current field replacement costs.\n\n\nPulse has publicly traded on the TSX since 2001. The Company has paid its\nshareholders a quarterly dividend since 2003 and at Pulse's current share\nprice provides one of the highest dividend yields on the TSX.\n\n\nCertain information contained herein may constitute forward-looking\nstatements under applicable securities laws. Such statements are ...