TSX:PSD
CALGARY, May 17 /CNW/ - Ken MacDonald, President, CEO and a director of Pulse Data Inc. ("Pulse" or "the Company"), will retire as an officer of Pulse and will not stand for re-election to the board of directors at the company's annual general meeting on May 22, 2007, Pulse's chairman announced today.
"On behalf of the board of directors, the management team and all the employees of Pulse, I commend Ken for the tremendous job he has done in growing Pulse over the past 20 years," said Clark Zentner, chairman of the board of Pulse. "Ken leaves the company in excellent financial and operating shape, and has worked with us to provide for an orderly management transition. All of us wish Ken the very best in retirement."
Ken MacDonald retires after a 35-year career in the geophysical industry, which included earning his P.Geoph. designation from APEGGA and working at several companies before acquiring Pulse with a partner in 1987. MacDonald placed Pulse on a successful growth track, entering the public markets in 1999 and, with the acquisition of Request Income Trust in January 2002, providing the seismic library database and cash flow stream that elevated Pulse into Western Canada's second-largest provider of seismic data.
"Ken had the vision to understand when and how he could grow Pulse and progress into being a major player in the seismic data library business," said Clark Zentner. "Ken has the ability to make companies run more efficiently by getting the right people doing the jobs that they're best at. He is adept at executing a scalable business model, which has been important in the cyclical energy services industry."
"I'm proud of the business model that we've developed at Pulse, which has demonstrated itself to be a profitable cash-generating model over many years," commented Ken MacDonald. "But more than any business event, what I feel the best about are the excellent people we have at Pulse, the reputation for integrity they have within the business community and the pride they show in the way they do their jobs."
MacDonald plans to spend more time pursuing his passion for outdoor activities. "I can think of no better time to retire than in a period when Pulse continues to grow," he added. "I feel confident in leaving Pulse under capable direction."
Effective May 22, 2007 Doug Cutts becomes Pulse's President and CEO. Doug Cutts has been Pulse's Vice President Finance and Chief Financial Officer for the past five years, prior to which he accumulated a strong background in the energy services sector, particularly in the areas of finance, operations and public company management.
"I have very much appreciated the opportunity to work closely with Ken," commented Doug Cutts. "I've learned from numerous people throughout the industry how highly respected he is in the seismic field. Ken is a man of the highest integrity."
"Doug's appointment ensures a seamless and timely transition of senior management and continued strategic direction for Pulse," said Clark Zentner. Cutts will also stand for election to Pulse's Board of Directors at the May 22, 2007 annual general meeting of the shareholders.
Pulse is a Calgary-based company specializing in acquiring, marketing and licensing seismic data to the western Canadian energy sector.
Pulse trades on the Toronto Stock Exchange under the symbol PSD.