Mr. Doug Baird reports

APPULSE CORPORATION: REPORTING 2020 RESULTS

Appulse Corp. had revenue of $10,461,000 for the year ended Dec. 31, 2020, compared with $11,095,000 for the previous year. Income before tax for the 2020 fiscal period was $1,096,000 compared to $894,000 for the comparative 2019 year. Net income for the 2020 fiscal year was $1,096,000 (eight cents per share) compared with $859,000 (six cents per share) for the prior year.

The decline in parts and service revenues during the 2020 fiscal year was attributed primarily to the impact of the COVID-19 pandemic. The corporation expects recovery in these revenue categories as the pandemic declines and customer service levels return. The corporation's customer base extends from coast to coast in Canada, with 20 per cent of 2020 revenues derived from customers in the United States. A reduction in operating costs during 2020 offset the impact of lower revenues. Travel and related expenses were reduced in 2020, as were compensation costs, including the recognition of funds received under the federal Canadian Emergency Wage Subsidy program.

Economic conditions in Canada, and across the world, continue to reflect the continuing battle with the COVID-19 pandemic. Appulse will remain focused on the development of its food and beverage markets, traditionally representing approximately 80 per cent of total revenues. The corporation is an essential supplier to food and beverage producers, and continues to be fully operative at both its Calgary, Alta., and Waterloo, Ont., facilities.

About Appulse Corp.

Through its subsidiaries, Centrifuges Unlimited Inc. and Rolyn Oilfield Services Inc., 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.

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