CALGARY, June 25 /CNW/ - Mr. Doug Cutts, President and CEO of Pulse Data
Inc. ("Pulse" or the "Company") is pleased to announce the signing of a Letter
Agreement for the purchase of all of the seismic data owned jointly with Arcis
Corporation. The seismic data is located primarily in northeastern British
Columbia and includes 1,357 net square kilometres of contiguous 3-D seismic
data and 65 net kilometres of 2-D seismic data.
The purchase price is $11.1 million and the transaction, which will
increase Pulse's interest in the seismic data from 50 percent to 100 percent,
is subject to certain conditions, including a due diligence review, execution
of a formal purchase and sale agreement and financing. The purchase is
expected to close by July 31, 2007.
"Based on our future sales projections for this data, our acquisition
economics indicate that the purchase of this high-quality seismic data is
accretive to both free cash flow and net earnings," stated Mr. Cutts.
Additionally, Pulse is pleased to provide an operations update. Pulse is
expected to commence a 3-D seismic participations survey in July in the Deep
Basin area of west-central Alberta comprising approximately 150 net square
kilometres of seismic data. Pulse expects to obtain at least 65 percent
pre-funding for this planned survey and expects to deliver the data to the
customers by the end of Q3, 2007.
As previously announced on March 5, 2007 the process for the disposition
of Pulse's wholly owned business unit Terrapoint is continuing on schedule.
There has been significant industry interest in Terrapoint. Confidentiality
agreements with 14 interested potential purchasers have now been signed, and
these potential purchasers are reviewing Terrapoint's information and
conducting due diligence. Pulse expects that the initial expressions of
interest will be solicited early in Q3 2007, and the disposition of Terrapoint
is targeted for completion by the end of Q3 2007.
Pulse is a Calgary-based company specializing in seismic data
acquisition, licensing and marketing. With this purchase, Pulse's seismic
library will grow to more than 11,100 net square kilometres of 3-D seismic
data and approximately 257,000 net kilometres of 2-D seismic data.
Pulse trades on the Toronto Stock Exchange under the symbol PSD.
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
Annual Report for 2006 and 2007 interim report 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