Appulse Corporation - Reporting Results for the Nine Months Ended September 30, 2023

CALGARY, AB / ACCESSWIRE / November 23, 2023 / Appulse Corporation ("Appulse") today reported financial results for the nine-months ended September 30, 2023.

On September 18, 2023, Appulse announced entering into an arm's length definitive agreement (the "Transaction") to sell all of the issued and outstanding shares of its wholly-owned and sole operating subsidiary, Centrifuges Unlimited Inc. ("CUI") to GEA Canada Inc. The Transaction closed on November 1, 2023. Information providing details of the transaction have been published on SEDAR+ . The Corporation is listed on the TSX Venture Exchange under the symbol ‘APL'.

In accordance with IFRS, operating results of CUI for the current and comparative periods have been reclassified as results from discontinued operations. Assets and liabilities related to the sale have been classified as current assets and current liabilities held-for-sale at September 30, 2023.

Revenue from discontinued operations for the nine-month period of $8,886,000 compared to revenue of $7,566,000 for the same nine-month period of the prior year. The total net income for the nine-month period of $313,000 ($.02 per share) was comprised of net income from discontinued operations of $390,000 and a net loss of ($77,000) from continuing operations. Comparative net income for the same period of the prior year was $201,000 ($.01per share) and was comprised of a net income of $279,000 from discontinued operations and a net loss of ($78,000) from continuing operations.

Management and the Board of Directors will evaluate future cash requirements while investigating potential investment opportunities, with a goal of maximizing value to the shareholders.

Further information on Appulse can be obtained on the SEDAR+ profile of Appulse at www.sedarplus.ca

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, or Dennis Schmidt, CFO
Telephone: (403) 236-2883
Email: [email protected]

SOURCE: Appulse Corporation