Appulse Corporation Announces 2023 Financial Results and Sale of Subsidiary

Appulse Corporation shared its financial results for the year ending December 31, 2023, highlighting the sale of its subsidiary, Centrifuges Unlimited Inc. ("CUI"), to GEA Canada Inc. The transaction, closed on November 1, 2023, involved a sale price of $10 million with adjustments, and resulted in a net gain that significantly increased the annual net income to $1,688,000, or $0.11 per share.

The sale resulted in total cash compensation of $10,105,000. After settling banking obligations and placing a portion under escrow, the balance funds are being invested by management while exploring future investment opportunities. This strategic decision has also led to an increase in shareholders' equity to $8,361,000 as of the end of 2023.