Acceleware Completes Private Placement to COO
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.
Proceeds of the private placement will be used for general corporate purposes and to increase the Corporation's working capital. The securities issued pursuant to the private placement are subject to a statutory resale restriction period of four months, which expires on February 20, 2007.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
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.
Acceleware (TSXV: AXE) develops and markets performance-optimized acceleration products that significantly reduce the run-times of high-performance computing (HPC) applications such as cell-phone design and seismic data processing. By leveraging the base processing power of GPUs (graphics processing units) with proprietary acceleration software, compute-intensive applications can achieve unparalleled performance and speed. Acceleware delivers processing superpower.
Acceleware is developing and selling products for the electromagnetic, energy, biomedical, pharmaceuticals, industrial and military markets. These markets share a common need; as companies continue to push the boundaries of innovation and demand faster product-development cycles for more complex products, the need for accurate and timely computer modeling and testing is steadily increasing. For more information, visit www.acceleware.com.