Acceleware to provide human capital and consulting services to support the development of a new center of machine learning software excellence in Calgary
Calgary, AB, Canada – October 22, 2018 – 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.
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.
For further information:
Chief Executive Officer
Tel: +1 (403) 249-9099
435 10th Avenue SE
Calgary, AB, Canada T2G 0W3
Tel: +1 (403) 249-9099