CALGARY, Oct. 22 /CNW/ - Pulse Data Inc. ("Pulse") was pleased to receive
the announcement by Seitel, Inc. ("Seitel") earlier today that its offer to
purchase all of the Pulse shares had expired, and that Seitel is not taking up
any shares tendered under the offer.
Pulse thanks its shareholders for rejecting Seitel's offer and for their
vote of confidence in Pulse's business plan. On August 10, 2007 Seitel had
made an unsolicited offer to purchase all of the common shares of Pulse.
Pulse's Board of Directors and management considered the offer as well as
subsequent amended offers to be inadequate, and urged the shareholders of
Pulse to reject the offers.
Seitel has not disclosed how many shares were tendered to its offer.
Based upon information provided to Pulse management by significant
institutional shareholders and by Pulse's information agent, Georgeson
Shareholder Communications Canada, Pulse believes that only approximately
10.8% of the Pulse shares (fully diluted) were tendered to Seitel's offer.
Pulse's Board of Directors and senior management remain committed to
their business plan of growing the seismic data library through strategic,
high-quality seismic data acquisitions and participation surveys. To date in
2007, cash data library sales have established new quarterly records.
Pulse expects to announce its third quarter results on November 8, 2007,
including details of its eighteenth consecutive quarterly dividend. As
previously announced, the Board of Directors has recently approved a 33%
increase in its annual dividend rate, from $0.15 to $0.20 per share.
Pulse also hopes to able to make an announcement soon concerning the
Terrapoint disposition process.
Pulse also announces that in light of the expiry of Seitel's offer, Pulse
is cancelling the special shareholders meeting that had been scheduled for
November 9, 2007 to re-confirm the Shareholder Rights Plan.
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