ValueAct's shareholdings in Pulse Data Inc.



    TORONTO, Jan. 28 /CNW/ - ValueAct Capital Master Fund, L.P. ("ValueAct
Capital") announces today that, pursuant to a private acquisition (the
"Private Acquisition") by ValueAct Capital of all of the common shares
("Common Shares") of Pulse Data Inc. ("Pulse Data"; TSX: PSD; PSD.TO) owned by
ValueAct Capital Master Fund III, L.P. ("ValueAct Capital III"), on January
27, 2009 ValueAct Capital acquired ownership of 729,599 Common Shares of Pulse
Data, representing approximately 1.3% of the issued and outstanding Common
Shares of Pulse Data, based on a total of 53,841,080 Common Shares issued and
outstanding (as disclosed by Pulse Data in its MD&A dated November 10,2008).
    Accordingly, following completion of the Private Acquisition, ValueAct
Capital owns 7,296,100 Common Shares of Pulse Data, representing approximately
13.6% of the issued and outstanding Common Shares of Pulse Data, based on a
total of 53,841,080 Common Shares issued and outstanding (as disclosed by
Pulse Data in its MD&A dated November 10,2008).
    The Private Acquisition was effected as part of an internal
reorganization of ValueAct Capital's family of funds. The Common Shares were
originally acquired by ValueAct Capital and ValueAct Capital III for
investment purposes, and such acquisitions were made in the ordinary course of
business.
    ValueAct Capital may in the future take such actions in respect of its
holdings of securities of Pulse Data as it deems appropriate in light of
circumstances then existing, and without limiting the generality of the
foregoing, ValueAct Capital may purchase, hold, vote, trade, dispose or
otherwise deal in Common Shares or other securities of Pulse Data at such
times, and in such manner, as it deems advisable to benefit from changes in
market prices of such Common Shares or other securities of Pulse Data, changes
in Pulse Data's operations, business strategy or prospects, or any sale or
merger of Pulse Data. In particular, ValueAct Capital may from time to time
acquire additional Common Shares in the open market or in privately negotiated
transactions, subject to availability of Common Shares at prices deemed
favorable, Pulse Data's business or financial condition and other factors and
conditions that ValueAct Capital deems appropriate. Consistent with its
investment research methods and evaluation criteria, ValueAct Capital may
discuss such matters with management or directors of Pulse Data, other
shareholders, industry analysts, existing or potential strategic partners or
competitors, investment and financing professionals, sources of credit and
other investors. Such factors and discussions may materially affect, and
result in, ValueAct Capital modifying its ownership of Common Shares or other
securities of Pulse Data, exchanging information with Pulse Data, proposing
changes in Pulse Data's operations, governance or capitalization, or proposing
other actions or entering into other transactions with respect to Pulse Data
pursuant to confidentiality, standstill or other agreements.
    In addition, ValueAct Capital may formulate other purposes, plans or
proposals regarding Pulse Data or any of its securities to the extent deemed
advisable in light of general investment and trading policies, market
conditions or other factors.
    For a copy of the report required to be filed under the early warning
requirements of applicable Canadian securities laws in connection with this
announcement, please contact Dorothea Walsh at (415) 362-3700.





For further information:

For further information: Dorothea Walsh at (415) 362-3700; ValueAct
Capital's address: 435 Pacific Avenue, 4th Floor, San Francisco, CA, 94133

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ValueAct Capital

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