CALGARY, July 4 /CNW/ - On June 29, 2007, Quantum Yield Inc. ("Quantum") withdrew its offer to purchase all of the issued and outstanding shares of Pulse Data Inc. ("Pulse"), made on June 19, 2007, due to Quantum's belief that not all of the conditions of the Offer would be met. Jim Durward, the President of Quantum states, "Pulse issued a news release on June 25, 2007 wherein it was disclosed that there were default and acceleration covenants contained within Pulse's term debt agreements. Quantum is of the view that the Pulse lending covenant would require additional terms and disclosure in the take over bid, all of which would impact on shareholders ability to make a reasonable determination. The lending covenants were not disclosed in any Pulse documents, making it impossible for Quantum to have anticipated these issues at the time of the take over bid. Quantum is currently considering its options with respect to this matter."
This news release contains forward-looking statements. Such forward-looking statements or information are based on a number of assumptions which may prove to be incorrect. Although Quantum believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on such forward-looking statements because Quantum can not give assurance that such expectations will prove to be correct. The forward-looking statements or information contained in this news release are made as of the date hereof and Quantum does not undertake any obligation to update publicly or revise any forward-looking statements or information, unless so required by applicable securities laws.