Business
Pulse Data Inc. announces closing of the sale of its Terrapoint business unit
TSX Symbol - PSD CALGARY, June 3 /CNW/ - Pulse Data Inc. ("Pulse" or the "Company") announced tod...
About this update from Pulse Seismic Inc.
[{"type":"text","content":"\n\n\n\nTSX Symbol - PSD\n\n\nCALGARY, June 3 /CNW/ - Pulse Data Inc. ("Pulse" or the "Company")\nannounced today that it has completed the sale of its Terrapoint business unit\nto Ambercore Software Inc. ("Purchaser"). The purchase price of the\ntransaction was $6.5 million cash with an effective date of March 31, 2008.\n\n\nThe base purchase price of $6.5 million included $3.0 million paid on\nclosing and the remaining $3.5 million is to be paid within thirteen months of\nclosing. Payment of the remaining $3.5 million has been guaranteed by SQFive\nIntelligent Oilfield Solutions Ltd., a subsidiary of Quorum Oil and Gas\nTechnology Fund Limited. Incremental future consideration, up to an additional\n$1.5 million, may also be realized based upon results of consolidated\noperations of the Purchaser during the twelve month period following the\nclosing date.\n\n\nThe transaction represents a sale of the majority of the net assets of\nthe Terrapoint business unit including certain working capital items totaling\n$4.5 million. The Purchaser has hired the entire Terrapoint management team\nand essentially all Canadian and U.S. Terrapoint employees. Pulse retains the\nCanadian tax pools having an estimated value to the Company of approximately\n$3.6 million.\n\n\nWith this sale, Pulse has now divested itself of all non-core business\nassets and has positioned itself as a pure play seismic data library company\nproviding 2D and 3D seismic to the oil and natural gas industry in Western\nCanada. Pulse will focus solely on growing its seismic data library through\nacquisition of seismic data sets and participation surveys.\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 freely tradeable seismic data library in Canada, currently\nconsisting of 257,300 net kilometres of 2D seismic and 11,700 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.\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 divide...