Acceleware is on target with its business plan and is getting excellent reviews from customers
Calgary, Alberta - May 17, 2006 - Poseidon Capital Corp. (the 'Corporation') (trading symbol 'PSN' on TSXV) is pleased to report that its wholly owned subsidiary Acceleware Inc. is on plan with sales objectives.
Acceleware CEO, Sean Krakiwsky, says: "Since we went to market with our products in June 2005, we have sold over 75 Accelerator™ boards on a standalone basis, or as part of our current dual-board ClusterInaBox™ engineering workstation. Customers at some of the world's largest mobility, government, and electronics companies have responded very positively to our offerings, and continue to place orders. The focus over the next two quarters is on increasing the number of channel partners, in the electromagnetic simulation market, from two to five or more. Over the next one-and-a-half years we expect to establish an additional 10 channel partnerships with companies that have established end-user installed bases."
Ryan Schneider, CTO, says: "In addition, we'll be launching our quad-board ClusterInaBox as well as version 2.0 of the Accelerator at the 2006 International Microwave Symposium in San Francisco on June 11th. The version 2.0 boards will have twice the memory and approximately twice the speed as the v1.0 products, and will support many more of our software partners' features. We are on plan and building good momentum." Based on purchase orders and interest thus far, management expects to ship over $250,000 in products in the second quarter, as demand builds for the Accelerator and ClusterInaBox offerings. In the first quarter of 2006, Acceleware shipped and invoiced over $165,000 in product.
The Corporation will be holding its AGM on June 8, 2006 at which time it is expected that a name change from Poseidon to Acceleware will be approved by shareholders, and that a subsequent change in ticker symbol will also occur, subject to TSX Venture Exchange approval.
Acceleware develops and markets hardware accelerators used to reduce the run-times of high performance computing (HPC) applications such as cell-phone design, seismic data processing, nano-materials research, protein folding and drug discovery, reservoir simulation, lithography mask design, and others.
Acceleware products are distributed by Computer Aided Design (CAD) and Computer Aided Engineering (CAE) software companies to end-users at the world's largest companies in a wide range of industries. A simulation that would have otherwise taken eight hours, may only take 15 minutes with Acceleware's v1.5 generation of products. The v2.0 generation will be released in the summer of 2006. Acceleware has identified the following markets for its technology: electromagnetics; energy; biomedical; fluid dynamics; molecular chemistry; industrial; and military. Acceleware does not build its own boards, but purchases specialized hardware from one of two large semiconductor companies. Acceleware's intellectual property is in (a) proprietary software that drives the single board and multiboard products, and (b) in high-end engineering workstation assembly. Acceleware is also aggressively building a network of channel partners.
Forward Looking Information & Safe Harbour Statement
Certain statements in this release, other than statements of historical fact, may include forward-looking information that involves various risks and uncertainties. These may include, without limitation, statements based on current expectations involving a number of risks and uncertainties related to all aspects of the high performance computing industry. These risks and uncertainties include, but are not restricted to, continued increased demand for the Corporation's products, the Corporation's ability to maintain its technological leadership in the field of hardware acceleration of electromagnetic simulations, the Corporation's ability to attract and retain key employees, defend itself against any future patent infringement claims, and the availability of key components.
These uncertainties may cause actual results to differ from information contained herein. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. The Corporation assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Charlee Forbrigger, Acceleware Corp.
+1 (403) 249-9099 ext. 287, firstname.lastname@example.org