Acceleware Announces Consulting Contract to Support Major Oil Company
CALGARY, ALBERTA, July 14, 2009 - Acceleware(R) Corp. (TSX VENTURE:AXE), is pleased to announce that it has entered into a consulting engagement (the "Consulting Agreement") that will enable a major oil company to run one of its seismic migration algorithms on Graphics Processing Units (GPUs). The Consulting Agreement (which is denominated in US dollars) is valued at approximately $347,095 CDN.
The purchaser of these Acceleware services is one of the world's largest oil companies, and the Consulting Agreement is expected to be completed before the end of 2009.
"The oil and gas industry was one of the first to realize the potential that GPUs have to transform their work," said Michal Okoniewski, Interim President and CEO. "This contract is a strong endorsement of Acceleware's expertise in harnessing the massively parallel processing capabilities of GPUs to accelerate seismic data processing."
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, benefitting from high performance computing technologies available in the market such as multiple-core CPUs, GPUs or other acceleration hardware.
Acceleware solutions are deployed by companies worldwide such as Philips, Boston Scientific, Samsung, Eli Lilly, General Mills, Nokia, LG, RIM, 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, financial, and academic research. For more information about Acceleware, please visit www.acceleware.com.
Acceleware is a public company on Canada's TSX Venture Exchange under the trading symbol AXE.
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