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TSX: PSD
CALGARY, Oct. 22 /CNW/ - Pulse Data Inc. ("Pulse") was pleased to receive the announcement by Seitel, Inc. ("Seitel") earlier today that its offer to purchase all of the Pulse shares had expired, and that Seitel is not taking up any shares tendered under the offer.
Pulse thanks its shareholders for rejecting Seitel's offer and for their vote of confidence in Pulse's business plan. On August 10, 2007 Seitel had made an unsolicited offer to purchase all of the common shares of Pulse. Pulse's Board of Directors and management considered the offer as well as subsequent amended offers to be inadequate, and urged the shareholders of Pulse to reject the offers.
Seitel has not disclosed how many shares were tendered to its offer. Based upon information provided to Pulse management by significant institutional shareholders and by Pulse's information agent, Georgeson Shareholder Communications Canada, Pulse believes that only approximately 10.8% of the Pulse shares (fully diluted) were tendered to Seitel's offer.
Pulse's Board of Directors and senior management remain committed to their business plan of growing the seismic data library through strategic, high-quality seismic data acquisitions and participation surveys. To date in 2007, cash data library sales have established new quarterly records.
Pulse expects to announce its third quarter results on November 8, 2007, including details of its eighteenth consecutive quarterly dividend. As previously announced, the Board of Directors has recently approved a 33% increase in its annual dividend rate, from $0.15 to $0.20 per share.
Pulse also hopes to able to make an announcement soon concerning the Terrapoint disposition process.
Pulse also announces that in light of the expiry of Seitel's offer, Pulse is cancelling the special shareholders meeting that had been scheduled for November 9, 2007 to re-confirm the Shareholder Rights Plan.
Disclaimer: Certain information contained herein may constitute forward-looking statements under applicable securities laws. Such statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking statements. Investors are encouraged to review the "Risk Factors" section of the Management's Discussion and Analysis in the Company's most recent Annual Report and interim reports for a discussion of risks that could affect the Company's operations and financial results. Forward-looking statements are based upon management's assumptions, expectations and estimates at the time that such statements are made. Pulse does not update forward-looking statements should circumstances change or management's assumptions, expectations or estimates change, unless required by law.