Pulse Data Inc. reports 2007 results and declaration of quarterly dividend



    TSX Symbol - PSD

    CALGARY, March 19 /CNW/ - Douglas Cutts, President and Chief Executive
Officer of Pulse Data Inc. ("Pulse" or "the Company"), is pleased to report
the financial and operating results of Pulse for the year ended December 31,
2007, which included achieving record annual seismic data library sales of
$41.2 million.
    Mr. Cutts is also pleased to announce that Pulse has declared its
nineteenth consecutive quarterly dividend. The dividend is $0.05 per common
share and will be paid on April 11, 2008 to shareholders of record at the
close of business on March 28, 2008. The Company's Dividend Reinvestment Plan
for eligible shareholders will be available for this dividend. Pulse
re-confirms that all dividends paid to shareholders in 2007, and subsequent
years, are designated as "eligible dividends", as defined by the Government of
Canada's Bill C-28, entitling Canadian resident individuals to a higher gross
up and dividend tax credit.
    A conference call to review the third quarter results has been scheduled
for 1:00 pm EDT (11:00 am MDT) on Thursday March 20, 2008. The conference call
dial-in number is (416) 644-3429 (Toronto) and 1-800-588-4490. A live webcast
of the conference call will be available at:
http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID=2187240.

    
    HIGHLIGHTS

    -   21% increase in annual seismic data library sales to $41.2 million in
        2007 compared to $34.2 million in 2006.

    -   19% increase in total seismic revenues (including revenues from
        participation surveys) to $44.2 million in 2007 compared to
        $37.3 million in 2006.

    -   Pulse invested $11.7 million in strategic seismic acquisitions of
        1,536 net square kilometres of 3D data and 65 net kilometres of 2D
        data in two seismic data purchases.

    -   Pulse invested $7.0 million in one participation survey. The Cutbank
        River 3D participation survey added a total of 248 net square
        kilometres of 3D data to the seismic data library.

    -   Improved working capital position year-over-year to $12.3 million
        (including cash of $6.5 million) at December 31, 2007 compared to
        $5.7 million (including cash of $2.2 million) at December 31, 2006.

    -   Increase of 25% in cash EBITDA(b) to $33.0 million for the year ended
        December 31, 2007 from $26.5 million for the year ended December 31,
        2006.

    -   $8.4 million paid in dividends to shareholders in 2007. Based on the
        Company's current share price, the annual dividend rate of $0.20 per
        common share represents an approximate yield of 8.2%.

    -   Net earnings from continuing operations in 2007 decreased to
        $2.5 million ($0.05 per share basic and diluted) from $3.5 million
        ($0.07 per share basic and diluted) in 2006 due to unplanned
        corporate transaction costs ($2.4 million), increased amortization
        ($5.8 million) and higher interest expense ($1.0 million), offset by
        increased revenues of $7.5 million.

    -   In 2007 the Company repurchased 610,000 common shares at an average
        price of $2.86 through the Normal Course Issuer Bid for a total cost
        of $1.7 million.

    -   On July 27, 2007 Pulse closed a private placement financing of
        6.44 million common shares at an issue price of $2.70 per common
        share for total gross proceeds of $17.4 million.


    Financial Highlights
    ('000's of dollars except per share data)

                               3 months ended           12 months ended
                                 December 31               December 31
                                 -----------               -----------
                              2007         2006         2007         2006
                              ----         ----         ----         ----
                                 (unaudited)               (unaudited)
    Revenue from continuing
     operations:
      Data library sales  $    10,995  $    10,506  $    41,215  $    34,214
      Participation surveys     1,310            -        3,010        3,058
      Corporate & other             -         (520)           -         (520)
                          ---------------------------------------------------
    Total revenue from
     continuing
     operations           $    12,305  $     9,986  $    44,225  $    36,752

    Amortization of
     seismic data
     library              $     8,478  $     5,587  $    28,345  $    22,574

    Net earnings from
     continuing
     operations           $     1,617  $     1,996  $     2,511  $     3,474
    Net earnings from
     continuing
     operations
     per share:
      Basic and diluted   $      0.03  $      0.04  $      0.05  $      0.07

    Net earnings (loss)   $       305  $     1,339  $    (4,982) $    (3,290)
    Net earnings (loss)
     per share:
      Basic and diluted   $      0.01  $      0.03  $  (0.10)(a) $  (0.07)(a)

    Funds from continuing
     operations(b)        $     9,308  $     8,210  $    31,208  $    25,952
    Funds from continuing
     operations per
     share(b):
      Basic               $      0.17  $      0.17  $      0.61  $      0.55
      Diluted             $      0.17  $      0.17  $      0.61  $      0.54
    Cash EBITDA(b)        $     8,891  $     8,683  $    33,038  $    26,468
    Working capital       $    12,259  $     5,681  $    12,259  $     5,681
    Total assets          $   124,473  $   131,910  $   124,473  $   131,910
    Capital expenditures:
      Seismic data
       purchases          $         -  $    33,000  $    11,738  $    36,850
      Participation
       surveys                  4,700         (375)       6,979        6,696
      Changes to work
       in progress             (3,991)           -            -         (192)
      Property & equipment
       additions                  475            7          422          119
                          ---------------------------------------------------
    Total capital
     expenditures         $     1,184  $    32,632  $    19,139  $    43,473
    Total long-term debt
     (net of current
     maturities and debt
     financing costs)     $    23,543  $    31,996  $    23,543  $    31,996

    Shareholders' equity  $    79,174  $    75,357  $    79,174  $    75,357

    Weighted average
     shares outstanding:
      Basic                54,637,247   47,802,900   50,828,071   47,145,373
      Diluted              55,328,803   48,470,921   51,378,310   48,007,006
    Shares outstanding
     at period end         54,481,601   47,919,342   54,481,601   47,919,342

    (a) Basic weighted average shares outstanding are used to calculate loss
        per share.
    (b) These non-GAAP financial measures are defined below.

    Operational Highlights:

    Seismic library:
      2D in net kilometres    257,281      257,216      257,281      257,216
      3D in net square
       kilometres              11,607        9,823       11,607        9,823
    


    FINANCIAL SUMMARY

    The Company's continuous disclosure documents provide discussion and
analysis of "cash EBITDA", "funds from operations" and "funds from operations
per share". These financial measures do not have standard definitions
prescribed by GAAP in Canada and, therefore, may not be comparable to similar
measures disclosed by other companies. The Company has included these non-GAAP
financial measures because management, investors, analysts and others use them
as measures of the Company's financial performance. The Company's definition
of cash EBITDA is cash available for interest payments, cash taxes if
applicable, debt servicing, discretionary capital expenditures and the payment
of dividends, and is calculated as earnings before interest, taxes,
depreciation and amortization less participation survey revenue, plus non-cash
and non-recurring G&A expenses. The Company's definition of funds from
operations is cash flow from operations as prescribed by Canadian GAAP but
excluding the impact of changes in non-cash working capital. Funds from
operations per share is defined as funds from operations divided by the
weighted average number of shares outstanding for the period.

    Overview

    Pulse attained record seismic data library sales of $41.2 million in the
year ended December 31, 2007, an increase of 20.5 percent from $34.2 million
in 2006. Total seismic revenue of $44.2 million in 2007 included participation
survey revenue of $3.0 million, compared to total seismic revenue of
$37.3 million including $3.1 of participation survey revenue in 2006. The
year-over-year increase in total seismic revenue was 18.7 percent.
    Total seismic revenue for the three months ended December 31, 2007 was
$12.3 million, comprised of $11.0 million in data library sales and
$1.3 million in participation survey revenue, compared to $10.5 million for
the fourth quarter of 2006, comprised entirely of data library sales as no
participation surveys were delivered during the fourth quarter of 2006. These
results represent a 17.1 percent increase in total seismic revenue.
    Earnings from continuing operations before income taxes decreased to
$2.0 million in 2007 from $4.3 million in 2006. The reduction was due
primarily to three factors. First, the Company incurred $2.4 million in
unplanned corporate transaction costs in 2007 related to three unplanned and
non-completed merger and acquisition transactions. Second, there was a 25.6
percent increase in amortization expense in 2007 over 2006 due to significant
seismic data acquisitions in 2007 and the latter part of 2006. Third, there
was 59.2 percent higher interest expense in 2007 due to the increased
long-term debt balance through most of the year and the higher interest rate
on long-term debt. In summary, the $7.5 million increase in total revenue was
more than offset by a $5.8 million increase in data library amortization, $2.4
million in unplanned corporate transaction costs, and a $1.0 million increase
in interest expense.
    For the three months ended December 31, 2007 earnings from continuing
operations before income taxes totalled $626,000 compared to $2.8 million for
the three months ended December 31, 2006. The decrease quarter-over-quarter
was again due primarily to the unplanned corporate transaction costs and
increased amortization and interest expense. The $4.7 million addition to the
data library upon completion of the participation survey in the fourth quarter
of 2007 led to a related amortization expense of $1.6 million in the quarter.
    Net earnings from continuing operations for the year ended December 31,
2007 totalled $2.5 million ($0.05 per share basic and diluted), compared to
net earnings from continuing operations of $3.5 million ($0.07 per share basic
and diluted) for 2006. The decrease in spite of record seismic data library
sales was due to significant unplanned corporate transaction costs and
increased amortization and interest expense. Net earnings from continuing
operations for the three months ended December 31, 2007 was $1.6 million
($0.03 per share basic and diluted) compared to net earnings of $2.0 million
($0.04 per share basic and diluted) for the comparable period of 2006. This
decrease reflects the same factors highlighted above.
    The Company had a loss from discontinued operations net of income taxes
of $7.5 million, compared to an after-tax loss of $6.8 million for 2006. In
2007, the Terrapoint business unit revenues were $9.1 million, a 15.9 percent
increase over $7.9 million for 2006. The 2007 loss includes a $4.4 million
after-tax loss related to the write-down of Terrapoint's property and
equipment in the third and fourth quarters of 2007, compared to a $5.6 million
after-tax loss related to the write-down of Terrapoint's older, high-altitude
LiDAR systems in 2006. In addition to the write-down of the assets, the future
tax assets of the Terrapoint business unit were re-evaluated during the year.
A valuation allowance has been applied to the future tax asset applicable to
the United States as it is no longer reasonable to assume that it will be
useful in the future, and the Canadian future tax asset has also been reduced
to its expected value to Pulse in future years, after the disposition of the
Terrapoint assets.
    The loss from discontinued operations for the fourth quarter of 2007 was
$1.3 million compared to a loss of $657,000 for the same period in 2006. The
most significant item affecting the Terrapoint business unit's results in the
fourth quarter of 2007 was the $1.1 million after-tax write-down of
Terrapoint's assets. This write-down was recorded based on additional
information garnered during the Terrapoint disposition process in the first
quarter of 2008.
    The net loss in 2007 was $5.0 million ($0.10 per share basic and diluted)
compared to a net loss of $3.3 million ($0.07 per share basic and diluted) for
2006. The Company had net earnings for the three months ended December 31,
2007 of $305,000 ($0.01 per share basic and diluted) compared to net earnings
of $1.3 million ($0.03 per share basic and diluted) for the same period in
2006. A significant factor contributing to the earnings decrease in both
periods was the write-down of Terrapoint assets of $6.0 million for the year,
including $1.3 million in the fourth quarter, and the increased expenses in
continuing operations highlighted above. When calculating the loss per share
for the years ended December 31, 2007 and 2006, the basic number of shares
outstanding was utilized as applying diluted shares would have the effect of
inappropriately decreasing the net loss per share.
    Funds from continuing operations totalled $31.2 million ($0.61 per share
basic and diluted) for 2007 compared to $26.0 million ($0.55 per share basic
and $0.54 per share diluted) for 2006.
    Cash EBITDA for 2007 was $33.0 million compared to $26.5 million for
2006. The 24.8 percent year-over-year increase is attributable primarily to
the increase of 18.7 percent in total seismic revenue in 2007.
    At December 31, 2007 Pulse had working capital of $12.3 million compared
to working capital of $5.7 million at December 31, 2006.
    On July 27, 2007 Pulse closed a private placement financing of
6.44 million common shares at an issue price of $2.70 per common share for
total gross proceeds of $17,388,000 (the "offering"). Pulse used the proceeds
of the offering to finance a 3D seismic data acquisition of $11.1 million from
a joint venture partner and, subsequently, to partially fund a 3D seismic
participation survey program consisting of 248 net square kilometres in the
Deep Basin area of west-central Alberta.
    During 2007, the Company repurchased 610,000 common shares under its
Normal Course Issuer Bid at an average price of $2.86 per share, for a total
cost of $1.7 million.
    Pulse paid its eighteenth consecutive quarterly dividend on December 20,
2007. As per the September 21, 2007 announcement of a 33 percent increase in
the annual dividend rate from $0.15 to $0.20 per share, the quarterly dividend
was $0.05 per common share.

    Revenue

    Revenue from continuing operations includes seismic data library sales
and participation survey revenues. One 3D participation survey was completed
in each of the 2007 and 2006 years. The 2007 survey generated $3.0 million of
participation survey revenue compared to $3.1 million from the program in
2006. For the year ended December 31, 2007, seismic data library sales
increased by 20.5 percent to $41.2 million from $34.2 million in 2006. For the
three months ended December 31, 2007, seismic data library sales were
$11.0 million compared to $10.5 million for the comparable period in 2006. The
increases for both the fourth quarter and 12 months of 2007 were due in part
to higher demand for seismic data for exploration from junior oil and natural
gas companies, along with the additional sales generated from the Foothills 2D
dataset which Pulse purchased in November 2006, and in part to a general price
increase for seismic data library licences effective January 1, 2007.

    Data Library

    Pulse acquires seismic data to grow its data library through two main
methods. The Company purchases proprietary rights to complementary seismic
data sets when the opportunity arises, and it conducts participation surveys.
On occasion, Pulse may also conduct a "spec" survey with no participation
survey funding if the Company believes there is a strong likelihood of
subsequent license sales or the survey is strategically located.
    During 2007, Pulse invested $18.7 million to acquire new seismic data or
additional interests in existing data. Pulse acquired the remaining 50 percent
interest from an industry partner in certain 3D data that it already partially
owned. The data consists of 1,388 net square kilometres of 3D seismic data and
65 net kilometres of 2D seismic data. In a second, smaller transaction, Pulse
purchased the remaining 50 percent interest in another 3D data set that it
partially owned, which consisted of 148 net square kilometres of 3D data. The
total cost of these acquired data sets was $11.7 million.
    Pulse also invested $7.0 million to conduct a 248-square-kilometre, 3D
participation survey in west-central Alberta. Pulse began this survey in July
and delivered a portion of the data to the clients in the third quarter, but
the work was hampered by bad weather in August and September, delaying
delivery of the remainder until October. In comparison, in 2006 the Company
completed a 237-net-square-kilometre 3D participation survey in west central
Alberta at a cost of $6.7 million.

    Liquidity, Capital Resources and Capital Requirements

    At December 31, 2007 Pulse had working capital of $12.3 million,
including the current portion of long-term debt of $8.0 million, compared to
$5.7 million of working capital at December 31, 2006. In 2007 Pulse generated
$31.2 million in funds from continuing operations, had a negative net change
in non-cash working capital items relating to continuing operations of
$1.4 million, and utilized working capital for long-term debt repayment
($8.0 million), dividends ($8.0 million) and to finance its Terrapoint
business unit ($6.5 million). Additionally, the Company raised $16.3 million
after transaction costs through a private placement financing, repurchased
shares through its Normal Course Issuer Bid for $1.7 million, received cash on
the exercise of stock options of $1.0 million and sold certain investments for
$0.7 million. Capital expenditures included seismic data which was purchased
for $11.7 million, a participation survey which cost $7.0 million and
approximately $400,000 of property and equipment additions. These items
combined resulted in an increase from the December 31, 2006 cash balance of
$4.3 million to $6.5 million at December 31, 2007.
    Following a year of record data library sales in 2007 and the recent work
on Pulse's strategic plan and budget, Pulse management expects that the
Company's funds from operations will be sufficient to finance future
operations, service debt, pay dividends and carry out the budgeted capital
expenditures through 2008. The ongoing growth in the Company's seismic data
library continues to position Pulse to be a leading provider of valuable
seismic data to industry participants well into the future. Historical data
sales analysis shows that most seismic data retains its value for many years.
Utilizing the recent technological advancements in data reprocessing, the
Company's clients are able to enhance the quality of older seismic data
available in the Company's library.
    Although quarterly results can show significant swings in working capital
because of the impact of participation surveys, Pulse remains in a strong
financial position. Because Pulse's largest expense in any given period is
non-cash amortization expense, funds from operations are usually much higher
than net earnings.

    
    PULSE DATA INC.
    Consolidated Balance Sheets
    December 31, 2007 and 2006
    (In thousands of dollars)
    -------------------------------------------------------------------------
                                                            2007        2006
    -------------------------------------------------------------------------
    Assets

    Current assets:
      Cash and cash equivalents                        $   6,528   $   2,181
      Accounts receivable                                 14,686      16,191
      Prepaid expenses                                       425         233
      Assets held for sale                                 5,426       3,809
    -------------------------------------------------------------------------
                                                          27,065      22,414

    Seismic data library                                  91,060     100,688
    Assets held for sale                                   5,629       6,943
    Property and equipment                                   663         904
    Investments                                                -         351
    Other                                                     56         610
    -------------------------------------------------------------------------
                                                       $ 124,473   $ 131,910
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Liabilities and Shareholders' Equity

    Current liabilities:
      Accounts payable and accrued liabilities         $   2,178   $   4,002
      Deferred revenue                                     2,897       3,781
      Current portion of long-term debt                    8,004       8,004
      Liabilities held for sale                            1,727         946
    -------------------------------------------------------------------------
                                                          14,806      16,733

    Long-term debt                                        23,543      31,996
    Future income taxes                                    6,950       7,824

    Shareholders' equity:
      Share capital                                       72,463      54,887
      Contributed surplus                                  1,508       1,305
      Retained earnings                                    5,203      19,165
    -------------------------------------------------------------------------
                                                          79,174      75,357
                                                       $ 124,473   $ 131,910
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    PULSE DATA INC.
    Consolidated Statements of Earnings (Loss) and Retained Earnings

    Years ended December 31, 2007 and 2006
    (In thousands of dollars, except per share data)
    -------------------------------------------------------------------------
                                                            2007        2006
    -------------------------------------------------------------------------

    Revenue:

      Data library sales                               $  41,215   $  34,214
      Participation surveys                                3,010       3,058
      Corporate and other                                      -        (520)
    -------------------------------------------------------------------------
    Total revenue                                         44,225      36,752

    Expenses:
      Amortization of seismic data library                28,345      22,574
      Operating                                            3,330       3,843
      Depreciation and amortization                          194         363
      (Loss) Gain on sale of assets                            6      (1,100)
      General and administrative expenses                  5,605       5,633
      Corporate transaction costs                          2,415           -

    Interest:
      Long-term debt                                       2,729       1,714
      Interest earned on cash balances                      (425)       (608)
    -------------------------------------------------------------------------
                                                           2,304       1,106
    -------------------------------------------------------------------------

    Earnings from continuing operations before
     income taxes                                          2,026       4,333

    Income taxes:
      Current                                                121       1,293
      Future (reduction)                                    (606)       (434)
    -------------------------------------------------------------------------
                                                            (485)        859
    -------------------------------------------------------------------------

    Net earnings from continuing operations                2,511       3,474

    Loss from discontinued operations,
     net of income taxes                                  (7,493)     (6,764)

    -------------------------------------------------------------------------
    Net loss for the year                                 (4,982)     (3,290)

    Retained earnings, beginning of year                  19,165      29,545

    Change in accounting policy                              322           -

    Normal course issuer bid                                (936)          -

    Dividends paid                                        (8,366)     (7,090)

    -------------------------------------------------------------------------
    Retained earnings, end of year                     $   5,203   $  19,165
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Earnings per share from continuing
     operations, basic and diluted                     $    0.05   $    0.07
    -------------------------------------------------------------------------

    Loss per share, basic and diluted                  $   (0.10)  $   (0.07)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    PULSE DATA INC.
    Consolidated Statements of Cash Flows

    Years ended December 31, 2007 and 2006
    (In thousands of dollars)
    -------------------------------------------------------------------------
                                                            2007        2006
    -------------------------------------------------------------------------

    Cash provided by (used in):

    Operations:
      Net earnings from continuing operations          $   2,511   $   3,474
      Items not involving cash:
        Amortization of seismic data library              28,345      22,574
        Depreciation and amortization                        194         363
        Loss (Gain) on sale of assets                          6      (1,100)
        Future income taxes                                 (606)       (434)
        Stock-based compensation                             608         997
        Other                                                150          78
    -------------------------------------------------------------------------
                                                          31,208      25,952
      Net change in non-cash working capital items
       related to continuing operations                   (1,395)         67
    -------------------------------------------------------------------------
      Cash flow from continuing operations                29,813      26,019

    Discontinued operations:
      Funds used in discontinued operations               (1,743)     (1,444)
      Additions to property and equipment                 (3,663)     (2,102)
      Net change in non-cash working capital items
       related to discontinued operations                 (1,141)      1,658
    -------------------------------------------------------------------------
                                                          (6,547)     (1,888)
    Financing:
      Issuance of long-term debt                               -      25,000
      Repayment of long-term debt                         (8,004)    (11,840)
      Issuance of share capital                           17,296       2,041
      Financing costs                                        (18)       (470)
      Proceeds from sale of subsidiary                         -       1,714
      Dividends paid                                      (8,013)     (6,775)
    -------------------------------------------------------------------------
                                                           1,261       9,670
    Investing:
      Additions to data library through
       participation surveys                              (6,979)     (6,696)
      Seismic data purchases                             (11,738)    (36,850)
      Decrease in participation surveys in progress            -         192
      Additions to property and equipment                   (422)       (119)
      Proceeds from sale of seismic data                       -       1,113
      Normal course issuer bid                            (1,743)        (48)
      Proceeds on sales of investments                       729         194
      Decrease in investments                                  -          81
      Net change in non-cash working capital items
       related to investing                                  (27)        (27)
    -------------------------------------------------------------------------
                                                         (20,180)    (42,160)
    -------------------------------------------------------------------------
    Increase (decrease) in cash position                   4,347      (8,359)

    Cash and cash equivalents, beginning of year           2,181      10,540

    -------------------------------------------------------------------------
    Cash and cash equivalents, end of year             $   6,528   $   2,181
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    

    OUTLOOK

    Pulse has a mixed outlook for 2008. The Company is cautious with respect
to overall industry activity levels in the first half of 2008 due to the
current uncertainty over the capital expenditure plans of exploration and
production companies and energy trusts. Observed oil and gas energy services
activity levels in the first quarter appear to have outperformed initial
industry forecasts of a very weak first quarter, with somewhat higher rates of
drilling, supported by higher than expected natural gas prices. Oil and gas
energy service industry activity in the second quarter, however, is still
expected to be flat to down slightly from the weak levels experienced in 2007.
    Pulse expects that seismic data library sales levels in the first quarter
of 2008 will be less than the record level achieved in the first quarter of
2007. However, the Company expects that demand for licensed seismic data for
the balance of 2008 will be on-trend with prior years. Combined with growth in
the size of the library, this should enable Pulse to generate solid levels of
revenue and cash EBITDA in 2008. The Company is committed to maintaining a
strong balance sheet while taking advantage of weaker industry conditions and
its strong working capital position to continually seek opportunities to grow
its data library through strategic seismic data acquisitions and additional
seismic participation surveys. Pulse's 2008 budget also calls for maintaining
the share buyback program and continuing to pay cash dividends.

    CORPORATE PROFILE

    Pulse is a market leader in the acquisition, marketing and licensing of
2D and 3D seismic data for the western Canadian energy sector. Pulse owns the
second-largest licensable seismic data library in Canada, currently consisting
of approximately 257,300 net kilometres of 2D seismic and 11,600 net square
kilometres of 3D seismic. The library extensively covers the Western Canada
Sedimentary Basin where most of Canada's oil and natural gas exploration and
development occurs. The replacement value of Pulse's library is currently
estimated at over $1 billion based on current field replacement costs.
    Pulse has publicly traded on the TSX since 2001. The Company has paid its
shareholders a quarterly dividend since 2003 and at Pulse's current share
price provides one of the highest dividend yields on the TSX.

    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
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, except as required by securities laws.





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: info@pulsedatainc.com.;
Please visit our website at www.pulsedatainc.com.

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