Reporting Results for the Six Months Ended June 30, 2023

CALGARY, AB / ACCESSWIRE / August 18, 2023 / Appulse Corporation ("Appulse") today reported a net income of $279,000 for the six months ended June 30, 2023 ($.02 per share), with revenues of $5,700,000, compared to a net income of $79,000 ($.01 per share), and revenues of $4,505,000 for the same six-month period of the previous year. Operating cash flow (net income for the period adjusted for items not involving cash) to June 30, 2023 of $577,000 compares to operating cash flow of $420,000 for the same six-month period of 2022.

Centrifuge machine sales recorded during the six-month period provided the primary source of increased revenue. While machine sale revenues historically fluctuate between periods, management notes that the total of machine revenues reflected to June 30 and other firm orders received for 2023 delivery, now exceeds total machine sale revenue for the 2022 fiscal year. The sale of parts also increased compared to the same period of the prior year while service revenues reflected a slight decrease. Management advised that the contribution margin on service revenue has increased and additions to the Corporation's technical service team are expected to further support the growth of future service. Management also noted that both the Calgary and Waterloo service facilities are currently very active.

About Appulse

Through its primary subsidiary, Centrifuges Unlimited Inc. , and operating divisions, Appulse specializes in the sales, servicing and refurbishing of centrifuge equipment, serving both domestic and international markets, and offers full service industrial machining. The Corporation continues to expand its product base and geographic markets, in addition to pursuing further representative arrangements and joint venture opportunities.

Further information on Appulse and its subsidiaries can be obtained through the Corporation's website, at www.appulsecorp.net and on SEDAR at www.sedar.com. Certain statements in this release are 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, or Dennis Schmidt, CFO
Telephone: (403) 236-2883
Facsimile: (403) 279-3342
Email: [email protected]

SOURCE: Appulse Corporation