TSX: PSD
CALGARY, April 1 /CNW/ - Pulse Data Inc. ("Pulse" or the "Company") announces that it has signed a definitive agreement to sell its Terrapoint business unit to Ambercore Software Inc.
The definitive agreement provides for an effective date of March 31, 2008 and a scheduled closing date on or before April 30, 2008. It is subject to a number of conditions, including the completion of the purchaser's financing and the receipt of required third party consents. Terms of the agreement, including the purchase price, will be announced upon closing.
Ambercore Software Inc. is based in Ottawa, Ontario, and provides enterprise-scale software knowledge solutions for Energy, Mining and Mapping industries.
Financing is being provided to the purchaser by Quorum Oil and Gas Technology Fund Limited ("Q-OGT") listed on the London Stock Exchange. Q-OGT provides expansion capital to companies which own and/or are developing proven proprietary technology which may have a potentially significant effect on the oil and gas industry. Q-OGT is managed by Investment Managers who are members of the Quorum Group, a 20 year old strategic sector private equity firm, headquartered in Toronto which consists of a team of high quality oil and gas technology, accounting, financial and business professionals.
CORPORATE PROFILE
Pulse is a market leader in the acquisition, marketing and licensing of 2D and 3D seismic data for the western Canadian energy sector. Pulse owns the second-largest licensable seismic data library in Canada, currently consisting of approximately 257,300 net kilometres of 2D seismic and 11,600 net square kilometres of 3D seismic. The library extensively covers the Western Canada Sedimentary Basin where most of Canada's oil and natural gas exploration and development occurs. The replacement value of Pulse's library is currently estimated at over $1 billion based on current field replacement costs.
Pulse has publicly traded on the TSX since 2001. The Company has paid its shareholders a quarterly dividend since 2003 and at Pulse's current share price provides one of the highest dividend yields on the TSX.
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 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, except as required by securities laws.