TSX: PSD
CALGARY, Oct. 30 /CNW/ - Pulse Data Inc. ("Pulse" or the "Company") announces that it has signed a non-binding letter of intent to sell its Terrapoint business unit to a large, diversified, international engineering firm.
The letter of intent provides a scheduled closing date of November 16, 2007. It is subject to a number of conditions, including completion of the purchaser's due diligence and execution of a formal purchase and sale agreement. It is not subject to any financing condition. Terms of the agreement, including the purchase price, will be disclosed upon closing.
The Board of Directors and management of Pulse are committed to a business plan of continued growth in seismic data library sales and free cash flow. Upon completion of the transaction, Pulse will have a total of approximately 25 employees and expects to achieve a significant reduction in general and administrative expenses. Pulse plans to continue to grow its seismic data library through strategic, high-quality seismic data acquisitions and participation surveys.
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.