Calgary, Alberta –  October 19, 2006 – Acceleware Corp. (the "Corporation" or "Acceleware") (trading symbol "AXE" TSXV) is pleased to announce that it has completed its previously announced non-brokered private placement of up to 250,000 units (each a Unit) at a price of $0.60 per Unit for gross proceeds of $150,000. Each Unit consists of one common share and one common share purchase warrant. Each whole warrant is exercisable into one common share at a price of $0.96 per common share for a period of 12 months for the issuance of the warrants. Mr. Terry Sydoryk, the Chief Operating Officer of the Corporation, was the sole subscriber under the offering.

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