CALGARY, Sept. 21 /CNW/ - Pulse Data Inc. ("Pulse" or the "Company")
announces record Q3, 2007 cash data library sales and strong Q3, 2007 total
seismic revenues. As at September 21, 2007, Pulse has posted Q3 cash data
library sales of $8.7 million, surpassing the Q3 record of $8.6 million set in
2005. The Company will set record cash data library sales for 3 consecutive
quarters. Pulse also expects Q3, 2007 total seismic revenues of at least
$10.5 million, which includes an expected partial delivery by September 30,
2007 of a 3D seismic participation survey in the Deep Basin area of
west-central Alberta that commenced on July 11, 2007.
The financial information contained in this news release is based upon
management's estimates only and has not been approved by the Audit Committee
or Board of Directors, or reviewed by the Company's auditors.
As a result of the increased level of sustainable free cash flow, the
Board of Directors of Pulse has approved a 33% increase in the annual dividend
rate from $0.15 to $0.20 per common share. Based on Pulse's closing share
price on September 21, 2007, this annual dividend provides an effective yield
of 6.5%. This is the 3rd increase in the dividend since Pulse commenced paying
a dividend in 2003. Pulse expects to declare the next regular quarterly
dividend, the eighteenth consecutive, in conjunction with the release of its
Q3, 2007 results on November 8, 2007.
Douglas Cutts, President & CEO commented, "We are extremely pleased with
our sales efforts at a time when oil and gas service companies are under
extreme pressure as a result of depressed natural gas prices. Going forward,
the board and management are committed to our strategic business plan as a
pure seismic data library business. The 33% increase in our dividend is an
indication of the confidence we have in this plan."
On September 5, 2007 Pulse announced that it had signed a non-binding
letter of intent to sell the assets of its Terrapoint business unit to a
management-led group of Terrapoint. The letter of intent provided an exclusive
period for negotiations until September 17, 2007. Although the exclusive
period for negotiations has expired, Pulse continues to work with the
purchaser, and the Company continues to work towards a binding transaction by
the end of September, 2007.
The Company emphasizes that any shareholders that tender their shares to
the extended Seitel Inc. ("Seitel") offer of $3.0625 per share (after
deducting the regular quarterly dividend of $0.0375 per share paid on
September 20, 2007) will not receive the benefit of the record Q3, 2007 cash
data library sales, the increase in the annual dividend rate, or the continued
commitment of Pulse to focus its strategic business plan on the seismic data
library business. Pulse recommends that shareholders reject the extended
Seitel offer, and that any shareholders that have tendered their shares to the
extended 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: firstname.lastname@example.org; Please
visit our website at www.pulsedatainc.com