Pulse Seismic Inc. Announces Delay in Filing Its Q1 2020 Financial Statements and MD&A and Provides Corporate Update

CALGARY, Alberta, May 13, 2020 (GLOBE NEWSWIRE) -- Pulse Seismic Inc. (TSX:PSD) (OTCQX:PLSDF) (“Pulse” or the “Company”) announces today that filing of its unaudited interim quarterly financial statements and accompanying management’s discussion and analysis for the quarter ended March 31, 2020 (collectively the “Q1 Filings”) will be postponed due to delays caused by the COVID-19 pandemic.

The Q1 Filings would ordinarily have been filed on or before May 15, 2020, the required deadline set by National Instrument 51-102 – Continuous Disclosure Obligations (“NI-51-102”). Pulse is issuing this news release pursuant to Alberta Securities Commission Blanket Order 51-517 – Temporary Exemption from Certain Corporate Finance Requirements (the “Blanket Order”), which provides the Company with an additional 45 days to complete its Q1 Filings, which includes the following continuous disclosure documents:

• Unaudited financial statements for the quarter ended March 31, 2020 as required by section 4.4 of NI 51-102; and
• Management’s discussion and analysis for the quarter ended March 31, 2020 as required by section 5.1(2) of NI 51-102

The Company expects to file the Q1 Filings no later than June 11, 2020.

As required by the conditions of the Blanket Order, until the Company has filed and announced the required Q1 Filings, Pulse’s management and other insiders of the Company will be subject to an insider trading blackout that reflects the principles in Section 9 of National Policy 11-207 – Failure-to-file Cease Trade Orders and Revocations in Multiple Jurisdictions.

Except as identified below, there have been no material business developments since February 13, 2020, when the Company filed its annual financial statements for the year ended December 31, 2019.

Pulse continues to respond to very challenging business conditions brought about by the combined impact of the COVID-19 pandemic and the precipitous decline of oil prices brought on by the unprecedented demand fallout from COVID-19. These global events have caused significant declines in the 2020 capital budgets of Pulse’s customers in the oil and natural gas sector of Western Canada. While the Company continues to see a lack of clarity into future seismic data licensing opportunities, Pulse remains engaged with customers to monitor their seismic data requirements.