Mr. Doug Baird reports

ANNOUNCES PROPOSED SALE OF SUBSIDIARY

Appulse Corp. has entered into an arm's-length definitive agreement to sell all of the issued and outstanding shares of its wholly owned subsidiary, Centrifuges Unlimited Inc. (CUI), to GEA Canada Inc. CUI specializes in the sales, servicing and refurbishing of centrifuge equipment, serving both domestic and international markets, and offers full service industrial machining. GEA intends to operate CUI as a separate unit in order to better serve the North American market.

The base purchase price is $10-million, subject to customary working capital and net debt adjustments, payable in cash. Appulse intends to apply a portion of the net proceeds to debt reduction, and will retain the remainder of the proceeds pending a thorough review of its future cash requirements and potential investment opportunities, all with a view of maximizing shareholder value.

Unanimous approval of the board

The transaction has been approved unanimously by Appulse's board of directors, which has determined that the transaction is in the best interests of Appulse and its shareholders and unanimously recommends that shareholders vote in favour of approving the transaction at the special meeting of shareholders, which will be held Oct. 26, 2023.

Shareholder approval and other conditions

The transaction must be approved by shareholders holding at least 66-2/3 per cent of shares voted in person or by proxy at the meeting. Appulse's major shareholders, who collectively control approximately 67 per cent of the outstanding common shares of Appulse, have each entered into a voting support agreement pursuant to which they have agreed irrevocably to vote all common shares in favour of the transaction at the meeting. The transaction is also subject to other customary closing conditions.

Information on the transaction and the meeting will be disclosed in more detail in Appulse's management information circular that is anticipated to be mailed at the beginning of October to shareholders as of the record date of Sept. 25, 2023. It is anticipated that the transaction will be completed on Nov. 1, 2023.

Copies of the agreement and the information circular for the meeting will be filed with Canadian securities regulators and will be available on the SEDAR+ profile of Appulse. Shareholders of Appulse are urged to read the information circular and other relevant materials when they become available because such materials will contain important information about the transaction.

About Appulse Corp.

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.

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