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VALUEACT CAPITAL ANNOUNCES TAKE-OVER BID FOR PULSE DATA INC.
TORONTO, ONTARIO, CANADA, August 10, 2007 - Pursuant to the early
warning requirements of applicable Canadian securities laws, ValueAct Capital Master Fund, L.P. (“ValueAct Capital”)
and ValueAct Capital Master Fund III, L.P. announce that an indirect wholly-owned subsidiary of Seitel, Inc., a company
controlled by ValueAct Capital, intends to make a take-over bid for all of the issued and outstanding common shares of
Pulse Data Inc. (“Pulse Data”) at a price of C$3.10 per share.
ValueAct Capital and ValueAct Capital Master Fund III, L.P. collectively own 7,360,500 common shares of Pulse Data,
comprising approximately 13.5% of the issued and outstanding common shares of Pulse Data.
ValueAct Capital believes this C$3.10 price presents a very attractive premium to Pulse Data shareholders relative to
trading levels prior to ValueAct Capital’s high-volume open market share acquisition program and prior to the Quantum
Yield Inc. offer announced on June 19, 2007. A per share price of C$3.10 also represents a 14.8% premium to the C$2.70
price at which the company sold new shares in a private placement that closed on July 27, 2007 and a 3.3% premium to the
C$3.00 closing price of the shares on the Toronto Stock Exchange on August 9, 2007.
For a copy of the report required to be filed under the early warning requirements of applicable Canadian securities laws,
please contact Dorothea Walsh at (415) 362-3700.
ValueAct Capital’s address: 435 Pacific Avenue, 4th Floor, San Francisco, CA 94133.
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