Acceleware completes management restructuring
Calgary, July 22, 2008 - Acceleware Corp. (the “Corporation” or “Acceleware”) (TSX-V: AXE) today announced that it is restructuring the organization, reducing expenditures and is refocusing efforts on the Corporation’s most mature vertical markets as a result of the withdrawal of its short form prospectus offering announced June 11, 2008.
“While it is both disappointing and unfortunate that the significant downturn in Canadian and U.S. equity markets has restricted Acceleware’s access to the capital necessary to fund growth opportunities, we remain confident in the value of the Company’s technology and related intellectual property and in its ability to generate shareholder value,” said Bohdan Romaniuk, Chairman of the Board of Directors. “Acceleware is committed to maximizing shareholder value by taking appropriate steps to preserve the viability of Acceleware’s business operations over the long-term, while continuing to address the market’s need for high performance computing solutions.”
As part of the Corporation’s restructuring initiative, Sean Krakiwsky has resigned as the President and Chief Executive Officer of the Corporation effective immediately. Mr. Krakiwsky will remain as a Senior Strategic Advisor to management and a director of the Corporation.
Dr. Michal Okoniewski, Acceleware’s Chief Scientist and one of the Corporation’s original founders, has at the request of the Board of Directors agreed to serve as Interim President and Chief Executive Officer until a suitable replacement has been identified and appointed by the Board. Dr. Okoniewski is a Professor in the Electrical & Computer Engineering Department, University of Calgary, and has a Ph.D. in Electrical Engineering from the Technical University, Gdansk. Dr. Okoniewski is a renowned expert in applied computational electrodynamics, and holds the Canada Research Chair in Applied Electromagnetics.
To preserve capital and limit expenditures, the Corporation will reduce the number of personnel to approximately 40 employees. Departing executives include Terry Sydoryk, Chief Operating Officer; Steven Joachims, Vice-President, Business Development; and Shawn Lorenz, Vice President, Sales.
“We would like to thank all of Acceleware’s departing employees for their dedicated service to the Company,” stated Mr. Romaniuk. “We are pleased that Sean Krakiwsky has agreed to remain as an advisor to the Corporation and to work on special projects. His counsel and unwavering commitment to Acceleware’s success will continue to be of paramount importance to the Corporation as it works through this transition.”
The restructured Corporation will focus its efforts and resources on its more mature vertical markets, including the electronics and oil & gas markets, until additional capital is obtained.
Acceleware develops and markets solutions that enable software vendors to leverage heterogeneous, multi-core processing hardware without rewriting their applications for parallel computing. This acceleration middleware allows customers to speed-up simulation and data processing algorithms, benefiting from high performance computing technologies available in the market such as multiple-core CPUs, GPUs or other acceleration hardware. Acceleware’s expertise involves writing highly parallel software for many different (high-performance computing) hardware platforms.
Acceleware solutions are deployed by companies worldwide such as Philips, Boston Scientific, Samsung, Eli Lilly, General Mills, Nokia, LG, RIM, Kyocera, Medtronic, Hitachi, Fujifilm, FDA, Mitsubishi, Sony Ericsson, AGC, NTT DoCoMo, and Renault to speed up product design, analyze data and make better business decisions in areas such as electronic manufacturing, oil & gas, medical and security imaging, industrial and consumer products, and academic research. For more information about Acceleware, please visit www.acceleware.com.
Acceleware is a public Corporation on Canada’s TSX Venture Exchange under the trading symbol AXE.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This document may contain "forward-looking information". These statements relate to future events or the Corporation’s future performance. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe” and similar expressions. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, projections of market prices and costs; potential benefits to Acceleware customers, including cost savings and increases to cash flow and productivity; advantages to using Acceleware’s products and services; ease and efficiency of implementing Acceleware’s products and services; supply and demand for Acceleware’s primary products and services; and expectations regarding Acceleware’s ability to raise capital and to protect, continually exploit and continually develop its products and services, as well as those factors discussed in the section entitled “Risk Factors” in the Corporation’s Annual Information Form dated May 26, 2008 and in the "Risk Factors" section of the preliminary prospectus relating to the Offering. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.
The TSX Venture Exchange does not accept responsibility for the adequacy or the accuracy of this release.
Charlee Forbrigger, Acceleware Corp.
+1 (403) 249-9099 ext. 287, firstname.lastname@example.org