Appulse Corporation: Reporting results for the Six Months ended June 30, 2024 and distribution of reduced stated capital

CALGARY, AB / ACCESSWIRE / August 21, 2024 / Appulse Corporation ("Appulse" or "the Corporation") today reported financial results for the six-months ended June 30, 2024.

As previously reported, the financial position and results for Appulse reflect the Corporation's structure following the November 1, 2023 sale of its wholly-owned subsidiary, Centrifuges Unlimited Inc. ("CUI"). Further information providing details of the cash transaction have been published on SEDAR+. Net proceeds from the sale were placed on conservative investments yielding interest revenue of $236,000 for the six-month period to June 30, 2024. Comparative results for the six-month period of 2023 reflect Appulse corporate costs during that period and a one-line net income from discontinued operations, related to the operations of CUI during that period.

The financial statements reflect the June 7, 2024 payment of a common share dividend of $0.15 per share, for a total cash consideration of $2,216,000. The Statement of Financial Position at June 30, 2024 reflects total assets of $6,197,000 (primarily comprised of cash and an escrow receivable related to the sale of CUI), and total liabilities of $146,000, with a resulting net equity balance of $6,051,000.

The net loss for the six-month period to June 30, 2024 was ($119,000) ($.01 per share), while the comparative period of the prior year reflects a net income of $279,000 ($.02 per share), comprised of a net loss from continuing operations of ($110,500) ($.01 per share) and a net income of $390,000 ($.03 per share) from discontinued operations.

Appulse also announces that on August 21, 2024, the shareholders of the Corporation passed a special resolution approving the reduction of the stated capital of the common shares of the Corporation for the purpose of distributing to the holders of issued common shares the amount of $1,994,261, being a distribution of $0.135 per share. The distribution will now proceed and the Corporation's common shares will trade on a due-bill basis from August 27, 2024 until September 3, 2024 as follows:

Payable Date: September 3, 2024

Record Date: August 27, 2024

Due-bill Period: August 27, 2024 to September 3, 2024, inclusive

Ex-distribution Date: September 4, 2024

Due-bill Redemption Date: September 4, 2024

Management and the Board of Directors continue to actively investigate potential investment opportunities, with a goal of maximizing value to all shareholders.

Further information on Appulse can be obtained on the SEDAR+profile of Appulse at www.sedarplus.ca. Certain statements in this release may be forward looking and the reader is cautioned that such information, although considered reasonable by the Corporation at the time of preparation, may prove to be incorrect.

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Doug Baird, President, Telephone: [phone] Email: [e-mail] or

Dennis Schmidt, CFO, Telephone: [phone] Email: [e-mail]

SOURCE: Appulse Corporation

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