Acceleware Announces Appointment of Geoff Clark as CEO
And Results of Annual General and Special Meeting of Shareholders
CALGARY, ALBERTA, Sep 16, 2010 Acceleware® Corp. ("Acceleware" or the "Corporation") (TSX VENTURE:AXE) a leading developer of high performance computing applications, today announced that Geoff Clark has been appointed Chief Executive Officer of Acceleware.
Mr. Clark replaces Dr. Michal Okoniewski who has served as Acceleware's interim CEO since July 2008. Dr. Okoniewski will continue in his role as Chief Scientific Officer of the Corporation, a position he has held for many years, and as a member of the Board of Directors. "We are truly grateful for Dr. Okoniewski's contributions as interim CEO over the past two years. Under his tenure we were able to successfully complete, among other things, a significant restructuring, a change of business model, dramatic cost reductions and a refocusing of our core markets. With this change in executive responsibilities, Dr. Okoniewski will once again be able to concentrate his efforts and energies on the development of new products and technologies for Acceleware, a skill set in respect of which Dr. Okoniewski has few, if any peers, anywhere in the corporate world." said Bohdan Romaniuk, Chairman of the Board of Directors. "At the same time, we are delighted with the appointment of Mr. Clark as our new Chief Executive Officer. Mr. Clark brings a wealth of experience in technology, finance and accounting to his new role as CEO. He has very quickly grasped the fundamentals of our business during his tenure as the Corporation's Chief Financial Officer and has introduced several initiatives during the past 19 months to bring Acceleware to the threshold of profitability. Drawing on his engineering and business education and his financial, marketing, and operations experience gained at Guest-Tek Interactive Entertainment Ltd, Pan Terra Industries, and Revolve Magnetic Bearings Inc., Mr. Clark has both the vision and leadership skills necessary to pilot the Corporation to further operational and financial success and we look forward to working closely with him towards these objectives."
Mr. Clark will continue to act as Chief Financial Officer until such time as a new CFO can be appointed.
Acceleware also announces that Mr. Romaniuk, Dr. Okoniewski, Mr. Clark, Mr. Jens Horstmann, Mr. Dennis Nerland, and Dr. Peter Neweduk were elected as members of the Corporation's Board of Directors to serve until the next annual meeting of Shareholders. "The Board of Directors would like to extend to Mr. Donald Verdonck its sincerest thanks and appreciation for his long term service and significant contributions to Acceleware as a valued member of the Board," said Mr. Romaniuk. "Mr. Verdonck's decision not to seek another term on the Board was precipitated by his rapidly growing external workload, culminating most recently with his appointment to the position of Chief Operating Officer of Dover Operating Corp, a joint venture between PetroChina International and Athabasca Oil Sands Corp. The Board of Acceleware wishes Mr. Verdonck every success in his new executive role with Dover."
In addition, shareholders re-approved the Corporation's stock option plan as well as the re-appointment of Meyers Norris Penny LLP as auditors of the Corporation.
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 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.
The TSX Venture Exchange Inc. does not accept responsibility for the adequacy or accuracy of this release.
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For further information,
Charlee Forbrigger, Acceleware Corp.
+1 (403) 471-2798, email@example.com