Mr. Doug Baird reports

REPORTING RESULTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023

Appulse Corp. has released financial results for the nine months ended Sept. 30, 2023.

On Sept. 18, 2023, Appulse announced entering into an arm's-length definitive agreement to sell all of the issued and outstanding shares of its wholly owned and sole operating subsidiary, Centrifuges Unlimited Inc., to GEA Canada Inc. The transaction closed on Nov. 1, 2023. Information providing details of the transaction have been published on SEDAR+. The corporation is listed on the TSX Venture Exchange under the symbol APL.

In accordance with international financial reporting standards, operating results of CUI for the current and comparative periods have been reclassified as results from discontinued operations. Assets and liabilities related to the sale have been classified as current assets and current liabilities held for sale at Sept. 30, 2023.

Revenue from discontinued operations for the nine-month period was $8,886,000 compared with revenue of $7,566,000 for the same nine-month period of the prior year. The total net income for the nine-month period of $313,000 (two cents per share) was composed of net income from discontinued operations of $390,000 and a net loss of $77,000 from continuing operations. Comparative net income for the same period of the prior year was $201,000 (one cent per share) and was composed of net income of $279,000 from discontinued operations and a net loss of $78,000 from continuing operations.

Management and the board of directors will evaluate future cash requirements while investigating potential investment opportunities with a goal of maximizing value to the shareholders.