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Acceleware Provides Update on Commercial-Scale Test of RF XL

Acceleware Provides Update on
Commercial-Scale Test of RF XL

 

Calgary, Alberta – January 4, 2018 – At the request of IIROC, Acceleware Ltd. (“Acceleware” or the “Company”)  (TSX-V:AXE) wishes to confirm that the Company’s management is unaware of any material change in the Company’s operations that would account for the recent increase in market activity. Acceleware continues to negotiate agreements with funding sources and potential oil sands partners to complete the commercial-scale test of its RF XL technology, as more fully disclosed in the Company’s news release dated November 3, 2017.

About Acceleware

Acceleware (www.acceleware.com) develops high performance seismic imaging and modeling software products and provides innovative technology for radio frequency (RF) heating, an emerging thermal enhanced oil recovery method. As experts in programming for multi-core CPUs and massively parallel GPUs, Acceleware’s professional services team specializes in accelerating computationally intense applications for clients to speed up product design, analyze data and help make better business decisions. Acceleware’s products and services are used by some of the world’s largest energy and engineering companies. 

 

For further information:

Geoff Clark

Tel: +1 (403) 249-9099

geoff.clark@acceleware.com

 

Acceleware is a public company on Canada's TSX Venture Exchange under the trading symbol AXE. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Disclaimers

This press 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 is prospective in nature, and includes disclosure about the issuer’s prospective financial performance or financial position.

The forward-looking information in this press release includes information about the conditions precedent to and availability of grant funding and the possibility of completing a commercial scale test. Acceleware assumes that the funding will be available as indicated by the funding sources, that it will be able to complete the necessary agreements to access the funding, including agreements with partners.

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.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this release in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.