TSX: PSD
CALGARY, June 29 /CNW/ - Pulse Data Inc. ("Pulse" or the "Company") announces that following the previously announced hearing today, the Alberta Securities Commission (the "ASC") issued a cease-trade order against the unsolicited offer to acquire all of Pulse's shares made by Quantum Yield Inc. ("Quantum") on June 19, 2007, prohibiting further distribution of the offer and trading in securities in respect of the offer.
As announced by Pulse in its news releases on June 25 and June 26, 2007, Pulse made an application to the ASC for an order to cease-trade Quantum's offer, based upon alleged violations of securities laws and incomplete and misleading disclosure in the offer circular and Quantum's news releases. Following receipt of ASC staff submissions concerning the application received late on Thursday, June 28, 2007, Quantum withdrew its offer today shortly before the hearing commenced.
Notwithstanding the withdrawal by Quantum of its offer, the ASC heard Pulse's application, which was made by Macleod Dixon on behalf of Pulse, and granted the cease-trade order. A copy of the cease-trade order will be posted on Pulse's website after it is published by the ASC.
According to Quantum's offer dated June 19, 2007, Quantum was incorporated for the purpose of making the offer. The directors and executive officers of Quantum are Jim Durward of Calgary, Alberta (President, Secretary/Treasurer and Director) and James Hanley of Calgary, Alberta (Director).
On June 25, 2007 Pulse announced in a news release that its Board of Directors had unanimously rejected the Quantum offer and was urging Pulse's shareholders not to tender their shares to the offer. The same news release provided detailed reasons for the Board of Directors' belief that the offer was inadequate and not in the interests of shareholders.
The Board of Directors and management of Pulse are committed to a business plan focused solely on the seismic data library business. The Company is well positioned in the seismic business with an experienced board of directors and management team, a top-performing sales force and an excellent reputation within the oil and gas industry.
Pulse continues to grow its high quality seismic data library. As announced by Pulse in its news release on June 25, 2007, Pulse has signed a letter agreement for the purchase of all of the seismic data owned jointly with Arcis Corporation. The seismic data is located primarily in northeastern British Columbia, and includes 1,357 net square kilometres of contiguous 3D seismic data and 65 net kilometres of 2D seismic data. The purchase will increase Pulse's interest in the seismic data from 50% to 100% and is expected to close by July 31, 2007.
Pulse is a Calgary-based company specializing in seismic data acquisition, licensing and marketing. With this purchase, Pulse's seismic library will grow to more than 11,100 net square kilometres of 3-D seismic data and approximately 257,000 net kilometres of 2-D seismic data.
Pulse trades on the Toronto Stock Exchange under the symbol PSD.
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.