Calgary, Alberta –  August 18, 2006 – Acceleware Corp. (the "Corporation" or "Acceleware") (trading symbol "AXE" TSXV) is pleased to announce that it has closed its previously announced offering of 3,571,430 units of the Corporation (each a "Unit") at a price of $0.42 per Unit for aggregate gross proceeds of $1,500,000 (the "Offering"). Each Unit consists of one common share and one half of one common share purchase warrant. Each whole warrant is exercisable into one common share at a price of $0.70 per common share for a period of 18 months from the issuance of the warrants. The total Offering was comprised of a brokered offering and a non-brokered offering.

The brokered portion of the Offering was completed by way of a short form offering document (the "Short Form") in accordance with the Policies of the TSX Venture Exchange (the "Exchange"). The Corporation issued 2,380,953 Units pursuant to the Short Form, for aggregate gross proceeds of $1,000,000. Leede Financial Markets Inc. ("Leede") acted as the agent in conducting the Short Form offering. Leede was paid a cash commission and received an agent's option to purchase 178,571 common shares of the Corporation, such agent's option being exercisable at a price of $0.42 per share for a period of 18 months from the closing date. As well, Leede was issued 40,000 common shares of the Corporation as an administrative and due diligence fee.

The non-brokered portion of the Offering was completed by way of a private placement pursuant to prospectus exemptions under applicable securities laws. The Corporation issued an aggregate of 1,190,477 Units for gross proceeds of $500,000 pursuant to the non-brokered portion of the Offering. All of the securities issued in connection with the non-brokered private placement are subject to a four month restricted period that expires on December 19, 2006.
The net proceeds from the Offering will be used for the development of an accelerator for seismic processing, for general marketing and to increase the Corporation's working capital. The Offering remains subject to TSX Venture Exchange final approval.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The offered securities mentioned in this press release will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act.

This new release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.

About Acceleware

Acceleware develops and markets hardware acceleration products used to reduce the run-times of High Performance Computing (HPC) applications such as cell-phone design, seismic data processing, printed circuit board design, drug discovery, nanophotonic communications device design, 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 organizations in a wide range of industries. A simulation that would have otherwise taken eight hours, may only take 15 minutes with Acceleware's v2.0 generation of products. Acceleware has identified the following markets for its technology: electromagnetics; energy; biomedical; fluid dynamics; pharmaceuticals; industrial; and military.