CALGARY, Sept. 25 /CNW/ - Pulse Data Inc. ("Pulse" or the "Company")
announces that it has reduced the time period for the Seitel Offer to be a
permitted bid under Pulse's Shareholder Rights Plan (the "Plan") to today's
Such decision does not, in any way, affect the Board's unanimous
recommendation that Pulse shareholders reject the Seitel Offer.
The determination to reduce the permitted bid time period for the Seitel
Offer has been made as a result of a careful assessment by the Board of
strategic alternatives available to Pulse at the present time, including
preliminary indications of interest from certain parties which have indicated
price levels superior to that which is being offered under the Seitel Offer,
and maximization of shareholder value through the execution of the Company's
current business plan and future prospects. Pulse continues to seek and assess
strategic alternatives to maximize shareholder value.
With this reduction of the time period, the Plan continues to provide
important protection to shareholders against a creeping take-over of the
Company, by requiring that any take-over offer must be accepted by
shareholders holding a majority of the outstanding shares (other than those
held by the offeror).
At a meeting of Pulse shareholders held on September 21, 2007, the Plan
was overwhelmingly approved by shareholders.
Seitel has made an application to the Alberta Securities Commission
seeking an order to cease trade the Plan. A hearing before the Alberta
Securities Commission in respect of such application has been scheduled for
September 26, 2007.
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