Quantum Yield reports support for Pulse Data offer

    CALGARY, June 22 /CNW/ - Quantum Yield Inc. ("Quantum") reports today
that since announcing its offer on June 19, 2007 to acquire all of the issued
and outstanding common shares ("Pulse Shares") of Pulse Data Inc. ("Pulse")
(TSX: PSD), the company has received significant interest in the offer.
    "In the numerous calls from analysts, institutional investors and retail
shareholders, a common theme prevails," said Jim Durward, President of
Quantum. "Change is desired but people want to fully understand the terms and
conditions of the Debentures as well as the future upside participation," he
    While the terms and conditions of the Debentures are generally set forth
in Quantum's Offer and Circular dated June 19, 2007 (the "Circular"), Quantum
summarizes such information as follows:

    Security. Pulse shareholders should be aware that the same assets that
currently provide value for their Pulse Shares (i.e. the seismic databases,
the internal data storage and delivery systems, Terrapoint, and all other
assets of Pulse) (the "Assets") will also provide the value and security for
the Debentures after the amalgamation of Pulse and Quantum (the
"Amalgamation"). After the Amalgamation, the Debentures will have a direct
security charge on all of the Assets, which will then include Quantum's
LeadScan license, and will rank ahead of the holders of common equity. In
other words, Debentureholders will be paid out prior to holders of common
equity. Holders of Pulse Shares currently do not have such security.

    Interest Payments. The interest payments on the Debentures are
contractual and must be paid quarterly when Free Cash Flow (defined in the
Definitions section of the Circular as the remainder of the amalgamated
entity's operating income after paying operating expenses, general and
administrative costs, bank or priority lender interest expense, seismic
participation program costs and income taxes) is available. The terms of the
Debentures also provide that if any interest has been accrued due to lack of
Free Cash Flow, and not paid, then the amalgamated entity will not be able to
use company funds to pay for participation programs. This essentially means
that the interest payments are secured by a direct charge on the Free Cash
Flow. Dividends paid on Pulse Shares fluctuate and could be changed at any
time and there is no contractual obligation to pay them.

    Liquidity. When structuring the offer, Quantum would have preferred to
conditionally list the Debentures for trading on a stock exchange.
Unfortunately, this could not be done until after completion of the offer and
the Amalgamation. The Circular provides that upon completion of the
Amalgamation, it is anticipated that application will be made to list the
Debentures for trading on a stock exchange in order to provide liquidity for
holders of Debentures. Quantum re-iterates this commitment and has no reason
to believe that such an application would be denied.

    Premium. Once the offer is successfully completed, beyond their
entitlement to the payment of the principal amount of the Debentures and all
interest payments, the Debentureholders will have no further access to any
benefits associated with the streamlining activities of the amalgamated entity
(i.e. if these activities increase the Free Cash Flow beyond the value of the
Debentures, the Debentureholders do not directly benefit). With this in mind,
Quantum is offering a substantial premium to Pulse's book value -
approximately a 100% premium. Quantum believes that this premium takes into
account the fact that Pulse shareholders are receiving Debentures rather than
cash and provides for future participation, contractually and up-front.

    Debt to Equity. Pulse commented in its news release of June 20, 2007 that
the transaction is 100% debt and zero equity. In response, Quantum notes that
the all-debt structure of the offer provides for increased cash distributions
to the Debentureholders and is more efficient than a dividend paying

    Mr. Durward firmly believes that the offer represents a very good value
for Pulse shareholders and has expressed his desire to help Pulse shareholders
understand the terms of the offer.
    Questions and requests for assistance may also be directed to Kingsdale
Shareholder Services Inc., the information agent for the offer, or to Valiant
Trust Company, the depository for the offer, as follows:

    Kingsdale Shareholder Services Inc.

    The Exchange Tower
    130 King Street West
    Suite 2950, P.O. Box 361
    Toronto, Ontario M5X 1E2
    North American Toll Free Phone: 1-800-749-9197
    Email: contactus@kingsdaleshareholder.com
    Facsimile: 416-867-2271
    Toll Free Facsimile: 1-866-545-5580
    International Brokers Call Collect: 416-867-2272
    North American Banks and Brokers Call Collect: 416-867-2317

    Valiant Trust Company

    Suite 310, 606 - 4th Avenue SW
    Calgary, Alberta T2P 1T1
    Attention: Reorganization Department
    Toll Free Tel: (866) 313-1872
    Calgary Tel: (403) 233-2801
    Facsimile: (403) 233-2857
    Email: inquiries@valianttrust.com

    Shareholders of Pulse are urged to read the formal offer circular and
take-over bid documents that have been publicly filed and will be subsequently
mailed to Pulse's shareholders because they will contain important information
about the offer for Pulse Shares. These documents are available without charge
under Pulse's profile on the SEDAR website at www.sedar.com. Additional copies
of the formal offer circular and related take-over bid documents will also be
available at the principal offices of both Kingsdale Shareholder Services Inc.
and Valiant Trust Company set forth above.

    This news release contains forward-looking statements that involve risks
and uncertainties. Such forward-looking statements or information are based on
a number of assumptions which may prove to be incorrect. Although Quantum
believes that the expectations reflected in such forward-looking statements or
information are reasonable, undue reliance should not be placed on such
forward-looking statements because Quantum can not give assurance that such
expectations will prove to be correct. Forward-looking statements or
information are based on current expectations, estimates and projections that
involve a number of risks and uncertainties which could cause actual results
to differ materially from those anticipated by Quantum and described in the
forward-looking statements or information. The forward-looking statements or
information contained in this news release are made as of the date hereof and
Quantum does not undertake any obligation to update publicly or revise any
forward-looking statements or information, whether as a result of new
information, future events or otherwise, unless so required by applicable
securities laws. There can be no assurance that the offer will occur, or will
occur on the timetable contemplated hereby.
    This press release is neither an offer to purchase or exchange nor a
solicitation of an offer to sell or exchange Pulse Shares. The offer is made
solely by the formal offer circular and take-over bid documents, and any
amendments or supplements thereto, and is being made to all holders of Pulse
Shares. The offer is not being made to, nor will Pulse Shares be accepted from
or on behalf of, holders of Pulse Shares in any jurisdiction in which the
making of the offer or the acceptance thereof would not be in compliance with
applicable law.

For further information:

For further information: Mr. Durward at (403) 689-3901 or email:

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