Acce­le­wa­re to pro­vi­de human capi­tal and con­sul­ting ser­vices to sup­port the deve­lo­p­ment of a new cen­ter of machi­ne lear­ning soft­ware excel­lence in Cal­ga­ry

CALGARY, Oct. 22, 2018 /CNW/ — Acce­le­wa­re Ltd. (TSX‑V: AXE) (“Acce­le­wa­re” or the “Com­pa­ny”) is plea­sed to announ­ce it has signed an agree­ment (the “Agree­ment”) with a Cana­di­an affi­lia­te of Advan­ced Micro Devices, Inc. (NASDAQ: AMD) (“AMD”). Over the next four months, Acce­le­wa­re will recei­ve cash com­pen­sa­ti­on of US$2.51 mil­li­on from AMD in exch­an­ge for cus­tom soft­ware engi­nee­ring resour­ces and con­sul­ting ser­vices.  Acce­le­wa­re has amas­sed exten­si­ve par­al­lel com­pu­ting soft­ware deve­lo­p­ment exper­ti­se and GPU acce­le­ra­ted HPC appli­ca­ti­ons know­ledge as a result of its num­e­rous soft­ware pro­ducts and the pro­vi­si­on of cus­tom soft­ware deve­lo­p­ment ser­vices to the oil and gas indus­try.  As part of the Agree­ment, the Company’s cus­tom soft­ware deve­lo­p­ment team will tran­si­ti­on to a new AMD site in Cal­ga­ry, expan­ding AMD’s exis­ting foot­print in Cana­da. Acce­le­wa­re will also pro­vi­de con­sul­ting ser­vices to AMD.

Acce­le­wa­re will use the US$2.51 mil­li­on lar­ge­ly to finan­ce its pre­vious­ly announ­ced RF XL com­mer­cial-sca­le test, sche­du­led to break ground in the first quar­ter of 2019. 

“With this non-dilu­ti­ve capi­tal injec­tion, Acce­le­wa­re will be able to shar­pen our focus on our RF XL hea­ting tech­no­lo­gy going for­ward and con­ti­nue to advan­ce our RF XL com­mer­cial-sca­le test,” said Geoff Clark, CEO of Acceleware.

“The agree­ment with Acce­le­wa­re fur­ther streng­thens our machi­ne lear­ning soft­ware exper­ti­se and we are exci­ted to estab­lish an addi­tio­nal cen­ter of soft­ware excel­lence in Cal­ga­ry,” said Ajit Mathews, Cor­po­ra­te Vice Pre­si­dent, Com­pu­te and Machi­ne Lear­ning Soft­ware at AMD.

Acce­le­wa­re remains com­mit­ted to pro­vi­ding best-in-class sup­port for its exis­ting soft­ware pro­ducts and will retain both of its core seis­mic and elec­tro­ma­gne­tic teams to ensu­re con­ti­nui­ty and unin­ter­rupt­ed ser­vice for its cus­to­mers.  This Agree­ment repres­ents ano­ther important mile­stone for Acce­le­wa­re as its busi­ness is fur­ther cen­te­red around the com­mer­cia­liza­ti­on of its radio fre­quen­cy hea­ting tech­no­lo­gy and the mar­ke­ting and sup­port of high-per­for­mance com­pu­ting soft­ware products. 

About Acce­le­wa­re

Acce­le­wa­re (www.acceleware.com) is an inno­va­tor of clean-tech oil and gas tech­no­lo­gies com­pri­sed of two busi­ness units: Radio Fre­quen­cy (RF) Enhan­ced Oil Reco­very and Seis­mic Ima­ging Software.

Acce­le­wa­re is deve­lo­ping RF XL and Modu­lar RF, its paten­ted and patent-pen­ding low-cost, low-car­bon pro­duc­tion tech­no­lo­gies for hea­vy oil and oil sands that are mate­ri­al­ly dif­fe­rent from any hea­vy oil reco­very tech­ni­que used today. They will use no water, requi­re no sol­vent, have a small phy­si­cal foot­print, can be rede­ploy­ed from site to site, and can be adapt­ed to a multi­tu­de of reser­voir types, while expec­ted to great­ly redu­ce and even­tual­ly eli­mi­na­te pro­duc­tion green­house gas emis­si­ons (GHGs). In shal­low oil sands imple­men­ta­ti­ons, no tailings ponds will be required.

Our seis­mic ima­ging soft­ware solu­ti­ons are sta­te of the art for high fide­li­ty ima­ging, pro­vi­ding the most accu­ra­te and advan­ced ima­ging available for oil explo­ra­ti­on in com­plex geo­lo­gies. Acce­le­wa­re is a public com­pa­ny on Canada’s TSX Ven­ture Exch­an­ge under the tra­ding sym­bol “AXE”.

This news release con­ta­ins “for­ward-loo­king infor­ma­ti­on” within the mea­ning of Cana­di­an secu­ri­ties legis­la­ti­on. For­ward-loo­king infor­ma­ti­on gene­ral­ly means infor­ma­ti­on about an issuer’s busi­ness, capi­tal, or ope­ra­ti­ons that are pro­s­pec­ti­ve in natu­re, and includes dis­clo­sure about the issuer’s pro­s­pec­ti­ve finan­cial per­for­mance or finan­cial position.

The for­ward-loo­king infor­ma­ti­on in this press release can be iden­ti­fied by terms such as “anti­ci­pa­tes”, “belie­ves” “poten­ti­al”, “would” and “will”, and includes infor­ma­ti­on about the finan­cing of the com­mer­cial-sca­le test of RF XL. Acce­le­wa­re assu­mes that future capi­tal rai­sing efforts will be successful. 

Actu­al results may vary from the for­ward-loo­king infor­ma­ti­on in this press release due to cer­tain mate­ri­al risk fac­tors. The­se risk fac­tors are descri­bed in detail in Acceleware’s con­ti­nuous dis­clo­sure docu­ments, which are filed on SEDAR at www.sedar.com.

Acce­le­wa­re assu­mes no obli­ga­ti­on to update or revi­se the for­ward-loo­king infor­ma­ti­on in this press release, unless it is requi­red to do so under Cana­di­an secu­ri­ties legislation.

Neither the TSX Ven­ture Exch­an­ge nor its Regu­la­ti­on Ser­vices Pro­vi­der (as that term is defi­ned in the poli­ci­es of the TSX Ven­ture Exch­an­ge) accept respon­si­bi­li­ty for the ade­quacy or accu­ra­cy of this release.

SOURCE Acce­le­wa­re Ltd.

For fur­ther infor­ma­ti­on: Geoff Clark, Chief Exe­cu­ti­ve Offi­cer, Tel: +1 (403) 249‑9099, geoff.clark@acceleware.com, Acce­le­wa­re Ltd., 435 10th Ave­nue SE, Cal­ga­ry, AB, Cana­da T2G 0W3, Tel: +1 (403) 249‑9099, www.acceleware.com

Related Links

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