Appulse Corporation – Reporting results for the Nine Months ended September 30, 2022

CALGARY, Alberta, Nov. 18, 2022 (GLOBE NEWSWIRE) — Appulse Corporation (“Appulse”) today reported a net income of $201,000 ($.01per share) for the nine months ended September 30, 2022, with revenues of $7,566,000, compared to a net income of $669,000 ($.05 per share) and revenues of $6,927,000 for the same nine-month period of the previous year. Operating cash flow (net income adjusted for items not involving cash) for the nine-month period ended September 30, 2022, of $744,000 compares to operating cash flow of $1,093,000 for the same period of 2021. Total shareholder’s equity at September 30, 2022, was $6,540,000 compared to $6,176,000 at September 30, 2021.

Total part sales and service revenues increased by over 9% compared to the same period of the prior year, while contribution margin growth from these revenue sources was largely offset by a significant reduction in rental revenues. Machine sale revenues continued to grow during the 2022 nine-month period. Supply chain and inflationary challenges resulted in a reduction in total margin from machine sales. Product pricing structures have been adjusted considering continued inflationary pressures, while maintaining the Corporation’s competitive position in its primary markets.

About Appulse

Through its subsidiaries, Centrifuges Unlimited Inc. and Rolyn Oilfield Services Inc., Appulse specializes in the sales, servicing and refurbishing of industrial 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: dbaird@centrifuges.net