CALGARY, Sept. 27 /CNW/ - Pulse Data Inc. ("Pulse" or the "Company")
announces that following a hearing yesterday, the Alberta Securities
Commission dismissed today Seitel's application to cease-trade Pulse's
Shareholder Rights Plan. The Commission stated that this decision was based
upon the unique circumstances of this case at this time, and that Seitel was
not precluded from a further application at any time should circumstances
Pulse thanks its shareholders for their overwhelming approval of the
Shareholder Rights Plan at a special shareholders' meeting last Friday.
The Shareholder Rights Plan continues to provide important protection to
shareholders against a creeping take-over of Pulse, by requiring that any
take-over bid must be accepted by shareholders holding a majority of the
outstanding shares (other than those held by the offeror).
Accordingly, the Seitel offer is not a permitted bid under the
Shareholder Rights Plan unless, among other things, a majority of the
outstanding shares (excluding shares owned by ValueAct Capital) are tendered
to the Seitel offer.
The Board of Directors of Pulse Data continues to recommend that
shareholders reject the Seitel offer, and that any shareholders that have
tendered their shares to the Seitel offer withdraw them.
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.
For further information:
For further information: Douglas Cutts, President and C.E.O., Tel: (403)
237-5559, Toll-free: 1-877-460-5559, E-mail: email@example.com; Please
visit our website at www.pulsedatainc.com