Mr. Doug Baird reports

REPORTING RESULTS FOR THE SIX MONTHS ENDED JUNE 30, 2023

Appulse Corp. had a net income of $279,000 for the six months ended June 30, 2023 (two cents per share), with revenues of $5.7-million, compared with a net income of $79,000 (one cent 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.

We seek Safe Harbor.